- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Tax Filing Extension
Posted on 4/10/24 at 9:32 am
Posted on 4/10/24 at 9:32 am
My CPA informed me earlier this week that they would be filing for an extension to submit my tax return, but that I would still need to pay any money I may owe by the 15th. My response was “wouldn’t you need to finish my return first to figure what that number is?” I haven’t gotten a response yet.
Is this correct? If you file for an extension, would any money owed not be due until the new extension deadline? Do I need a new CPA?
I am in sales and my income comes in random spurts throughout the year in the form of commission checks, so I usually pay quarterly estimates. I think I withheld the proper amounts this past year but have owed come tax season in previous years.
Anyone have an opinion they could share on this?
Is this correct? If you file for an extension, would any money owed not be due until the new extension deadline? Do I need a new CPA?
I am in sales and my income comes in random spurts throughout the year in the form of commission checks, so I usually pay quarterly estimates. I think I withheld the proper amounts this past year but have owed come tax season in previous years.
Anyone have an opinion they could share on this?
11
Posted on 4/10/24 at 9:42 am to bigeasy225
quote:
My response was “wouldn’t you need to finish my return first to figure what that number is?” I haven’t gotten a response yet.
You pay an estimated number, if you overpay it goes towards next year.
Posted on 4/10/24 at 9:47 am to bigeasy225
You still have to pay estimate unfortunately. If you underpay there is penalty
Posted on 4/10/24 at 10:47 am to bigeasy225
lol I’m in the same boat as you.. I’m
Afraid I’m gonna owe a good bit on state but probably get back some on federal. I really have no idea since this is my first year going to a K-1 and I’m now having to file an extension.
Afraid I’m gonna owe a good bit on state but probably get back some on federal. I really have no idea since this is my first year going to a K-1 and I’m now having to file an extension.
Posted on 4/10/24 at 12:25 pm to bigeasy225
Turbo tax
Posted on 4/10/24 at 3:40 pm to bigeasy225
quote:
If you file for an extension, would any money owed not be due until the new extension deadline? Do I need a new CPA?
Money owed is due Monday, extension is time to file, not time to pay.
Ask him if he can work up an estimate to see if you should send a payment. If you just gave him your info, I’d say that’s on you. If he’s had your stuff for awhile (over a month) I’d talk with him.
Posted on 4/10/24 at 4:35 pm to bigeasy225
quote:
Is this correct?
Yes
quote:
If you file for an extension, would any money owed not be due until the new extension deadline?
No
quote:
Do I need a new CPA?
Maybe.
Posted on 4/10/24 at 4:38 pm to bigeasy225
quote:
so I usually pay quarterly estimates.
BTW, any overpayment of your taxes will just be applied to your 2024 estimate taxes.
I'm not a CPA, but I do this routinely (I don't like to give the government a free loan but it happens).
Your CPA is supposed to be 90% of last years I believe or close. So say you paid $10,000 last year, they will probably tell you to pay at least $9,000 this year.
If you actually only owe $8,000 then the $1000 will be applied to your 2nd or 3rd quarterly estimated payment when you actually do file.
I punt and extend every year. I'm a small business and January and March are my busiest months so I just prefer to put it off and not think about it. One benefit, is that you can actually add to your retirement accounts up until you file. Not a 401k that's pre-tax, but a Roth you can and any post tax.
Posted on 4/10/24 at 10:58 pm to bigeasy225
quote:
My response was “wouldn’t you need to finish my return first to figure what that number is?”
He’s going to figure out a rough guess at what you owe and have you pay it. Then true it up when he figures out the exact number.
Don’t like it? Don’t sit on your information until April when everybody else is also turning stuff in at the same time.
Posted on 4/11/24 at 9:29 am to bigeasy225
My CPA calls it Safe Harbor, it’s the estimated minimum you are required to pay by the 15th. In the same boat waiting to hear what the number is this year from my CPA.
Posted on 4/12/24 at 2:30 pm to bigeasy225
Good news is, Congrats! You are making money!
Bad news, Uncle Sam gets his first.
Figure estimated taxes on money received with no withholdings and pay the fed and state percent you feel owed.
Always better to pay something and avoid penalties.
I'm waiting on my estimated Q1 tax vouchers now, they are due on the 15 as well.
Bad news, Uncle Sam gets his first.
Figure estimated taxes on money received with no withholdings and pay the fed and state percent you feel owed.
Always better to pay something and avoid penalties.
I'm waiting on my estimated Q1 tax vouchers now, they are due on the 15 as well.
Posted on 4/13/24 at 8:27 am to bigeasy225
quote:
Is this correct? If you file for an extension, would any money owed not be due until the new extension deadline?
4/15 is the deadline to pay. Actually there are 4 quarterly deadlines, 4/15 is just the last one of the year. The entire tax system is based on payments, the return just substantiates the accuracy. You can file years later without penalty unless you owe.
quote:
Do I need a new CPA?
No CPA can know the rules for you. And no cpa can approximate your variable income better than you, when did you provide everything? The more you put into this relationship, the more you will get out of it.
You are demonstrating very little knowledge of your tax situation, your CPAs time will go into explaining these things you can learn on your own, so it will be difficult for him or any other one to add value. No trying to insult you, CPAs are just too expensive for you to not understand this a couple days before the deadline.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News