mid year TAX question

[greg nice]

thanks all i will look into it

[Brainwalter]

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About this waiver ont he first year...Do they inform you with a letter or something, that you earned enough taxable income in such and such a year, and they are wiaving the penalty for the first offense?

I don't thiiink I should've paid quarterly last year, I don't think I earned enough, but I'm not sure. This year I DEFINIITELY earned enough, but haven't paid Quarterly, so I would think this year is my warning year...

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After filing my taxes in April, the first taxes for which I should have paid quarterly, they sent me info on quarterly taxes, and the appropriate forms. They didn't say anything about a fee being waived or a first offense. But it apparently was. Hope this helped.

[h11]

If you are liable for the estimated tax penalty, the amount is not great - it might be six percent of the tax you owe. Probably less, based on which exemptions you hit. Hiring a CPA might be overkill, costing more than it's worth. There are lawyers, CPAs, enrolled agents, and paid preparers - in the hierarchy. Were I you, I would look for an enrolled agent - a person who has passed a competence test with the IRS. Not as expensive as the others, but competent. Your tax return will not require a rocket scientist. Nor a lawyer nor a CPA, imo.

[handsome]

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Get a CPA - H&R block doesn't know its head from its ass

[/ QUOTE ]

If I mess up my taxes following a CPA's advice/consulting, can I legally blame him?