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Had some changes to income streams in 2017 and underpaid enough to get hit with both federal and state penalties. 2018 income will be different yet again this year, so I was wondering if anyone knows of a program, app or website where you can input your best guesses regarding 2018 income and deductions in order to get a prediction about 2018 tax liability? That would help with deciding on the amounts of quarterly estimated tax payments. If I base it on 2017's actuals, my payments would be higher than they need to be. Thanks.
 
Posts: 1169 | Location: NE Indiana  | Registered: January 20, 2011Reply With QuoteReport This Post
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The "app" I recommend is called a CPA.




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Posts: 3758 | Location: Wichita, Kansas | Registered: March 27, 2011Reply With QuoteReport This Post
thin skin can't win
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This would be incredibly helpful for a lot of folks. I always try to take a forward look about now after just having completed my return an in the past have just used current year Turbotax with adjustments to prior year income/withholding/deduction data to adjust for coming year based on current projections.

With all the changes that is much more difficult. I figure I can use it as an easy way to compute estimate taxable income (TI) by self-limiting things like property/state income taxes to $10K. Getting to the correct TI can then let you easily compute total tax manually or can use one of the many online programs to compute tax on a set 2018 TI. Compare to projected withholding, voilà.



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Posts: 12348 | Location: Madison, MS | Registered: December 10, 2007Reply With QuoteReport This Post
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If you pay estimated tax payments equal to this years taxes, I believe there are no penalties for underpayment. No idea about state, each one may be different.




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Posts: 48369 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
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try this:

http://www.dinkytown.net/java/Tax10402018.html

lots of calculators on this site

i use them often


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Posts: 8940 | Location: Florida | Registered: September 20, 2004Reply With QuoteReport This Post
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Thanks 209; that looks like it may do the trick!
 
Posts: 1169 | Location: NE Indiana  | Registered: January 20, 2011Reply With QuoteReport This Post
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quote:
Originally posted by Sig209:
try this:

http://www.dinkytown.net/java/Tax10402018.html

lots of calculators on this site



i use them often


----------------------------------


What Sig209 posted will work or you can set up an Excel or Google sheet to do the same and capture your numbers.

For each quarter and for any tool that you use, you'll need to 1) keep track of how much taxes you've paid already.

2) You'll also need to track how much income you've earned to date minus your deduction.

3) Use the tool to figure out what your taxes are for that income.

4) Subtract the taxes you've previously sent, and the difference is what you'll send for the current quarter's taxes.



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Posts: 19582 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
thin skin can't win
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Thanks sig209 - that's perfect! Looks like you can even print from that report, makes it easy to see which items need to be tweaked later in the year.



You only have integrity once. - imprezaguy02

 
Posts: 12348 | Location: Madison, MS | Registered: December 10, 2007Reply With QuoteReport This Post
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quote:
Originally posted by Sailor1911:
The "app" I recommend is called a CPA.


If your financial situation is variable, I think this makes a lot of sense.

Plus, a good tax CPA can help you deal with the IRS if you should have a reason to. An app can't do that.




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Posts: 53117 | Location: Texas | Registered: February 10, 2004Reply With QuoteReport This Post
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quote:
Originally posted by JALLEN:
If you pay estimated tax payments equal to this years taxes, I believe there are no penalties for underpayment. No idea about state, each one may be different.


Depends on how much money you make.... for larger incomes (can't remember cut off) the federal requires 110% of prior year tax. Otherwise really good advice here.

I've used the 'CD version' of TurboTax for my personal return. That program has a rudimentary planning/projection option. I don't know what's in the online version of TTax. (Firm does not allow us to use the supercharged professional tax program we use for client returns due to restrictive language in the license.) A CPA may have better software tools if you really want a good estimate.




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Posts: 4887 | Location: Raleigh, North Carolina | Registered: September 27, 2004Reply With QuoteReport This Post
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The question is how are your taxes prepared?

If you use a CPA that is part of our services. You give us the estimated income and we calculate the amounts. This can be adjusted before each payment.

If you used Turbo Tax there are screens there that you estimated your 2018 income and expenses. It walks you through your options and then calculates the payments. You can also do this each payment.

Again with all of the tax law changes, it may good money spent to sit down and talk with someone.
 
Posts: 186 | Location: The Lovely State of Illinois | Registered: November 24, 2008Reply With QuoteReport This Post
thin skin can't win
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Great. As expected proved out that my 2018 taxes, based on same facts as 2017, went down by 1%. Not 1% of earnings, 1% of total taxes paid in 2017.

Oh well - guess that means I'm lucky enough to be on the cusp of the upside! If only I earned less or took a standard deduction.



You only have integrity once. - imprezaguy02

 
Posts: 12348 | Location: Madison, MS | Registered: December 10, 2007Reply With QuoteReport This Post
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