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#3
04-14-2008, 09:45 PM
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 Re: Hi all, How to estimate Tax liability for tax extension? In article <1ce68512-a8d5-4776-bbf2-e6e7705fa1d9[at]d1g2000hsg.googlegroups.com> , mohammad.munir[at]gmail.com <mohammad.munir[at]gmail.com> wrote: - quote - > Even if I guess a estimated tax liability amount I also need to deduct
If you overpay now, you'll get a refund when you file. The IRS won't> my expanses and some expanses I am not sure that is why I need the > extension to sit with an CPA. For Instance: If I put $10000 for now > but later I found that the tax liable amount is only $5000, will that > be a issue for IRS? mind. If you underpay now, there's interest and possibly penalties when you file. Seth -- << ------------------------------------------------------- > << 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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#2
04-14-2008, 06:48 PM
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| Re: Hi all, How to estimate Tax liability for tax extension? <mohammad.munir[at]gmail.com> wrote - quote - > On Apr 14, 11:30 am, "Paul Thomas, CPA" > <paulthomascp...[at]bellsouth.net> wrote: > > <mohammad.mu...[at]gmail.com> wrote > > > > I am trying to fill up Tax extension form 4868 and I don't know how to > > > estimate my total tax liability (section 4 in the form) since I lost > > > my w2 form and still have not receive some of my income statements > > > from bank. Any suggestion ? > > > Well, you made the money. Was it more or less than last year (2006)? > > > Seriously. It's just a guess. > > > Granted you might not know if it was just a few dollars differences, but > > you'd remember getting a buck an hour raise or that $1000 bonus. > > > Worst case, use last year's income numbers. > > > -- > > Paul A. Thomas, CPA > > Athens, Georgia > Even if I guess a estimated tax liability amount I also need to deduct > my expanses and some expanses I am not sure that is why I need the > extension to sit with an CPA. For Instance: If I put $10000 for now > but later I found that the tax liable amount is only $5000, will that > be a issue for IRS? The only time it should be an issue if you have a balance due with the return when you file. If that's an issue, then guess high on the income (and resulting taxes), and make some payment with the extension although that's not absolutely necessary. -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << 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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#1
04-14-2008, 06:40 PM
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| Re: Hi all, How to estimate Tax liability for tax extension? On Apr 14, 11:30 am, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.net> wrote: - quote - > <mohammad.mu...[at]gmail.com> wrote
Even if I guess a estimated tax liability amount I also need to deduct> > I am trying to fill up Tax extension form 4868 and I don't know how to > > estimate my total tax liability (section 4 in the form) since I lost > > my w2 form and still have not receive some of my income statements > > from bank. Any suggestion ? > Well, you made the money. Was it more or less than last year (2006)? > Seriously. It's just a guess. > Granted you might not know if it was just a few dollars differences, but > you'd remember getting a buck an hour raise or that $1000 bonus. > Worst case, use last year's income numbers. > -- > Paul A. Thomas, CPA > Athens, Georgia my expanses and some expanses I am not sure that is why I need the extension to sit with an CPA. For Instance: If I put $10000 for now but later I found that the tax liable amount is only $5000, will that be a issue for IRS? -- << ------------------------------------------------------- > << 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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04-14-2008, 03:30 PM
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| Re: Hi all, How to estimate Tax liability for tax extension? <mohammad.munir[at]gmail.com> wrote - quote - > I am trying to fill up Tax extension form 4868 and I don't know how to > estimate my total tax liability (section 4 in the form) since I lost > my w2 form and still have not receive some of my income statements > from bank. Any suggestion ? Well, you made the money. Was it more or less than last year (2006)? Seriously. It's just a guess. Granted you might not know if it was just a few dollars differences, but you'd remember getting a buck an hour raise or that $1000 bonus. Worst case, use last year's income numbers. -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << 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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#-1
04-14-2008, 02:47 PM
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| Hi all, How to estimate Tax liability for tax extension? I am trying to fill up Tax extension form 4868 and I don't know how to estimate my total tax liability (section 4 in the form) since I lost my w2 form and still have not receive some of my income statements from bank. Any suggestion ? Thanks johnsmith -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
| Tags |
| estimate, extension, liability, tax |
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