The Tax Cuts and Jobs Act changed the way tax is calculated for those with substantial income not subject to withholding. As a result, many self-employed workers may need to raise or lower the amount of tax they pay each quarter.
The revised estimated tax package, Form 1040-ES, on IRS.gov is designed to help taxpayers calculate their estimated payments correctly. The package includes a quick rundown of key tax changes, income tax rate schedules for 2019, and a worksheet for figuring the right amount to pay.
e-News for Small Business, Issue 2019-12