When do I fill out a 1040ES form?

Question

I just started working for home writing articles. This is the only income I've made this year. The amount has not yet reached $400 so I haven't had to file any taxes but in the next month or so I should be making at least $1000. When do I need to fill out a 1040ES form and send it in? Also, on the form you are supposed to make an estimated guess as to how much I am going to make this year but the year is almost over. If I fill this out in a week or so do I just calculate what I will make by December 2007? If so, when I do I file another 1040ES form for 2008?

Answer 1

If you have no other income you will not reach the $8750 that would be covered by standard deduction and your personal exemption. As for Self Employment Tax you should be able to reduce your taxable income below the minimum $400 with expenses. The end result is that you are not likely to need Estimated Tax Payments in tax year 2007 based on the information provided. If you expect to have a larger income next year you might wish to discuss that with a tax professional early in 2008.

Answer 2

The only remaining quarterly payment deadline for 2007 earnings is 1/15/08. For future years, the deadlines are 4/15, 6/15, 9/15, and 1/15 of the following year, except that if any of those dates fall on a weekend or holiday, the deadline is extended to the next Monday (or Tuesday, if Monday is a holiday).

Answer 3

You don't need to send estimate tax payment for 2007. You can file your return by April 15, 2008 and pay all due tax with the return.

Also the date of sending estimate tax for 4th quarter is Jan 15, 2008. If a taxpayer files his/her tax return by Jan 31, 2008 and pays due tax with the return then he/she don't need to make 4th quarter estimated tax payment.

For year 2008, if you make estimate tax payments equal to your tax for 2007, then you will be Ok. You can divide the amount (your total tax for 2007) in 4 equal payments and send the these estimated tax payments by April 15, June 15, Sept 15 and Jan 15 (next year that is 2009).

Answer 4

While you wouldn't be required to pay estimated taxes because you probably won't owe at least $1000, but you will probably want to so you don't have to come up with the balance when you file your return.

Answer 5

You can pay with www.pay1040.com
or for more information contact the IRS 1800-829-1040 option1 then option4 to talk to a rep