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Definition:

Form 1040-ES

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Form 1040-ES

As a freelancer, you don’t get taxes automatically withheld from your income like traditional employees do. That’s where Form 1040-ES comes in. It’s the IRS form you’ll use to calculate and pay estimated taxes each quarter. If you're earning money independently, you’re probably responsible for using this form to pay federal income tax (and possibly self-employment tax) throughout the year.