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    Question

    Filing tax extension. What do they mean by "Estimate of total tax liability for 2008" & "Total 2008 payments"?
    Do they want me to put down what I think I'm going to end up paying, or what I actually paid? Because if I knew that, I would have done my taxes by now, so that doesn't seem to make sense.
    a few seconds ago 4 Answers

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    They want you to estimate how much money you think you will owe the IRS once the taxes are completed. In addition, they want to know if you have made any payments in 2008, estimated tax payments. Also, you would have to give a little more info than what you have given. Is this for personal taxes, or a business???????? If it is personal taxes just go online and e-file before April 15, 2009 and you won't need an extension. If it is for business and you have a financial statement just take the bottom line, net profit/net loss and multiply that by 28% for federal and 5% for state and use that as the estimated tax due, until you get your taxes completed.
    a few seconds ago

    Other Answers

    • 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 - 16 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 - 16 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 - 16 hours ago

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