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.
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.
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.
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.