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What should I do if I am unsure about my estimated tax amount?

Individuals, including sole proprietors, partners, and S corporation shareholders, can generally use Form 1040-ES to calculate their estimated taxes.

Before calculating your estimated tax, you will need to determine your expected:

• Adjusted gross income
• Taxable income
• Taxes
• Deductions, and
• Credits for the year

If you expect your tax liability to be zero, you may enter zero in the appropriate box. However, it is important to ensure your estimate is as accurate as possible based on the information available.

Note: If the IRS later determines that your estimate was not reasonable, your extension may be considered invalid.