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Posted by cambridge on September 5, 2007, 10:58 am
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>> I am filing estimated taxes for the first time as an
>> independent contractor. I understand the concept of simply
>> estimating taxes based on my last year's taxes paid. I
>> don't understand how to fill out the 1040-ES form if I'm
>> using this method. The worksheet requires AGI, exemptions,
>> etc. It doesn't seem to allow me to simply indicated taxes
>> paid in 2006 and taxes owed for 2007. Should I just skip
>> everything until line 14?
> Why not skip the whole worksheet? The worksheet is just for
> your own use, to help you calculate your tax liability. You
> don't send the worksheet to the IRS. You don't have to use
> it if you don't like the way it works. If you understand the
> concepts, do your own calculation of how much to pay and
> fill in the result on the voucher. The voucher is the only
> thing you send to the IRS, and it simply says, in effect,
> "here's how much I'm paying this quarter." You don't have to
> show how you arrived at the amount.
Thanks for all replies. That is what I needed to know.
Skip the worksheet and only send the voucher. Don't
understand why this is not explicit in the tax instructions.
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