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.