Who is required to pay estimated taxes, every year I receive a letter with 1040 Es vouchers, what do I do with them?

Ty..

Tanya

Dear Tanya,

The reason you received these vouchers is because either you are self-employed sole proprietorship or you owed taxes in prior years tax filings.

One reason is to satisfy the projected shortfall in the current tax year and the other reason is to avoid paying penalties and interest. Hence, the IRS are sending you these coupons.

You need to consult with your CPA to ensure that you are withholding the proper amounts of federal income taxes, and if not, use these coupons to make up the potential shortfall.