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In this video tutorial, the speaker discusses IRS Form 1040ES and provides line-by-line instructions for estimated tax worksheets for individuals. The form is necessary for self-employed individuals to make quarterly estimated tax payments to avoid underpayment penalties. These payments should include income and self-employment taxes. It is important to understand and follow the instructions on the form to ensure compliance with the pay-as-you-go system of income tax. So grab a drink and let's dive into the details of this important tax form.
