1040-ES Form: What Is It?
A 1040-ES form is used for tax filing purposes. The form will allow filers to calculate the estimated amount of tax they owe for the year. Freelancers and independent contractors may need to use this form, as they do not have taxes withheld automatically.
If you do not set up voluntary withholding, this form will be needed to ensure you pay the correct amount of taxes. This will include fees for federal taxes, state taxes, and social security. Estimated tax payments may not always be enough, so it is possible that you may owe more taxes after filing for the year. It is also possible for you to get a refund.
In order to estimate the amount of taxes you owe, you will need to know the gross amount of all your income. If you are unsure about your yearly income, you can use last year's income as a basis if the work was similar.
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