JandKit
Employee Tax Expert

Self employed

Hi kelly29439taxes,

The coupons that you refer to are 1040-ES. The amounts listed are for estimated taxes only. If there is a substantial drop in income, you should consider reducing those payments to reflect the actual income you expect to receive. By the same token, if your income increase substantially, you should increase the amount of payments made.

Here is a link for a tax calculator: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

This calculator can be used to refigure your taxes due and you can adjust your payments accordingly.

Here is a link for more 1040 ES forms if needed:

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

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