Author Archives: TaxExpert

IRS extend filing deadline and federal tax payments for 2019 Tax Year Returns.

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

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Form 4868 for extension of your individual income tax filing

Tax time and the income tax filing is due by April 15, 2020 for the tax year 2019. If taxpayers need more time to prepare their federal income tax return, there’s an option to extend the filing period by reporting Federal Extension Tax Form 4868 and your new deadline would be October 15. Taxpayers should remember a few important things.

  • An extension of time to file a return is not an extension of time to pay.
  • Taxpayers should pay any taxes they owe by the April 15 deadline to avoid possible penalties and interest.
  • The extension request must be filed electronically or postmarked no later than April 15, 2020.

Simply efile IRS Form 4868 at http://ExtensionTax.com to push your due date from April 15 to October 15 — but remember that getting an extension doesn’t give you more time to actually pay your taxes.

Requesting an extension and making an estimated payment in April are just half the work. You still have to file your final return. If you don’t file by the extension deadline, the penalties could get worse. Talk to us and get the help needed from our support agents at 866 – 245 – 3918 or write to us at support@extensiontax.com.

March 16 Form 7004 Deadline is just couple of days to go

Paying taxes is not optional – it’s the law. Taxpayers do have options when it comes to how they pay their taxes. The IRS offers several easy ways to pay taxes. Taxpayers can pay online, by phone or with their mobile device using the IRS2Go app, just to name a few. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments.

Taxpayers should remember a few important things.

  • An extension of time to file a return is not an extension of time to pay.
  • Taxpayers should pay any taxes they owe by the March 16 deadline to avoid possible penalties and interest.
  • The extension request must be filed electronically or postmarked no later than March 16, 2020.

Not yet ready with all the required paper work to report the taxes, and looking to seek additional time with the IRS? then you must file the extension application by the due date of your business tax return.  Corporate tax returns (Forms 1120, 1120-A, and 1120-S) or partnership tax return (Form 1065) filers have to report Form 7004 for an automatic 6-month extension of time to file the return by September 15. Do remember to make the deposit on the Form 7004 return, of what you estimate you owe in tax. Form 7004 extension request is due by March 16, 2020.

The IRS strongly encourages people to file their tax returns electronically and choose direct deposit for faster refunds. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. The IRS says, Form 7004 does not extend the time for payment of tax.” You must pay taxes due (estimated) by your tax return due date, even if you file an extension application. You will need to estimate as best you can because under-estimating can subject your business to fines and penalties.

Extension Application with ExtensionTax.com:

We’re the leaders in Federal Excise Tax online reporting and started supporting Federal Extension Applications since 2010 to make it more affordable and economic for our excise users and now we’re support many individuals and businesses to report the federal extension application online. Electronic filing provides fast acknowledgement that the IRS has received the return and reduces normal processing time, making compliance with reporting and disclosure of requirements easier. Electronically through http://ExtensionTax.com an IRS Authorized e-File Provider at just $14.99. Simple steps and clear work flow to complete the return faster and receive back an acknowledgement quicker.

We have a dedicated team of support agents to help you through your extension application and address any questions that come-up in the process of efiling. Reach us at 866 – 245 – 3918 or write to us at support@extensiontax.com.

Time to File an Extension Application for Corporate or Partnership Taxes if you indeed need it

Business taxpayers it is your time now, as the taxes are up for due this March 15 and April 15certain corporates or LLC or partnership firms have to react. When you need additional time to work with your paper work submit in your Internal Revenue’s Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns—Form 7040 now. Form 7004 is the form used to file for an automatic extension of time to file business tax return for firms that comes under partnership, a multiple-member LLC filing as a partnership, a corporation, or s-corporation. This application will only extend the time to file and not the time to pay the taxes.

You must file this extension by the due date of your business tax return. This is an automatic extension, so you don’t have to worry about your extension being approved. However we shall keep you updated by sharing an email on your acceptance status. Make sure the return is filed with the IRS before the actual deadline to avoid last minute surprises.

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Form 8868, Non-Profit Organization Tax Extension: Deadline Alert!

May 15th is the deadline to file your Non-Profit Organization Income Tax Return and if you need more time to file, it’s not too late to e-file for an extension with www.Extensiontax.com . Missing your tax deadline can incur hefty penalties & Interests. Extensiontax.com is your one-stop e-filing solution for IRS tax extensions. E-filing an extension for your business tax return is quick and easy…

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