What is a tax return estimate?

A tax return estimate is a prediction of how much a person or business owes in taxes based on their income and other factors. It is an estimate of tax liability and it can be used to help plan your finances. In California, a tax return estimate can be completed by filing Form 540-ES, Estimated Tax for Individuals. This form is due on April 15, June 15, September 15, and January 15 of each year. On this form, you need to give information about your income, deductions, and credits so that the California Franchise Tax Board can estimate the total amount of taxes you owe for the calendar year. This estimate can also be used to help you determine the amount of taxes you should have withheld from your wages or other income, or to estimate the amount you should send in quarterly payments.

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What is a tax return estimate?

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