Category Archives: exempt Organisation

Form 4868: Requesting an Extension of Time to File

 

If you need additional time to complete your 2011 tax return, you may request an automatic six monthextension until October 15, 2012.

The Internal Revenue Service requires that you request an extension of time to file whether you owe additional taxes or not. Generally, there are no penalties or interest assessed on zero balance or refund returns.No interest or penalties will be charged if you:

  • File for an extension by April 17, 2012,
  • Pay your tax liability by April 17, 2012.

Penalty and Interest Charges on Tax Owed:

Those who do not pay at least 90% of the amount due on or before April 17, 2012 will be subject to the following penalties:

Late Payment Penalty. If you do not pay at least 90% of your balance by April 17, 2012, you will be assessed a penalty of 0.5% of your unpaid taxes for each month, or part of a month, from April 17 until the balance is paid, to a maximum of 25%.

Late Filing Penalty. If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. The penalty is 5.0% of the unpaid balance for each month or part of a month that a return is late, to a maximum of 25%. If your return is more than 60 days late, the minimum penalty is $100 or the balance of the tax due on your return, whichever is smaller.

File Electronically. Most taxpayers file electronically. If you haven’t tried it, now is the time! The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990. In fact, 112 million people — 77 percent of all individual taxpayers — used e-file last year.

You should e-file a federal tax extension for Tax Year 2011 by April 17, 2012, the same day as the deadline to e-file a 2011 Tax Return. Once you have e-filed your federal tax extension and it was not accepted, have a grace period of 5 days after that to correct your tax extension and e-file it again. For tax year 2011, the tax extension grace period ends April 22, 2012. So please make sure you keep checking your extension status after you have e-filed it in your extensiontax.com account. If you e-file a tax extension, your new deadline to e-file a 2011 Tax Return will be October 15, 2012.

Tips: After April 17, 2012 you can no longer e-file a tax extension.

Prepare and e-file a Tax Extension Return:

Registered ExtensionTax.com Users

Please sign in under “Continue My Extension” from the link below. After you have signed in, click on “Start a New Return” under “Form4868” from your “My Home” page. Simply follow the on-screen instructions and complete your tax extension e-filing with the IRS. Sign in.

New ExtensionTax.com Users

If you have NOT registered on extensiontax.com please start an account under “Start My Extension” from the link below. After you have signed in, click on “Start a New Return” under “Form4868” from your “My Home” page. Simply follow the on-screen instructions and complete your tax extension e-filing with the IRS. Sign up.

Why ExtensionTax.com?

  • Authorized IRS e-file provider, serving the entire Nation.
  • E-File a personal, business or nonprofit organization tax extension in less than 10 minutes, for less than $10.
  • Receive an email confirmation once your extension is IRS Approved.
  • Get instant “TEXT Alert” on status of your return.
  • Simple, Safe and Secured to do only with www.ExtensionTax.com
  • Tax Expert Support through the filing.

www.ExtensionTax.com is committed to provide the Best in Quality and Service for all our users,  www.ExtensionTax.comwww.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290Form8849Form720 & Extensions for  Form4868,  Form8868 and Form7004.

www.ExtensionTax.comwww.TaxExcise.com are products of Think Trade Inc. We are a BBB accredited company with A+ certification.For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at support@extensiontax.comsupport@taxexcise.com.

Can’t File By April 17? Use ExtensionTax.com to E-File to Get a Six-Month Extension

Can’t File By April 17? Use ExtensionTax.com to E-File to Get a Six-Month Extension

The Internal Revenue Service today reminded taxpayers that quick and easy solutions are available if they can’t file their returns or pay their taxes on time, and they can even request relief online.

The IRS says don’t panic. Tax-filing extensions are available to taxpayers who need more time to finish their returns. Remember, this is an extension of time to file; not an extension of time to pay. However, taxpayers who are having trouble paying what they owe usually qualify for payment plans and other relief.

Either way, taxpayers will avoid stiff penalties if they file either a regular income tax return or a request for a tax-filing extension by this year’s April 17 deadline. Taxpayers should file, even if they can’t pay the full amount due.

Here are further details on the options available.

More Time To File


People who haven’t finished filling out their return can get an automatic six-month extension. The fastest and easiest way to get the extra time is through E-filing. In a matter of minutes, anyone can use this service to electronically request an automatic tax-filing extension on Form 4868.

Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.

By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 17. The current interest rate  three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.
IRS reports, Of the 10.5 million extension forms received by the IRS last year, about 4 million were filed electronically.

Some taxpayers get more time to file without having to ask for it. These include:

• Taxpayers abroad. U.S. citizens and resident aliens who live and work abroad, as well as members of the military on duty outside the U.S., have until June 15 to file. Tax payments are still due April 17.

• Members of the military and others serving in Iraq, Afghanistan or other combat zone localities. Typically, taxpayers can wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due.

• People affected by certain tornadoes, severe storms, floods and other recent natural disasters. Currently, parts of Indiana, Kentucky, Tennessee and West Virginia are covered by federal disaster declarations, and affected individuals and businesses in these areas have until May 31 to file and pay.

Easy Ways to E-Pay

Taxpayers with a balance due IRS now have several quick and easy ways to electronically pay what they owe. They include:

• Electronic Federal Tax Payment System (EFTPS). This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online.

• Electronic funds withdrawal. E-file and e-pay in a single step.

• Taxpayers who choose to pay by check or money order should make the payment out to the “United States Treasury.” Write “2011 Form 1040,” name, address, daytime phone number and Social Security number on the front of the check or money order. To help insure that the payment is credited promptly, also enclose a Form 1040-V payment voucher.

www.ExtensionTax.com is committed to provide the Best in Quality and Service for all our users,  www.ExtensionTax.com /www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290Form8849Form720 & Extensions for  Form4868,  Form8868 and Form7004.

www.ExtensionTax.com /www.TaxExcise.com are products of Think Trade Inc. We are a BBB accredited company with A+ certification.For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at  support@extensiontax.comsupport@taxexcise.com

Top 10 Tips for E-Filing Extension Form 7004

Do you own a corporation but don’t think you’ll complete the 2011 corporate income tax return by the March 15 deadline? This blog explains how to file an extension online without a hitch, giving you until September 15 to file the return.

If your small business is a corporation, your 2011 corporate income tax return is due on Thursday, March 15, 2012.

If you don’t think you’re going to have the return done on time, do not despair. As long as you file Form 7004 on or before March 15, you’ll be given an automatic no questions-asked 6-month extension of time to file the return.

Here are top ten tips for e-filing Form 7004:

  • Be sure to input the corporation’s full name, employer identification number (EIN), and address accurately when filing.
  • Form 7004 works for both regular C corporations filing Form 1120 as well as S corporations filing Form 1120S. In fact, Form 7004 is the extension form for a plethora of business returns, including both C and S corporations. There’s a complete list of all the possible returns on e-file Form, along with a corresponding code that makes it user friendly online filing and leaves no error possibilities behind. For each type of returns, select accordingly and continue e-filing.
  • Don’t mistake when selecting the tax period of filing either calendar or fiscal year. That’s where you tell the IRS what tax year this extension is for.
  • If you are an S corporation, you are probably not required to pay any tax with Form 7004 because S corporations typically don’t pay corporate income tax with Form 1120S. If that’s the case, don’t input any tax amount.
  • If you are a C corporation that may owe tax with Form 1120, don’t forget that filing Form 7004 only extends the time to file the corporate income tax return. Form 7004 does not extend the time to pay any tax due with the return. So if you think you might owe, it is in your best interest to calculate an estimate of the balance due and pay that amount with the extension form. Failure to pay the balance due by March 15 may result in late payment penalties and interest, even if you pay the tax by the extended due date of September 15.
  • Check the information furnished for the error free filing before you transmit your return to the IRS.
  • Believe it or not, no signature is required when filing online.
  • Use www.extensiontax.com since we provide proof of filing. Why risk the possibility that the IRS loses your form and then penalizes you for not having proof of e-filing or mailing?
  • For a tax form, this one is pretty easy to complete online. It hardly has anything to fill up. But if you prefer not to risk a mistake and the rejection of your extension filing, reach our help desk to get hold of tax expert who would handle this task for you in minutes.
  • www.extensiontax.com is an authorized IRS e-file provider, helps e-file your Form 7004, saving you a trip to the post office.

www.ExtensionTax.com is committed to provide the Best in Quality and Service for all our users, www.ExtensionTax.com / www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290, Form8849, Form720 & Extensions for Form4868, Form8868 and Form7004.

www.ExtensionTax.com /www.TaxExcise.com are products of Think Trade Inc. We are a BBB accredited company with A+ certification. For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at support@extensiontax.com / support@taxexcise.com

IRS Terms That You Need To Know When You File For An Extension!

Filing a Tax Extension is very simple when you use Extensiontax.com.  All that is required to file it is basic information about your business.  There are few terms that one needs to know before submitting a Tax Extension for a Business, Individual, or Nonprofit Organization.

IRS Form 7004: This form is used by businesses such as Multi-Member LLCs, C Corporations, S Corporations, Partnerships, Trusts, and Estates.  This is commonly referred to as a form forBusiness Tax Extensions.  This IRS Form gives aTax Extension of 5 – 6 months.

IRS Form 4868: This form is used for filing Individual or Personal Tax Extensions.  This IRS form gives a Tax Extension of 6 months for personal returns, 1099 Contractors, Sole Proprietorship’s, and Single-Member LLCs.

IRS Form 8868: This form is used by Non-Profit and Exempt Organizations.This IRS form is used to apply for an automatic 3 month tax extension or a non-automatic (additional) 3 month extension.

Tax Extensions: Filing for a Extension with the IRS extends the amount of time to file a Tax Return.  It does not extend the amount of time to pay taxes.  The IRS wants the taxes to be paid by the traditional filing deadlines.

Filing Status: If you are filing for an individual tax extension, it is required to list your filing status (married filing jointly, single, married filing separately, etc.).The same way if you are filing an Extension for a business or nonprofit organization, it is required to list your business or organization’s type and the specific tax form that will be filed.

Business Tax Year: It is common to use the calendar year as the business tax year but that is not the case for every Business.If a business follows a different tax period, that needs to be specified.  Also if a business was started or ended during the year, its tax period may be shorter than a full year and that needs to be specified too.

Estimated Tax Amount: Tax Extension extends only the amount of time to file a tax return.  It does not extend the amount of time to pay taxes.  Therefore, you need to pay the full Tax amount that is due to the IRS by the traditional deadline.

www.ExtensionTax.com is committed to provide the Best in Quality and Service for all our users,  www.ExtensionTax.com /www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290Form8849Form720 & Extensions for  Form4868,  Form8868 and Form7004.

www.ExtensionTax.com /www.TaxExcise.com are products of Think Trade Inc. We are a BBB accredited company with A+ certification.For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at  support@extensiontax.comsupport@taxexcise.com

No Time To File Tax Return? File For a Tax Extension!!

Every year brings new tax season and along with it great stress and anxiety among tax payers. Why? Because tax season means collecting tax papers, doing complex calculations, contacting IRS and etc. Result? Stress, time consumption and more stress. Did you know that during the tax season, most of the people lose on their sleep and hence suffer health consequences?

If you are going through the same situation then I say stop NOW. Your health and peace of mind is more important. Keep your papers aside, stop all your calculations and relax. You don’t have to stress over your taxes because you have the option to get your tax return due dates extended by 6months. Yes, you heard it. You have till October 15th to file your tax return. Wondering how is this possible? Simple, get hold of tax extension form and file it with the IRS.

There are 2 types of tax extension forms.

Personal tax extension Form 4868 : This form is used by individuals, single member LLCs, sole proprietors, 1099 filers and etc to get an automatic 6 month extension on their tax filing due dates. Efile form 4868 and say goodbye to your April 17th tax return deadline.

Business tax extension Form 7004: This form is used by corporations, multi member LLCs, partnership firms and etc to file their business tax returns on a later date. If you think that you won’t be able to collect all the tax papers to file your return by the due date, go for IRS tax extension. Refer to the tax extension deadlines for 2012 for further details.

NOTE: Many people believe that filing tax extension will give them more time to pay their taxes. However, that is NOT true. Getting a 6 months extension to file your tax returndoes not allow you more time to pay your taxes. If you think you owe IRS taxes, make sure you pay them along with your tax extension form 4868 or form7004

There are 2 ways to file for tax extension: Paper filing and Electronic filing.

Many years back, paper filing was the only option to file tax returns and extension but due to its complexities and disadvantages, IRS introduced the efile option which is highly recommended worldwide. Want to find out how?

If you opt for paper file method for tax extension filing, you would first have to download the form, fill in the form (search Google for tax extension instructions). Do complex calculations to find out tax amount due to IRS, post the tax extension form back to IRS along with your tax amount cheque and even if your tax extension is approved, you won’t get any acknowledgement from IRS.

Imagine the complexities paper filing carries with it, along with huge costs and time consumption. Besides that paper file depletes our environment. Every year thousands of trees are sacrificed so that more and more paper can be produced. But if you stop paper filing, it would be a boon for the environment.

Electronic filing, on the other hand is super quickeasy and secure. Moreover, if you efile tax extension, then IRS will also provide you acknowledgment via email within few days. Efile is fast, saves time and is cost effective with extensiontax.com

www.ExtensionTax.com is committed to provide the Best in Quality and Service for all our users,  www.ExtensionTax.com /www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290Form8849Form720 & Extensions for  Form4868,  Form8868 and Form7004.

www.ExtensionTax.com /www.TaxExcise.com are products of Think Trade Inc. We are a BBB accredited company with A+ certification. For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at  support@extensiontax.comsupport@taxexcise.com