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Another one of those tax threads

Another one of those tax threads

Old Apr 3rd 2011, 8:55 pm
  #16  
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Default 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?
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Old Apr 3rd 2011, 8:59 pm
  #17  
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Default Re: Another one of those tax threads

Originally Posted by steve100100
What's the deal with h and r?

I have used them every year since moving here. (5 years) I always find them to be ok. But we have simple returns.......
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.
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Old Apr 3rd 2011, 9:05 pm
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Default Re: Another one of those tax threads

Originally Posted by Bob
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.
Interesting. I will look at turbo tax and try and do it myself next year
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Old Apr 4th 2011, 12:20 am
  #19  
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Default Re: Another one of those tax threads

Originally Posted by E3only
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?
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.
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Old Apr 4th 2011, 4:40 am
  #20  
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Default Re: Another one of those tax threads

Originally Posted by md95065
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.
Understood. I already have done that so thanks for pointing it out. I plugged in my W2 and took standard deduction. This will be my worst case scenario refund (given I am going to claim rental property shortfall and moving expenses over and above my turbo tax estimate).

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,
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