As a self-employed sole proprietor or independent contractor, how often are you required to file form 1040ES with the IRS?

As a self-employed sole proprietor or independent contractor, how often are you required to file form 1040ES with the IRS?
A . Bi-monthly
B. Quarterly
C. Bi-yearly
D. Yearly

View Answer

Answer: B

Explanation:

Form 1040ES is required for estimated tax liability especially if you expect to owe at least $1,000.00 in tax for the year. You are required to make estimated tax payments to avoid federal penalties. The practice of paying your quarterly estimated tax reduces the burden of paying a large sum all at once.