livendive 8 #1 April 4, 2008 So last year, my taxes got complicated enough that I had to use an accountant, as I couldn't figure out where to put all my sole proprietorship stuff into Turbo Tax. I then formed an LLC and raised all relevant numbers by an order of magnitude. The accountant started on my taxes in January, sending out 1099's to the people who needed them and (presumably) filing the government's portion of the 1099's by the end of February. The last couple weeks I've been throwing hours of frustration at organizing receipts, totalling costs, etc, and figure it's now close enough that I can finish up my spreadsheet this weekend. I called to make my appointment only to find out my accountant is taking no more appointments till AFTER April 15. So what I was incapable of doing last year is tremendously more complicated this year, and now I get to do it on my own. Great! I foresee an audit in my near future. Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
simplyputsi 0 #2 April 4, 2008 Take a deep breath, find the extension form for filing, fill it out and tada!!!! Then make sure you make an appt. with your accountant. I think they give you till October with the extension form.Skymama's #2 stalker - Quote Share this post Link to post Share on other sites
freethefly 6 #3 April 4, 2008 QuoteI foresee an audit in my near future I foresee vaseline and vicodine in your near future."...And once you're gone, you can't come back When you're out of the blue and into the black." Neil Young Quote Share this post Link to post Share on other sites
lawrocket 3 #4 April 4, 2008 You can get an extension to complete your taxes, but not an extension to pay your taxes, if you have any taxes owed. That's the rough part of extensions. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
livendive 8 #5 April 4, 2008 I thought the extensions only worked if you were filing for a refund and that they don't extend the time you have to pay the IRS. Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
livendive 8 #6 April 4, 2008 QuoteYou can get an extension to complete your taxes, but not an extension to pay your taxes, if you have any taxes owed. That's the rough part of extensions. Right. At my "real" job, I have taxes deducted such that I would get a very small refund if that were all I had going (and I could do the 1040-A on my own pretty easily). The company I own doesn't have any deduction mechanism built into it. I do all the paperwork, figure out my profit, and pay the taxes before April 15th of the following year. I don't think an extension will get me out of this. Blues, Dave"I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
turtlespeed 226 #7 April 4, 2008 QuoteQuoteYou can get an extension to complete your taxes, but not an extension to pay your taxes, if you have any taxes owed. That's the rough part of extensions. Right. At my "real" job, I have taxes deducted such that I would get a very small refund if that were all I had going (and I could do the 1040-A on my own pretty easily). The company I own doesn't have any deduction mechanism built into it. I do all the paperwork, figure out my profit, and pay the taxes before April 15th of the following year. I don't think an extension will get me out of this. Blues, Dave Relax Dave - if you want my accountant's name and # I'll share - He is a good friend and will take your stuff if you need him to. ALSO - you can file an extension - you might have to pay a small penalty on whatever you under pay on the 15th, but it will be worth it in the long run. i think for 6K it's about 60 dollars.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
simplyputsi 0 #8 April 4, 2008 I agree with turtle. The extension is if you are getting a refund, but you can file if you owe, you just have to pay a small penalty. Quicken is your friend Skymama's #2 stalker - Quote Share this post Link to post Share on other sites
livendive 8 #9 April 4, 2008 For some reason I thought the penalties were more than 1% (and an automatic audit flag). Is your accountant "aggressive" in taking write-offs? (but not so aggressive that I'd be risking more than a month or two of pay) Blues, Dave "I AM A PROFESSIONAL EXTREME ATHLETE!" (drink Mountain Dew) Quote Share this post Link to post Share on other sites
D22369 0 #10 April 4, 2008 go kick his ass Roy They say I suffer from insanity.... But I actually enjoy it. Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #11 April 5, 2008 an extention will not flag you Quote Share this post Link to post Share on other sites
stitch 0 #12 April 5, 2008 Isn't being self-employed fun!!! Just wait till you have to hire Enrolled Agents and tax attorneys to sort out all the crap that got fucked-up over the years. "No cookies for you"- GFD "I don't think I like the sound of that" ~ MB65 Don't be a "Racer Hater" Quote Share this post Link to post Share on other sites
