Get the free Calculating your estimated tax payable and tax credits for 2017

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How to fill out calculating your estimated tax

How to fill out calculating your estimated tax:

1. Gather all necessary documentation, such as your previous year's tax return, W-2 forms, 1099 forms, and any other relevant income and expense documents.
2. Use Form 1040-ES, which is the estimated tax payment voucher, to calculate your estimated tax liability for the current year. This form can be found on the official website of the Internal Revenue Service (IRS).
3. Determine your estimated income for the current year and subtract any applicable deductions and credits to arrive at your taxable income.
4. Consult the tax brackets provided by the IRS to determine the appropriate tax rate for your taxable income. Use these rates to calculate your estimated tax liability.
5. Consider any additional factors that may impact your estimated tax liability, such as changes in marital status, dependents, or significant life events.
6. Complete Form 1040-ES by entering your personal information, estimated income, deductions, credits, and calculated tax liability. Make sure to follow the instructions provided by the IRS to ensure accuracy.
7. Determine the frequency of your estimated tax payments. The IRS generally requires taxpayers to make quarterly estimated tax payments, but certain individuals may be subject to different requirements.
8. Review your completed Form 1040-ES for any errors or omissions and make any necessary corrections before filing.
9. Submit your estimated tax payment along with Form 1040-ES to the designated IRS address provided on the form.
10. Keep a copy of all documentation and payment confirmation for your records.

Who needs calculating your estimated tax?

1. Self-employed individuals who don't have taxes withheld from their income.
2. Individuals with significant income from sources that are not subject to tax withholding, such as investments, rental properties, or freelance work.
3. Taxpayers who anticipate having a tax liability that exceeds their withholding, such as those with multiple sources of income or complex financial situations.
4. Individuals with income that is not subject to withholding tax, such as unemployment compensation, alimony, or certain types of retirement income.
5. Those who want to avoid or minimize potential underpayment penalties imposed by the IRS for not paying enough taxes throughout the year.

Note: It is always advisable to consult with a tax professional or utilize tax software to ensure accuracy when filling out and calculating your estimated tax.

For pdfFiller’s FAQs

What is calculating your estimated tax?

Calculating your estimated tax involves determining the amount of tax you expect to owe for the year.

Who is required to file calculating your estimated tax?

Individuals who expect to owe a certain amount of tax at the end of the year are required to file calculating their estimated tax.

How to fill out calculating your estimated tax?

To fill out calculating your estimated tax, you will need to use Form 1040-ES and follow the instructions provided.

What is the purpose of calculating your estimated tax?

The purpose of calculating your estimated tax is to ensure that you pay enough tax throughout the year to avoid underpayment penalties.

What information must be reported on calculating your estimated tax?

You must report your estimated income, deductions, credits, and any other relevant tax information when calculating your estimated tax.

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