So, who has done their taxes?

[Indy Coug]

Originally Posted by TripletDaddy

There are BNA software suites that actually allow you to do this, assuming you are entering info at least quarterly. The average person does not use this brand of software, though, as it is really expensive.

For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4.

It isnt common, but it is definitely possible.

While possible that he has zero liability, what is more likely is that Indy is just lying again.

I think it was just a mathematical fluke.

[TripletDaddy]

Originally Posted by Indy Coug

I think it was just a mathematical fluke.

I was only messin' anyway.

But it is possible.

For example, someone who gets paid a few times a year (or once a year) may not plan on any income in Q4 at all. If you have already paid-in estimates to cover any potential interest income on holdings, then zero balance can be a reality.

Although as 71 says, it is not common.

[cougjunkie]

I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.

[DrumNFeather]

Originally Posted by cougjunkie

I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

[Jeff Lebowski]

Originally Posted by DrumNFeather

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

Unresolved issues on a K-1. Accountant and attorney are too busy to deal with it now.

[il Padrino Ute]

Originally Posted by Jeff Lebowski

Unresolved issues on a K-1. Accountant and attorney are too busy to deal with it now.

I have problems with a K-1 every year, though it's almost always waiting for an accountant to get it to me. I'd love to be able to fire the accountant who is responsible, but because it has nothing to do with me and everything to do with my wife and her family, there is nothing I can do.

[cougjunkie]

Originally Posted by DrumNFeather

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

I usually do it because I dont want to pony up the 8k I owe.

[BYU71]

Originally Posted by DrumNFeather

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

I was told there is less likely an audit of an extended return. I have no idea if the person is right.

[nikuman]

I've had mine done since February (save NJ, which are done but need to be sent off tomorrow).

I am also on somebody's radar screen for an audit, probably. I would not be surprised.

[hyrum]

Originally Posted by BYU71

I was told there is less likely an audit of an extended return. I have no idea if the person is right.

This is consistent with what I have heard. I read that the IRS picks returns out as they come in and by the time they get to early April they have pretty much maxed-out the returns that they can handle in a year. So filing in the last week also decreases your chances. That said, if yours comes in with some big red flag deduction they are probably not going to ignore it -- plus the automated checks that they do (comparing w2's, 1099's, etc).