Category Archives: Fast and easy return

July 15 is the new tax day for all income tax filers, not ready then file an extension of time at ExtensionTax.com

The Treasury Department and the Internal Revenue Service have provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.

July 15, 2020 is just a week to go and less time left, if you’re still in need of additional time apply for extension of time using the below forms;

  • Form 7004 : Business Income Tax Extension
  • Form 4868: Personal Income Tax Extension
  • Form 8868 : Exempt Business Income Tax Extension
  • Form 2350: Personal Income Tax Extension for Out of Country filers.
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Happy 4th of July! Extend Your Federal Income Tax Filing Deadline to OCTOBER 15

The ExtensionTax.com team wishes all a very Happy 4th of July! The IRS issued Notice 2020-134 on June 29, 2020, the automatically extended filing and payment deadline of July 15, 2020, will not be postponed, any taxpayers looking for further relief including those affected by COVID-19, who cannot pay in full should contact IRS for help. The IRS also encourages the affected taxpayers to pay what they can and consider a variety of payment options available for the remaining balance.  

“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”

Taxpayers unable to meet the July 15 due date can request an extension to file until October 15. However, this is not an extension of time to pay. Taxpayers must estimate their tax liability on the extension-form and pay as much as they can by July 15 to avoid possible penalties and interest.

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Calendar year Non-profits Form 990-series deadline May 15, now extended to July 15, 2020.

The IRS issued Notice 2020-23 on April 9, 2020, due to the COVID-19, automatically extending the filing and payment deadline to July 15, 2020, for almost all forms of tax returns that were slated to be due between April 1, 2020, and July 15, 2020. Of particular relevance to nonprofits, it applies to the April, May, and June 15 deadlines for any Form 990 series filer, and any required payments connected with those forms, has been automatically extended to July 15, 2020.

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The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.

The Federal Governments’ response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is good news to many, though the deadline to report personal income tax has been extended from April 15th to July 15th. Taxpayers including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax, if wants more time for any reason to file federal income tax returns can use www.ExtensionTax.com to e-file extension forms to request for an automatic extension, this will give them an automatic 6 months extension from the newly extended July 15 deadline.  

  • Individual taxpayers can request a filing extension by filing Form 4868 and;
  • Businesses who need additional time can request a filing extension by filing Form 7004.

By obtaining this extension, you can avoid any late-filing penalties as long as you do file by the extended due date. It’s important to keep in mind that filing an extension does not generally mean you are off the hook for paying taxes.

Due to the recent lockdown, we at www.ExtensionTax.com have initiated a business continuity plan to ensure that all our representatives are at your assistance. If you have any questions or need any help in completing Federal extensions feel free to call our Help Desk @ 866-245-3918 or email us at support@extensiontax.com. We’re Open and available on all Business days between 9:00 am to 6:00pm Central Time.

Follow the IRS special coronavirus page on IRS.gov to check for official updates from the IRS as they continue to monitor issues related to the COVID-19 virus.

Our thoughts are with the ones fighting on the front line and the families affected by the virus. Follow the advice of WHO and guidance issued by national and local health authorities, Stay Safe and help prevent the Spread of Coronavirus.

October 15 is just around the corner and time for extension filers to report tax returns

The standard six-month tax extension allows you to file your tax return after the usual deadline of April 15. However, it doesn’t buy you more time to pay any taxes you may owe. That means that if you don’t pay your tax balance by the filing deadline (April 17 in 2018), you’ll get hit with penalty and interest. Almost 14 million taxpayers filed for an extension of time to report their income tax returns. So they got their due date pushed from April 17th to October 15. still haven’t filed your return? then you are running out of time, because the tax filing extension deadline is October 15, 2018. Once Oct. 16 rolls around, taxpayers who still haven’t filed and owe the IRS will face a 5 percent monthly failure-to-file penalty. This would increase and go upto maximum of 25 percent depends on your case.

Need Additional Tax (Second) Extension

Once you successfully request a tax extension, remember that you must file your tax return by the new extended deadline. If you miss the October 15 due date, you will be subject to IRS late fees, penalties, and interest. It is also important to note that you will not be allowed to request any further extensions. Your request for an automatic extension of time will grant you an extra six months to file your taxes, but that’s your one and only chance to ask for a bit of a reprieve.

Only under few exemptions IRS grands you additional time, see do you qualify for it:

For tax year 2017, the extended filing deadline is October 15, 2018.