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Q: Should I continue to use 2010 amounts and prepare the paperwork myself or is all tax suspended until extension time runs out?
A: No, tax is not suspended due to the fact that you filed an extension, and yes, you can prepare the vouchers yourself. Regarding the quarterly payments, if your income has not changed, you can continue to use 2010 amounts or you can estimate your quarterly taxes by doing the following:
To figure your estimated
tax, you must figure your expected adjusted gross income
, taxable income
, taxes, deductions
, and credits
for the year.
When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for prior year as a starting point. Use your prior year's federal tax return
as a guide. You can use the worksheet in Form 1040-ES
(PDF) to figure your estimated tax. You will need to estimate the amount of income you expect to earn for the year. If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated tax for the next quarter. You want to estimate your income as accurately as you can to avoid penalties.
Following is a link to the Form 1040-ES/instructions:
Please let me know if I can be of further assistance to you regarding this matter.
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