How to file an extension

How to file an extension

If you’ve waited this long to contact a tax professional or CPA about filing your taxes, you’ve likely been told the bad news: they’re booked. Luckily, you have a get out of jail free card, called an “extension.” An extension buys you a grace period where a professional can still assist you after the deadline to file your taxes. An extension does not, however, extend the time you have to pay your taxes. If you believe you’ll owe taxes, you should make a payment now, using the following options: Reason for Payment: Extension Apply Payment To: 4868 (for 1040, 1040a,…
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I made some money, now what?

I made some money, now what?

Alright - so you are a freelancer, maybe working on the side, or a small business owner making some money, which is awesome. The downside is you need to pay taxes on that income, and you need to figure out what you owe. Do you need to make estimated tax payments? If you fall into both of the following categories you had better pay up: You are expecting to owe at least $1,000 or Your withholding will be less than: the smaller of 90% of your 2015 taxes or 100% of your 2014 taxes. I am not going to cover…
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