Form 1040-ES

Estimated Tax, Self-employment Tax, Internal Revenue Service

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Form 1040-ES – Estimated Tax, Self-Employment Tax, Internal Revenue Service

Form 1040-ES is used to pay estimated taxes for the current year in the United States. When a person indulges in any form of work that contributes to him/her through income, he/she is liable to pay taxes to the Government. For the United States, Internal Revenue Service (IRS) is the federal authority that individuals are abided by for paying taxes.

Though filing tax is not that easy, that you simply turn on the computer and click on “Pay Tax” and it’s done. There are various Forms that are to be filed as per the eligibility, income amount, and nature of work. Form 1040 is used to file taxes for the income earned, whereas Form 1040 ES is used to file the estimated tax for the current year on an estimation of incomes to be earned.

Who has to file Form 1040-ES?

  • If you are working as an independent contractor, freelancer, sole proprietor, partner, or are self-employed, you are supposed to file for estimated tax as your taxes are not deducted from your paychecks, unlike salaried employees.
  • In addition to that, if you have any income from interests, dividends, rent, retirement benefits, taxable unemployment compensation, etc. you have to file Form 1040-ES as taxes on these particulars are not deducted at source.
  •  If you have due in estimated tax amounting $1000 or more, you have to file Form 1040-ES.

Structure Of Form 1040-ES

Form 1040-ES

Information Required From The Client

To file Form 1040-ES, we would require the following information from your hand

Due Date Of Filing

As it is a quarterly tax payment, there are four deadlines set by the Internal Revenue Service.

  •  April 15
  • June 15
  • September 15
  • January 15

Though, if you file your yearly tax return of the current year by February 1 of the next year, you are not required to file quarterly tax on January 15.

Our Process

Meru Accounting has more than 10 years of experience in providing outsourcing services. We make sure that our clients have an easy and hassle-free experience.
Clients are required to provide us with the necessary documents. Do not worry as we send a standard checklist of the documents needed to our clients to make sure of a smooth process. Meru Accounting operates in the following modes:

Step 01. Document Requisition
Remote Login

Our clients can scan and upload the required documents on their server or e-fax the documents to us. Our expert team will log in to our clients' system using any secure virtual technology like Netsonic, VPN/RDP/TeamViewer and complete the procedure on their behalf.

Using Cloud based Software

The clients can upload the scan copies of the required documents on a secure FTP server or send them by e-fax messenger, Google drive or Dropbox. The client also needs to provide their login details for the online software via our secure mailing system. Our team will then sign in and complete the following procedure. The data will be saved on cloud.

Step 02. Processing Documents
Preparation for Tax Return
The relevant information from the documents will be taken into a software of the client's choice by our tax professionals. The scanned copies of the original documents along with the transactions will be saved into the software in order to make them easily accessible. All the copies of the documents would be verified with the source documents.

Auditing of Tax Returns
Our experts will then verify if all the required information has been correctly entered. The Tax expert will then prepare the Tax return report based upon bookkeeping done for the given period and the information received.

Step 03. Final Preparations
Review of Returns

A draft copy of the tax return with the calculated Tax Refunds/ Liability will be sent to the client for review. The draft will include some questions or comments from the Tax expert. The client can request for multiple modifications if needed.

Submission of the Final Copy of the Tax Return to the client
After reviewing the tax returns, the final copy for the income tax return will be sent before the due date. The clients just need to sign and send the Tax return file to the Internal Revenue Service via some designated UPSC courier services like DHL Express, UPS and FedEx. We will take care of all the communications part with the Internal Revenue Service if any query arises.

Why Meru Accounting?

Meru accounting is a leading outsourcing and bookkeeping company, and masters in but not limited to auditing, taxation, IFRS, various regulations in a variety of industries in the US as well as around the globe.

We have a strong hold of satisfied clients around the world; our team of experts looks after even the smallest of details to ensure quality. We have expertise in outsourcing solutions for the U.S. Income Tax Return for Estates, Trusts, and Individuals.

In addition to that, the best part is that we charge a very competitive rate of $15/per hour. Thus, choosing us would only make your process easy, rapid, and pocket friendly.

  • You had no tax liabilities in the previous year
  • You were a US citizen or resident for that entire year
  • The previous year you referred consists of 12 months
  • In this case, you are not liable to pay estimated tax.
  • Internal Revenue System provides various easy and secure payment options that taxpayers can use as per their convenience.

    I. Pay online
    – Credit/Debit card
    – IRS Direct Pay
    – Electronic Fund Withdrawal (WFW)
    – Online Payment Agreement (For monthly instalment payments)
    – IRS2Go (Mobile Application)

    II. Pay by Phone
    – Credit/Debit card
    – EFTPS

    III. Mobile Device
    – Using IRS2Go Application

    IV. Pay by Cash

    V. Pay by Cheque or Money Order using Estimated Tax Payment Vouchers

  • Visa, MasterCard, American Express or Discover credit cards are acceptable cards for tax payments. In addition to that, one can use your debit card with the NYCE, Pulse or Star logos or a Signature Debit card as well.

  • After the payment is done, it usually takes the Internal Revenue System 5 to 7 days to reflect the completion of paying estimated tax.

If you have any other queries related to filing or paying tax through Form 1040-ES, do not hesitate to Contact us. We are just a touch away, and would be happy to assist you!


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