Income Tax '13

[Stainless]

Amen! Best money ever spent. But we always owe so I don't look forward to this time of year. Please file my extension LOL

Don't you pay interest on extensions if you owe?


CH3NO2

[Wendi]

Don't you pay interest on extensions if you owe?


CH3NO2

No as long as you do them before October.

[ChumpChange]

Don't you pay interest on extensions if you owe?

CH3NO2

You still have to pay your estimated by deadline. Extensions do not extend payment deadline.

[28eliminator]

No, I don't think there are any accountants that frequent THIS site.
Accountants suck!


CH3NO2

He does more than you think I'll bet


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[Eli]

He does more than you think I'll bet


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Sent from my Bat Cave

[Stainless]

He does more than you think I'll bet


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Maybe we can get a post out of him?


CH3NO2

[GRADS]

We always get money back...probably not as much as in years past but this year its going straight to the boat fund.

[Ziggy]

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

[78Southwind]

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

[SBS933]

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.