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In this video tutorial, the speaker provides line-by-line instructions for IRS Form 1040ES and discusses estimated tax worksheets for individuals. They explain that income tax is a pay-as-you-go system and if you are self-employed, you may need to make quarterly estimated tax payments to avoid underpayment penalties. These payments should cover both income and self-employment taxes. The speaker encourages viewers to grab a drink and dives into a detailed explanation of the form and its importance.