Re: Received Est. Tax Form 1040-ES For First Time
When a person has income that isn't earned evenly throughout the year, they have the option to calculate their estimated taxes on the installment method. The installment method essentially breaks up your income into the four quarters of the year and calculates the required payment based upon when the income was earned and the expected earnings for the rest of the year. Any person that is required to make estimated payments and does not have earnings in a steady stream during the year should consider the installment method to calculate their estimated tax payments.
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