declaration of estimated tax
declaration of estimated tax. A required IRS filing by certain individuals and businesses of current estimated tax owed, accompanied by periodic payments of that amount. • The requirement ensures current collection of taxes from taxpayers (such as self-employed persons) whose incomes are not fully taxed by payroll withholding. IRC (26 USCA) §§ 6315, 6654. [Cases: Internal Revenue 4832, 5219.40. C.J.S. Internal Revenue §§ 733, 821.]
