Get the free 2014 IL-1040-ES, Estimated Income Tax Payments for Individuals - revenue state il

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How to fill out 2014 il-1040-es estimated income

How to fill out 2014 il-1040-es estimated income:

1. Obtain the necessary form: The 2014 il-1040-es form can be downloaded from the Illinois Department of Revenue's website or obtained from a local tax office.
2. Provide personal information: Fill in your name, address, and social security number at the top of the form.
3. Calculate estimated income: Estimate your total income for the year 2014. This includes wages, self-employment income, rental income, and any other sources of income.
4. Determine estimated tax liability: Use the estimated tax worksheet provided with the form to calculate your estimated tax liability for the year. This involves applying the appropriate tax rates to your estimated income.
5. Fill out payment vouchers: On the il-1040-es form, there are four payment vouchers for each quarter of the year. Fill in the appropriate voucher for the current quarter with your estimated tax liability.
6. Make payments: Enclose each payment voucher with your payment and mail it to the address provided on the form. Payments can also be made electronically.
7. Keep a record: Make a copy of the filled-out form and payment vouchers for your records. This will be useful when filing your actual income tax return for 2014.

Who needs 2014 il-1040-es estimated income:

1. Self-employed individuals: If you have self-employment income in 2014 and expect to owe more than $1,000 in income tax, you need to file the il-1040-es to make estimated tax payments.
2. Individuals with significant investment income: If you earn a significant amount of income from investments such as dividends, interest, or capital gains, you may need to make estimated tax payments using the il-1040-es form.
3. Individuals with multiple sources of income: If you receive income from multiple sources and your tax liability cannot be fully covered by withholding from any one source, it is recommended to file the il-1040-es to pay estimated taxes.
4. Individuals with irregular income: If your income is irregular throughout the year, making estimated tax payments through the il-1040-es form can help you avoid underpayment penalties by ensuring you pay enough tax during each quarter.
5. Farmers and fishermen: Farmers and fishermen have special rules for estimating and paying income tax, and they may choose to use the il-1040-es form to make estimated tax payments.

Note: It is important to consult with a tax professional or refer to the instructions provided with the il-1040-es form to ensure accurate and complete filing of estimated income.

For pdfFiller’s FAQs

What is il-1040-es estimated income tax?

IL-1040-ES estimated income tax is a form used by individuals to pay estimated income tax to the state of Illinois.

Who is required to file il-1040-es estimated income tax?

Individuals who expect to owe at least $500 in Illinois income tax after credits are required to file IL-1040-ES estimated income tax.

How to fill out il-1040-es estimated income tax?

IL-1040-ES estimated income tax can be filled out online or by mail. The form requires taxpayers to estimate their income, deductions, and credits for the year.

What is the purpose of il-1040-es estimated income tax?

The purpose of IL-1040-ES estimated income tax is to help individuals avoid underpayment penalties by making quarterly estimated tax payments throughout the year.

What information must be reported on il-1040-es estimated income tax?

Taxpayers must report their estimated income, deductions, credits, and tax payments on IL-1040-ES estimated income tax.

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