Filing tax extension. What do they mean by "Estimate of total tax liability for 2008" & "Total 2008 payments"?
yes filing an extension does not delay your tax obligation. You have to predict what your total tax bill will be, subtract your actual payments and include a check for your estimated difference.
by magiccharm - 5 hours ago
It's an estimate, not the final numbers. If you get it correct to within $200 or so, that should be good enough. And they don't mind if you overpay, and ask for a refund later. No, it is not what you're going to end up paying. It is the TOTAL tax liability, which includes what you have been paying (payroll withholding) during the year, plus what you might end up paying later. (or minus any refund.)
by Morningfox - 5 hours ago
Estimate of total tax liability means the amount that you think your tax will be. You do not need to know the amount. You just need to take a reasonable estimate. Total 2008 payments means the amount withheld (from your pay, etc.) plus the amount of any estimated tax payments you made.
by StephenWeinstein - 5 hours ago
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