You don't explain how you even come up with the estimate of total tax liability? We don't understand taxes at all and I file jointly with my wife I wouldn't even begin to wonder how much I'm supposed to pay it's not like I get mail saying I owe taxes I have no idea. All I have is my w2 and 1095-c. My wife runs a sole prop biz. How do you make estimates on things you have no idea about how it works
Unfortunately, in order to estimate how much you owe, you need to actually mock up an actual tax return with the information you have. That's why our firm charges $145 to prepare an extension -- it's the calculations that are hard, not the form itself. It's not an easy thing that the author of this video could just explain -- it's like teaching someone how to do their own taxes. If you're not going to work with a professional or use a tax software program, you might want to at least file an extension for $0 and at least you won't have the failure-to-file penalty. If it turns out you owe taxes beyond what you've already had withheld, then you might still owe a failure-to-pay penalty. (Two different penalties.)
You don't explain how you even come up with the estimate of total tax liability? We don't understand taxes at all and I file jointly with my wife I wouldn't even begin to wonder how much I'm supposed to pay it's not like I get mail saying I owe taxes I have no idea. All I have is my w2 and 1095-c. My wife runs a sole prop biz. How do you make estimates on things you have no idea about how it works
Unfortunately, in order to estimate how much you owe, you need to actually mock up an actual tax return with the information you have. That's why our firm charges $145 to prepare an extension -- it's the calculations that are hard, not the form itself. It's not an easy thing that the author of this video could just explain -- it's like teaching someone how to do their own taxes. If you're not going to work with a professional or use a tax software program, you might want to at least file an extension for $0 and at least you won't have the failure-to-file penalty. If it turns out you owe taxes beyond what you've already had withheld, then you might still owe a failure-to-pay penalty. (Two different penalties.)