How to File Individual Quarterly Taxes
If you are self employed or expect to pay the IRS over $1,000 in any given year, you are required to file and pay quarterly taxes to the IRS based on estimated income. In past years, the IRS has become more online user friendly and almost every form and instructions are available on their website.
For individuals, you will need to download and print a 1040ES form with instructions. Once you calculate your estimated quarterly taxes, your payments are due with the provided IRS coupon on April, June, and September 15 with your final payment due by January 15 of the following year.
To determine how much you must pay each quarter, follow the directions on Form 1040ES to figure out how much your adjusted gross income is expected to be. From there, the form offers tax rate schedules based on your adjusted gross income. When completing this form, you will be asked to answer certain questions to determine your quarterly tax and are allowed deductions for earned income credits and dependent credits. If you are self-employed, form 1040ES has a calculation for that as well based on expected earnings.
Once you’ve completed the form, complete the provided 1040ES coupon and remit the coupon along with your payment to the IRS. The 1040ES instruction booklet also provides the correct IRS mailing address based on where you live in the US.