Worksheet to estimate 2013 Tax liability

[PIGLEE]

I would like to give my clients an idea of what to expect on their 2013 tax return, because of all the changes for 2013.

Does anyone know of a worksheet to calculate the 2013 tax return liability. Sure would be nice to do a quick estimate, and have a list of changes expected.

[Bees Knees]

Nobody knows what the tax rates, or deductions, or credits, or any of the numerous other expiring provisions will be for 2013, so any worksheet at this point would be meaningless.

[KBTS]

Most software includes some kind of "planning" worksheets. That being said, there is way too much unknown right now to really give any kind of accurate information for 2013. In fact, 2012 is still is question without an AMT fix and possible other retroactive fixes on some things that already expired 12/31/11.

[Jiggers]

I would like to give my clients an idea of what to expect on their 2013 tax return, because of all the changes for 2013.

Does anyone know of a worksheet to calculate the 2013 tax return liability. Sure would be nice to do a quick estimate, and have a list of changes expected.

Use this for estimating 2013 and thereafter:

HOW MUCH DID YOU MAKE? __________________

SEND IT IN __________________

[FEDUKE404]

Knowing 2013 tax laws

If you have that kind of knowledge available, I might consider offering you an all-expense paid trip with me to Las Vegas. . . .

[veritas]

While your at it

I could use one for 2012.

[taxxcpa]

Estimating procedure

I was once told that the best way to estimate is to make a preliminary estimate, then double it and add ten percent.

[manyhappyreturns]

When clients ask me to help them estimate tax liability for the next year, I usually just tell them I'll figure it out for the current year, then make any changes of the estimate based on what I already know about the next year's tax rates and deductions and such. I make sure they know that it is a ROUGH estimate, and that I can't foretell the future anymore than they can. Then I let them make their own decisions of how much to pay in estimated tax or how much to have withheld or how much to contribute to their IRA -- whatever the reason they want the estimate.