Don't you pay interest on extensions if you owe?Quote:
Originally Posted by Wendi
CH3NO2
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Don't you pay interest on extensions if you owe?Quote:
Originally Posted by Wendi
CH3NO2
No as long as you do them before October.Quote:
Originally Posted by Stainless
You still have to pay your estimated by deadline. Extensions do not extend payment deadline.Quote:
Originally Posted by Stainless
He does more than you think I'll bet :)Quote:
Originally Posted by Stainless
Sent from my iPad using Tapatalk
:lmaoQuote:
Originally Posted by 28eliminator
Sent from my Bat Cave
Maybe we can get a post out of him? ;)Quote:
Originally Posted by 28eliminator
CH3NO2
We always get money back...probably not as much as in years past but this year its going straight to the boat fund.
I'm down to 5 returns to get prepared compared to the 6 I've had for the last 7 years......at least no more Inc's that are due March15th:party-smiley-020:
I am kind of anal but I estimate my Federal taxes every year before I see my CPA. It's pretty easy if anyone is interested.
Tax Year
Modified Adjusted Income (AGI + Taxable Int. + Taxable Refunds)
Gross Income (Box 1 on W2) +
Adjustments To Income (Taxable Int. + Taxable Refunds)
=Adjusted Gross Income -
Schedule E Real Estate Income (loss)
Total Personal Exemptions
Schedule A Itemized Deductions
=Taxable Income
Taxes Owed Based on Tax-Rate Schedule Or Tax Tables -
Tax Credits
=Final Tax Liability -
Federal Income Tax H-Withholding
=Estimated Tax Payments
(Refund to be Received) or Payment Owed
From Schedule E Real Estate Income
Rental Income -
Interest
Advertising
Taxes
Association Dues
Repairs
Cleaning Fees
Utilities
Insurance
Painting and Decorating
Mileage Per Trip @ .555 Per Mile
Depreciation Expense & Sec 179 Bonus
=Total Rental Tax Deduction +
Deferred Loss from prior year
=Profit / (Loss)
(Limited by Phase Out Limit)
From Schedule A Itemized Deductions
Home Interest
Home Taxes
Donations
Personal Property Tax
State & Local Taxes (Box 14 & 17 on W2)
Sum = Itemized Deductions
I also pay a C.P.A. she checks in with me in June so I can make adjustments. I usually pay in $100.00 to the Feds and get $500.00 back from the state. One year I payed the Feds $1.00 I would rather have my money throughout the year than struggle to yank it out of Some P.O.S. hands.
I am sure your CPA tells you this (I am not one and this is not tax advice :wink2:) but if you ever have any problems with your Adjusted Gross Income being to high causing you to hit the Phaseout Limit (limiting your Real Estate Losses) if you do a little planning through you and your wife's 401(k) plans or other retirement plans you may be able to get your AGI low enough to stay under the Phaseout Limit.Quote:
Originally Posted by Bobby V
It doesn't sound like you need a CPA ....it sounds like you need some protection. I think I have the perfect guy for you his name is Pizzo.Quote:
Originally Posted by GRADS
Well, we met with our CPA today and for the first time in a long time we owe. :( At least it's not too much.
I forgot to call my C.P.A. in June. I have to pay in because I don't have alimony write offs (which kicked ass) and I streamlined my house so I gotta pay in. WHATEVER no prob. And GRADS if your C.P.A. is your buddy and he or she is Boning you for $300.00 you are getting screwed.
That's okay, I charged him 50K for a pool. ;)Quote:
Originally Posted by SBS933
Will that come out of the boat fund since a refund would have gone in it?Quote:
Originally Posted by GRADS
hahahahaQuote:
Originally Posted by GRADS
Actually no because at the beginning of last year we set some money aside to pay for this years taxes and it ended up being too much. :thumbup: So we will still be adding to the boat fund.Quote:
Originally Posted by Mateo
I did my own for 20 years, but when I started contracting, that stopped!
Working in different States, and having 1099 employees (back then) made it impossible for me to do them in a proficient manner.
I use a CPA that also has pro-sports clients, so she is the pro at multi State income, work related temp residencies, various State income tax rates and applications etc. and the associated expense deductibles.
returns are but a distant memory.
I dropped mine off Monday evening, got a call about an hour ago with some bad news, I'll be reviewing my books again, I must have forgotten quite a few things, LOL!!
I go twice a year to be properly prepared!
I just found my $11 state refund check from last year. :)