Calling Skippy (or other CPAs)

[Tacori E-ring]

So we have yet to do our taxes yet *tisk tisk* and this will be the first year where we really need an extension. Is this something we can file ourselves? Do we need a tax pro to do it? Help!

 

[Skippy123]

Date: 4/8/2008 12:21:51 PM
Author:Tacori E-ring
So we have yet to do our taxes yet *tisk tisk* and this will be the first year where we really need an extension. Is this something we can file ourselves? Do we need a tax pro to do it? Help!

Tacori, no CPA here, I wish; plus my specialty isn't taxes but I can try and help you as I volunteered to help low income people file their taxes a few years back ago. Do you usually do them yourself electronically? This link from the IRS should help you (not sure what type of business you own but if you usually fill out a schedule c then this should work) http://www.irs.gov/pub/irs-pdf/f4868.pdf I read the 1st part to the instructions so they seem pretty good to me; if you have questions let me know

The IRS website is full of info and pretty helpful.

 

[baby monster]

Tacori, an extension is filed to extend your time to file not to pay, so you have to have a good estimate of your income, deductions and payments before the 15th to see if you owe any additional taxes - basically you have to do an estimated return. If you don't pay by the 15th, you'll have interest and penalties for underpayment of taxes. The amount will depend on how much you have to pay with the filed return.

 

[kanemarie]

I am in the same boat you are!! The only difference is that I actually hired a professional!! She waited until yesterday to call me and tell me I owe $10k in taxes. I did the same thing you did, and cried "EXTENSION". Unfortunately, that''s only good for the tax return, not the money that''s owed.

I would seriously consider doing it yourself. If you find you''re struggling then consult a professional. Get your friends to recommend someone.

Good Luck.

 

[Tacori E-ring]

Thanks! We are planning to have a professional do them but need to find someone familiar with real estate. It''s been DH''s job to find someone....yeah....

We are not planning on taking the whole 6 months. Maybe just a few more weeks to a month. I read on the PDF from Skippy we just have to pay $1. I understand we will have interest on the rest owed but we don''t have much of a choice at this point. How do I file it for State tax. Is there a form like federal?

Kane, are you self-employed? $10,000....that sucks!

 

[Skippy123]

Date: 4/8/2008 2:32:21 PM
Author: Tacori E-ring
Thanks! We are planning to have a professional do them but need to find someone familiar with real estate. It''s been DH''s job to find someone....yeah....

We are not planning on taking the whole 6 months. Maybe just a few more weeks to a month. I read on the PDF from Skippy we just have to pay $1. I understand we will have interest on the rest owed but we don''t have much of a choice at this point. How do I file it for State tax. Is there a form like federal?

Kane, are you self-employed? $10,000....that sucks!

Tacori, I think your state website should either have a form or call them and they can get you that information, hope that helps.