ExpressExtension Support

I have no idea what my estimated taxes are. Is it ok to simply leave it as zero?

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

Before calculating your estimated tax, you must know your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.

If, after making your calculations, you expect the amount to be zero, you can enter zero in the box. However, ensure your estimate is as accurate as possible with the information you have.

If the IRS later determines that the estimate wasn’t reasonable, the extension may become null and void.