Category Archives: Extension form

Tax filing Time Extended for all Boston Residents and the Affected Individuals – The IRS

The Boston Marathon explosions have left a strong impact on the lives of people that were a part of it. Usually conducted on the third Monday of April i.e., on the Patriots’ Day it is one of the world’s best racing events well participated and viewed by people from various parts of the country. This year the racing event ended with much distress and agony after the two explosions that occurred near the finishing line. However, as a sigh of relief, the Internal Revenue Service has extended the tax filing time to 3 months for taxpayers residing in the Boston area and those affected by the explosion.

The announcement made by the IRS about the automatic extension of the tax filing date by three months can bring in some relief to the taxpayers who have been affected by the twin explosions in Boston Marathon. This tax extension of three months applies to taxpayers residing in Boston, as well as in and around the city such as Suffolk county and Mass. Moreover, the increase in the tax deadline even applies to the sufferers, their family members, casualty providers, and everyone who have been a part of the disaster. Taxpayers can visit IRS.gov for additional information about the automatic extension of the tax filing date.

It is surely heart touching to see the aftermath caused during the Boston Marathon on April 15th, 2013. The now IRS acting commissioner, Steven T. Miller has also expressed his grief towards the affected individuals, therefore, have decided to give them an additional three months time for filing their tax returns. Therefore, taxpayers concerned about paying taxes can stay relieved by the announcement made by the IRS. In simple words, taxpayers are not subjected to any dues or penalties if they file their tax returns before July 15th, 2013.

Individuals residing in Suffolk County are not required to take any action, as this rule automatically applies for them. However, individuals residing outside the Suffolk County should call the IRS @ 1-866-562-5227 before April 23rd to know if they are eligible for the relief declared. Additionally, taxpayers who have received a penalty notice can call the IRS to enquire about the same. Moreover, they always have the option to e-file for tax extension by July 15th, 2013 and get an extension up to 6 months. We at ExtensionTax.com have developed a user-friendly e-filing system that can help taxpayers file tax form 4868 from the comfort and convenience of their house. Reach us @ 1-866-245-3918 for any queries or suggestions.

Need More Time to File Your Tax Return! Use Form 4868

IRS form 4868 is officially termed as the “Application for Automatic Extension of Time to file U.S Income Tax Return”.  This is a tax extension form especially designed for individuals filing for income tax to the IRS. Moreover, an individual has the benefit of getting a tax extension for the below tax forms:

  • Form 1040
  • Form 1040A
  • Form 1040EZ
  • Form 1040NR
  • Form 1040NR-EZ

Explaining Form 4868:

As mentioned above, form 4868 can be used by individuals who wish to extend the time for filing their tax returns. It is important to mention the complete details when filing for an extension such as name of the taxpayer, the place of residence, social security number, payments made, due amount, etc to get an extension up to six months. However, it is good to know that it does not extend the taxpayer needs for paying the complete tax liability but only extends the time required for preparing the paperwork for filing the tax return. Taxpayers should keep in mind that the deadline to file for form 4868 is April 15th.

The Process:

Taxpayers are advised to prepare a rough draft of their tax return before filing, thus getting an idea if they have to pay or need a refund. To help them save time and efforts there are certified CPA’s to help them. Moreover, there are websites like ExtensionTax.com providing assistance to tax payers for calculating the tax returns and save time.

After preparing the rough draft, tax payers have two options. They can either file their tax return online or download the form and mail it to the respective address. Filing for tax extension online is recommended, as this help tax payers file from the comfort and convenience of their house and save the environment too.

For those filing their tax extension online should make sure to verify the details provided and rectify the errors. It is good to cross-check the social security number and other details before e-filing the form 4868.

As a reminder, form 4868 is only a way to stretch the due date by six months for filing the tax return. Make sure you pay the amount, as well as file for an extension before April 15th. Call us @ 1-866-245-3918 for complete assistance and get your queries answered.

Criteria under Form 7004-Automatic 6-Month Tax Extension – Part1

March 15, 2013 falls as deadline to file taxes for certain Businesses that follows calendar year tax period. Let us take you through the insights of the forms that qualify for an extension through Form 7004.

  • Annual withholding tax return for U.S Source Income for Foreigners: If you are a foreigner and you are not able to file your Form 1042, annual withholding tax return for U.S source income by March 15. You can file Form 7004 for getting automatic six month extension.
  • U.S Corporation income tax return: If you have a business that owes U.S Corporation income tax Form 1120 which you cannot file before the deadline you can get an automatic 6 month extension by filing FORM 7004.
  • U.S Income Tax Return Of A Foreign Corporation: If you own a foreign corporation that is liable for U.S Income tax, which needs more time to file Form 1120-F.File Form 7004 for automatic 6 month extension. If you do not have office in the United States at this point of time, you can file for an extension by Jun 15, 2013.
  • U.S Income Tax Return Of A Foreign Sales Corporation: A foreign sales corporation, that needs some time to file its income taxes (1120-FSC), can opt for a 6 months extension by completing Form 7004 before the deadline.
  • U.S Income Tax Return for Home owners associations: If you are required to file income tax return, that is applicable for Home owners association and if you need more time to gather all your paper work to file From 1120-H. You can avail a 6 month extension by filing Form 7004
  • U.S Life Insurance Company Income Tax Return: If you are bossing an Insurance company in the United States, which needs additional time to file Form 1120-L. Then you may get a 6 month extension by filing Form 7004.

All the extension for the forms listed above fall under part-1 of Form 7004 and needs filing before March 15-2013. All the extensions last for 6 months. Need more clarification call 1-866-245-3918 or write to support@extensiontax.com, the best in the business is ready to help you! This is why you have to file with extensiontax.com.

Ten Tips to Help You Choose a Tax Preparer

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your federal income tax return this year, the IRS urges you to choose that preparer carefully. Even if someone else prepares your return, you are legally responsible for what is on it.

Here are ten tips to keep in mind when choosing a tax return preparer:

1. Check the preparer’s qualifications.  All paid tax return preparers are required to have a Preparer Tax Identification Number. In addition to making sure they have a PTIN, ask if the preparer belongs to a professional organization and attends continuing education classes.

2. Check on the preparer’s history.  Check with the Better Business Bureau to see if the preparer has a questionable history. Also check for any disciplinary actions and for the status of their licenses. For certified public accountants, check with the state boards of accountancy. For attorneys, check with the state bar associations. For enrolled agents, check with the IRS Office of Enrollment.

3. Ask about service fees.  Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers can. Also, always make sure any refund due is sent to you or deposited into an account in your name. Taxpayers should not deposit their refund into a preparer’s bank account.

4. Ask to e-file your return.  Make sure your preparer offers IRS e-file. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return. IRS has safely and securely processed more than one billion individual tax returns since the debut of electronic filing in 1990.

5. Make sure the preparer is accessible.  Make sure you will be able to contact the tax preparer after you file your return, even after the April 15 due date. This may be helpful in the event questions arise about your tax return.

6. Provide records and receipts.  Reputable preparers will request to see your records and receipts. They will ask you questions to determine your total income and your qualifications for deductions, credits and other items. Do not use a preparer who is willing to e-file your return by using your last pay stub before you receive your Form W-2. This is against IRS e-file rules.

7. Never sign a blank return.  Avoid tax preparers that ask you to sign a blank tax form.

8. Review the entire return before signing.  Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.

9. Make sure the preparer signs and includes their PTIN.  A paid preparer must sign the return and include their PTIN as required by law. The preparer must also give you a copy of the return.

10. Report abusive tax preparers to the IRS. You can report abusive tax preparers and suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. If you suspect a return preparer filed or altered a return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. Download the forms on the IRS.gov website or order them by mail at 800-TAX-FORM (800-829-3676).

Using a Tax preparer to file your taxes is a good choice; likewise the best way to file for an extension is by e-filing your form 4868 through www.extensiontax.com. It’s simple, secured and fast; any questions on E-filing for an extension call 1-866-245-3918 or write to support@extensiontax.com.

Form 4868 Extension Request Rejection

In all probability, IRS will accept  most of the extension requests that you file through IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. As a rule, it takes 24-48 hours to validate your extension application to term it as accepted or rejected. Even though the extension form is very short and easy to file on, it’s still possible to commit mistakes. Whenever you file an extension with extensiontax, we will update you with reason, in case if IRS rejects your demand. We will also notify you with resubmitting instructions via call/mail. Let’s look over some common reasons that compel IRS to reject your tax extension application.

  • A major number of requests get refused because of the name and social security number that you give incorrectly by mistake. If those details do not match with your recently filed name or SSN, your application turns down.
  • An adjustment that you didn’t inform IRS about. You might have changed your name due to marriage, divorce etc after your last e-filing with the IRS. So IRS cannot map your tax info to your extension request.
  • A mismatch between the Adjusted Gross Income (AGI) amount entered and IRS records.
  • Forgetting to update IRS about your status can also lead to Form 4868 rejection.

So always file an extension before deadline with right data, update IRS about the tax info changes and be in peace. IRS will likely approve your demand. Filing with extension tax can be a better choice, since we can help you whenever your extension gets rejected. Remember! You can re-apply for an extension, but you may have fines and dues if you don’t file earlier. Hence, file an extension earlier and you will have enough time to re-apply if your extension request gets rejected. Call us at 1-866-245-3918 for any support, no matter when!