Quarterly Estimated Tax Payments Form 1040-ESPosted on Tuesday, July 16th, 2013 by Self Employed Web Team
If you are self employed, you do not have an employer that withholds income tax. You have to take care of accounting and paying your taxes quarterly. You do this by filing Form 1040-ES available with instructions on the irs website. This package includes four payment vouchers. The dates for 2013 are:
- April 15
- June 17
- September 16
- January 15
If you fail to file enough, then you might be penalized when you file your income tax at the end of the year. There is a worksheet to help you figure good estimated quarley payments. A good guideline is paying what you paid last year unless there has been a dramatic change in your income. It is easy to forget, but Form 1040-ES is another one of the responsibilities of being self employed versus getting wages or a W-2.