Another one of those tax threads
#16
Re: Another one of those tax threads
Been reading the extension form and it asks for my 2010 tax estimate. I find taht confusing. If I knew my estimate I would have filed taxes not asked for extension,no?
#17
Re: Another one of those tax threads
Because they're a cookie cutter service...anything out of the script throws them for a loop. The folks doing the work aren't even accountants and have minimal training.
#18
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Re: Another one of those tax threads
#19
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Re: Another one of those tax threads
Most people can figure out their approximate tax liability pretty quickly - it's going through finding all of the possible deductions and making sure that you have appropriate supporting documentation and finally filling in all of the forms in the tax return which takes most of the time.
#20
Re: Another one of those tax threads
But you do have an estimate - it is whatever TurboTax said your tax liability was based purely on your income, filing status and standard deduction - you also know that is a worst case estimate because, if you manage to find enough deductions to make it worth itemizing, then your tax liability will be lower than that, and you also know that you have already paid more tax than that worst case estimate so you don't owe anything.
Most people can figure out their approximate tax liability pretty quickly - it's going through finding all of the possible deductions and making sure that you have appropriate supporting documentation and finally filling in all of the forms in the tax return which takes most of the time.
Most people can figure out their approximate tax liability pretty quickly - it's going through finding all of the possible deductions and making sure that you have appropriate supporting documentation and finally filling in all of the forms in the tax return which takes most of the time.
Sounds good, I will do that. I am running against time so better get the extension and do the returns over 2-3 weeks.
thanks,