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How can I find my estimated tax amount for business/personal tax returns?

For corporations, estimated taxes can be calculated using the Worksheet: Form 1120-W. For sole proprietors and individuals, estimated taxes can be calculated using the Worksheet: Form 1040-ES.

You can also calculate the estimated taxes based on the following aspects:

• Previous Year's Tax Liability: If the income and expenses of your business or personal finances are the same for all the tax year, you can use the previous year's tax liability to estimate the current year's tax liability.

• Current Year's Income and Expenses: You can use the current year's income and expenses to determine your expected taxable income.

• Tax Law Changes: While calculating estimated taxes, it's important to consider any recent changes in tax laws that may affect your tax liability. This includes changes in tax rates, deductions, credits, and more.

• Tax Credits and Deductions: Include any tax credits and deductions you are eligible for when estimating your business/personal tax liability. For example, depreciation, and credits for research and development, renewable energy, etc.