Re: quick tax help
Sorry about the mailbox.
Your 4 2006 estimated payments $ 200,000
Your est of 2006 April 17th liability 100,000
Total 2006 300,000
Your 2007 1st Qt est payment (safe Harbor) 82,250
Your 2006 extension payment is 182,250
Your 2007 1st est payment (due April 17th) is ZERO
So you should send a check for 182,250 with the extension, if your actual total liability comes in at $301,000, then you will have a refund of $81,250. You than apply this refund to your 2007 taxes. Send it to your local 1040 IRS center (Ogden, Fresno or whereever), not the Est tax center (which is Cinn OH I think). This protects you against underpayment penalties on the 2006 extension, but maybe cause a slight interest change in 2007. And thats a big MAYBE. Good Luck and you need Form 4868, its simple.
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