Definition

1. Noun:
   • A tax return required from a taxpayer whose tax withheld from income does not meet their total tax liability for the year: This is a formal filing submitted to a tax authority, typically in advance of the annual tax return, to declare and pay estimated taxes owed on income not subject to sufficient withholding.

Usage Examples

• Noun:
  • Freelancers and self-employed individuals often need to file a declaration of estimated tax quarterly.
  • If you receive significant investment income, you may be required to submit a declaration of estimated tax to avoid penalties.

Advanced Usage

• "to file a declaration of estimated tax": The standard phrase for the action of submitting this form.
  • Independent contractors must learn how to file a declaration of estimated tax correctly.

Variants and Related Words

• Estimated tax payment (n): A payment made based on the declaration of estimated tax.

  • His first estimated tax payment for the year is due in April.

• Form 1040-ES (n): In the United States, this is the specific form used for filing a declaration of estimated tax.

  • You can download Form 1040-ES from the IRS website.

Synonyms

• Estimated tax return: A less common but synonymous term.
• Quarterly tax filing: A descriptive term highlighting the typical payment schedule.

Related Phrases

• Pay as you go: A principle of tax systems where income tax is paid throughout the year as income is earned, often through withholding or declarations of estimated tax.
  • The declaration of estimated tax is part of the "pay as you go" tax system.

Noun

1. return required of a taxpayer whose tax withheld from income does not meet the tax liability for the year