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In this video tutorial, the speaker discusses the IRS Form 1040ES, providing line-by-line instructions on how to fill it out. The form is used for estimated tax payments for individuals, particularly for self-employed individuals who must make quarterly payments to avoid underpayment penalties. These payments should include both income and self-employment taxes. The speaker emphasizes the importance of understanding and properly completing this form to ensure compliance with the pay-as-you-go system of income tax.