http://www.taxgirl.com/ask-the-taxgirl-one-time-gains/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.taxgirl.com/ask-the-taxgirl-one-time-gains/comment-page-1/#comment-5608 Rick Wed, 11 Jun 2008 18:28:46 +0000 http://www.taxgirl.com/ask-the-taxgirl-one-time-gains/#comment-5608 A prime example of why Turbo Tax (or any tax program) is a poor substitute for a live tax advisor. A live tax advisor would first ask how you arrived at the gain amount you stated. If you received $8,000 from the sale then that was not your gain and the gain was much lower. And the short and simple answer to the penalty question is that if your tax liability (the amount of tax, before you subtract how much was withheld) in TY 2006 was less than $6,583 you would not owe a penalty. A prime example of why Turbo Tax (or any tax program) is a poor substitute for a live tax advisor. A live tax advisor would first ask how you arrived at the gain amount you stated. If you received $8,000 from the sale then that was not your gain and the gain was much lower. And the short and simple answer to the penalty question is that if your tax liability (the amount of tax, before you subtract how much was withheld) in TY 2006 was less than $6,583 you would not owe a penalty.

]]> http://www.taxgirl.com/ask-the-taxgirl-one-time-gains/comment-page-1/#comment-5607 Diane Tue, 10 Jun 2008 02:25:52 +0000 http://www.taxgirl.com/ask-the-taxgirl-one-time-gains/#comment-5607 Its probably not a bad idea to go ahead and make estimated tax payments, just to be on the safe side ! Its probably not a bad idea to go ahead and make estimated tax payments, just to be on the safe side !

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