Saturday, April 16, 2011

Q.  I know I will need an extension to get my return prepared, but how do I know if I will owe anything? JG, Texas

A.  The only way you can know is to do the best estimate with the information at hand you can, then review the IRS tables, and subtract any withholding from wages, and or estimated tax payments made. I have found over the years, especially with complex returns, that I need to have 90% of it finished in order to get an accurate estimate. By the time I go to all that trouble, I'd just as soon finish the return and be done with it!

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