Form 1040-ES
Definition
The US form and vouchers individuals use to calculate and pay estimated quarterly taxes on income not subject to withholding, such as self-employment or investment income.
Related Terms in US Tax
Standard Mileage Rate
An IRS per-mile rate businesses and self-employed taxpayers can use to deduct the cost of operating a vehicle for business instead of tracking actual expenses. The rate is set annually.
Startup Costs Deduction
A US provision letting a new business deduct a limited amount of qualifying startup and organisational costs in its first year, amortising the remainder over a set period.
Accountable Plan
A US employee expense-reimbursement arrangement that meets IRS rules so reimbursements are not treated as taxable wages. It requires a business connection, substantiation and return of any excess.
Net Operating Loss (NOL)
A US tax loss arising when deductible expenses exceed taxable income. NOLs can generally be carried forward to offset future taxable income, subject to limitations that have changed over time.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.