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  #6  
Old 02-14-2008, 03:06 PM
cpabakem01@yahoo.com
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Default Re: 2007 Estimated taxes

On Feb 13, 4:41*pm, plez...[at]msn.com wrote:
- quote -

> How can I determine how much I have already paid for last yrs.
> estimated taxes?
> --
> << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- >

Call IRS at 1-800-829-1040. They will tell you the amounts and dates
of any payments you may have made

Milt Baker CPA
Michigan

========================================= MODERATOR'S COMMENT:
When responding to a prior post, please only include those parts of that
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--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #5  
Old 02-14-2008, 03:03 PM
joeu2004
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Default Re: 2007 Estimated taxes

On Feb 13, 6:33*pm, Benjamin Yazersky CPA <bya...[at]lycos.com> wrote:
- quote -

> On Feb 13, 8:21 pm, joeu2004 <joeu2...[at]hotmail.com> wrote:
> > But here's a tongue-in-cheek answer for the future.

> [....]
> However, underreporting your estimated tax payments to generate
> a refund is just dumb & dumber.


That's exactly what "tongue-in-cheek" means in my book.

Well, I guess that's why Hollywood invented the laugh track.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #4  
Old 02-14-2008, 01:33 AM
Benjamin Yazersky CPA
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Default Re: 2007 Estimated taxes

On Feb 13, 8:21 pm, joeu2004 <joeu2...[at]hotmail.com> wrote:
- quote -

> On Feb 13, 1:56 pm, "Phil Marti" <prm20...[at]verizon.net> wrote:
> > <plez...[at]msn.com> wrote:
> > > How can I determine how much I have already paid for last yrs.
> > > estimated taxes?

> > Something's wrong with the question. People who make
> > estimated tax payments have a record of the payments they've
> > made, so you must be asking about something else. Can you
> > clarify exactly what you're trying to find out [...]?

> It is not uncommon for disorganized people to lose track of
> what checks they have written. This is especially true for
> children of elderly parents. The latter fail to keep records,
> and the children are forced to play catch-up when they take
> control of their parents' finances.
> Of course, getting copies of the statements from the bank(s)
> is the right answer.
> But here's a tongue-in-cheek answer for the future.
> Under-report the estimated tax payments on the tax return
> each year. This will cause you to over-compute the tax
> liability and either overpay taxes due or under-report the
> refund.
> Eventually, the IRS (and state tax authority) will send you
> an additional refund. But also, the IRS (at least) will send
> you a notice the following year to inform you of the total
> amount of estimated taxes paid in the just-ended tax year.
> I discovered that this year, as a result of a lot of confusion
> caused by the CPA who (incorrectly) prepared my mother's
> tax returns last year.
> --



It is important to keep track of the checks (or in these days
electronic payments) one makes.
You need to be able to go through your own records and be able to
produce this info.
Actually, some states allow taxpayers to obtain their tax info online.
But the IRS just isn't there quite yet. I've heard it could be in the
pipeline in a few years or so.

However, underreporting your estimated tax payments to generate a
refund is just dumb & dumber.
It generally causes much more problems than it can solve.
Relying on the IRS and the state tax dept to get it right is wishful
dreaming.
I can't tell you how many times I have had to deal with the IRS and
state tax dept's because they didn't get the tax payments properly
applied to the tax return. I've also seen states just let the
overpayment just sit in suspense until the taxpayer figures it out and
inquires about it. And by then the statute of limitations has expired
and the govt doesn't issue the refund. YOU LOSE!





___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----



"This written advice was not intended or written to be used, and it
cannot
be used by any taxpayer, for the purpose of avoiding penalties that
may be
imposed on the taxpayer."

(The foregoing legend has been affixed pursuant to U.S. Treasury
Regulations
governing tax practice.)



The information transmitted is intended only for the person or entity
to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of,
or
taking of any action in reliance upon, this information by persons or
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this in error, please contact the sender and delete the material from
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computer.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #3  
Old 02-14-2008, 01:10 AM
Phil Marti
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Posts: n/a
Default Re: 2007 Estimated taxes

"joeu2004" wrote:

- quote -

> Under-report the estimated tax payments on the tax return
> each year. This will cause you to over-compute the tax
> liability and either overpay taxes due or under-report the
> refund.
> Eventually, the IRS (and state tax authority) will send you
> an additional refund.


Don't count on it. When I lived in DC they managed to misplace all of my ES
payments, for which I had canceled checks, one year. It took me an
afternoon at their office to get it fixed.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #2  
Old 02-14-2008, 12:21 AM
joeu2004
Guest
 
Posts: n/a
Default Re: 2007 Estimated taxes

On Feb 13, 1:56*pm, "Phil Marti" <prm20...[at]verizon.net> wrote:
- quote -

> <plez...[at]msn.com> wrote:
> > How can I determine how much I have already paid for last yrs.
> > estimated taxes?

> Something's wrong with the question. *People who make
> estimated tax payments have a record of the payments they've
> made, so you must be asking about something else. *Can you
> clarify exactly what you're trying to find out [...]?


It is not uncommon for disorganized people to lose track of
what checks they have written. This is especially true for
children of elderly parents. The latter fail to keep records,
and the children are forced to play catch-up when they take
control of their parents' finances.

Of course, getting copies of the statements from the bank(s)
is the right answer.

But here's a tongue-in-cheek answer for the future.

Under-report the estimated tax payments on the tax return
each year. This will cause you to over-compute the tax
liability and either overpay taxes due or under-report the
refund.

Eventually, the IRS (and state tax authority) will send you
an additional refund. But also, the IRS (at least) will send
you a notice the following year to inform you of the total
amount of estimated taxes paid in the just-ended tax year.

I discovered that this year, as a result of a lot of confusion
caused by the CPA who (incorrectly) prepared my mother's
tax returns last year.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #1  
Old 02-13-2008, 10:35 PM
ed
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Posts: n/a
Default Re: 2007 Estimated taxes

On Feb 13, 3:41*pm, plez...[at]msn.com wrote:
- quote -

> How can I determine how much I have already paid for last yrs.
> estimated taxes?
> --
> << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- >

You bank statements and/or cancelled checks might be a good source of
infomation.

ed

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 02-13-2008, 08:56 PM
Phil Marti
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Posts: n/a
Default Re: 2007 Estimated taxes

<plezzie[at]msn.com> wrote:

- quote -

> How can I determine how much I have already paid for last yrs.
> estimated taxes?


Something's wrong with the question. People who make estimated tax payments
have a record of the payments they've made, so you must be asking about
something else. Can you clarify exactly what you're trying to find out and
why you're trying to find it out?

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 02-13-2008, 08:41 PM
plezzie@msn.com
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Posts: n/a
Default 2007 Estimated taxes

How can I determine how much I have already paid for last yrs.
estimated taxes?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 

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