How to Make Estimated Tax Payments

Video Transcript

"So you want to make estimated tax payments to the Internal Revenue Service. This is usually not done by individuals who are in business with themselves or individuals who anticipate that there be a higher than usual tax liability due at the end of the year. But first start by completing the form 1040ES, and calculating the amount of the estimated tax you think you would owe. This calculation takes into consideration self-employment taxes, and how many dependents you have. I recommended that you go to the IRS website and download the form and read all the instructions on how to complete the form 1040ES. Once the form is completed and it comes with four coupons, you will complete the coupon and mail them the appropriate amount on that scheduled date. The IRS date scheduled is April sixteenth. On or before April sixteenth, June fifteenth, September fifteenth, with your final payment on January fifteenth for your estimated payment, that's four equal payments to cover your calculation on your 1040ES estimation worksheet."