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Pit Accountants: Tax Liability Question

WakeGal said:
For the tax ignorant (this is why I have my accountant) what are extends and what does this mean?
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In this context, extends was a verb meaning files an extension. If an entity in which you are an owner files an extension and doesn't file on time, then you don't get your information that you need to file your personal return from the entity until after April 15 and so you also have to extend.
 
If you're a partner or a shareholder in an S Corporation, and the partnership or the S Corporation chooses to file an extension then you don't get the information necessary to file your own personal taxes.
 
Individual filer here...according to turbotax showing I owe $41,230 for 2012...suggestions? Seems higher than normal.
 
Wakelaw2006 said:
In this context, extends was a verb meaning files an extension. If an entity in which you are an owner files an extension and doesn't file on time, then you don't get your information that you need to file your personal return from the entity until after April 15 and so you also have to extend.
Click to expand...

DeaconCav06 said:
If you're a partner or a shareholder in an S Corporation, and the partnership or the S Corporation chooses to file an extension then you don't get the information necessary to file your own personal taxes.
Click to expand...

Thanks. I've never one an extension so it is a foreign concept to me.
 
Wow, this thread blew up! (I was gone watching the national title game...)

Thanks for any and all help.

For the record, I do have quarterly tax payments set up. I have been a 1099 contractor for about 3 years, so I am self employed. Quarterly tax payments make things a lot easier.
 
OK, no one has been able to answer my question for sure, so I shall call the IRS... This should be fun.
 
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