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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11822
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Pearl. I'm trying to calculate the tentative total tax and

Customer Question

Hi Pearl. I'm trying to calculate the tentative total tax and total payments and credits and I don't know what I need to put for either of them.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I'm filing the extension for for 7004
JA: Anything else I can tell the Accountant before I connect you two?
Customer: It's for partnership income 50/50
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi, I can help here ... If you give me your income for the year, how you file (joint vs single, etc), and whether you have dependents I caan run a projection that will give you a good estimate of your tax owed (which is what IRS means by "tentative tax") .. and then payments just means any estimated payments or withholding from paychecks for the year....Finally, I can also project any credits you might have coming, by running this projection and asking you a few questions....Let me know, and we can go from there...lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.