income taxes affected by leasing

a friend of mine leased two acres in nov. and has been told by her accountant that she must file an estimated tax or face severe penalties. I would like to know what I must do to abide by the law.

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Permalink Reply by Kathy Morgan on January 13, 2009 at 10:25
No interest as long as the balance due is paid by 15 April. The amount of penalty depends on the amount you owe versus the amount you had last year versus the amount you paid in from w2's. The IRS Form 2210 does the calculations and everyone is different. Even if you and someone else owed the same amount you may have different penalties. It's one of those "cause the IRS says so" things.

Kathy
StevewPermalink Reply by Stevew on January 15, 2009 at 9:06
What about if you live out of state? I live in Oregon. Do I have to pay taxes to BOTH states? Louisiana and Oregon?

thanks for any ideas!!
Permalink Reply by Kathy Morgan on January 15, 2009 at 12:30
Yep. You will pay taxes on your La income as a non-resident and then take a credit on your Or return fr the taxes paid in La. So even though you have to put the money on both returns you really only PAY taxes once.

Kathy
Permalink Reply by R on January 15, 2009 at 9:58
Kathy, do you have an email address or phone # where I can contact you with additional questions?
Permalink Reply by R on January 15, 2009 at 11:56
Thx
Permalink Reply by Kathy Morgan on January 15, 2009 at 12:29
You can email me here on the site or at home kathmorgan@bellsouth.net or at work kathryn.morgan@tax.hrblock.com or call me at my office from 9-5 any day at 747-2126.
Permalink Reply by Reggie on January 15, 2009 at 15:14
Thanks for the heads up. I got my check off in the mail to Uncle Sam just before the post office closed today.

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