Category Archives: Form 990

IRS Reminds Parents of Ten Tax Benefits

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Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits.

Here are 10 things the IRS wants parents to consider when filing their taxes this year.

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born.

2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the                                                                       Additional Child Tax Credit.

3. Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work.

4. Earned Income Tax Credit The EITC is a tax benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund.

5. Adoption Credit You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents.

6. Children with earned income If your child has income earned from working, they may be required to file a tax return.

7. Children with investment income Under certain circumstances a child’s investment income may be taxed at their parent’s tax rate.

8. Higher education credits Education tax credits can help offset the costs of higher education. The American Opportunity and the Lifetime Learning Credits are education credits that can reduce your federal income tax dollar-for-dollar.

9. Student loan interest You may be able to deduct interest paid on a qualified student loan, even if you do not itemize your deductions.

10. Self-employed health insurance deduction If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage for any child of yours who was under age 27 at the end of the year, even if the child was not your dependent.

Forms and publications on these topics are available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

E-file your IRS Tax Extensions with www.ExtensionTax.com.

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  Extensions for  Form4868,  Form8868 and Form7004 & for Form 2290Form8849Form720 .

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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.

Assumptions And Facts About Filing a Tax Extension

Taxes are unavoidable, and they must be paid. However, you can delay it by filing a Tax Extension.  The IRS estimates that over 10 millionindividuals and businesses will file for a Tax Extension every year by filing IRS Form 4868,7004 and 8868.

There are several popular assumptions about filing a tax extension that need to be clarified:

Assumption:Tax Extension will delay the time you have to pay taxes.

Fact: Taxes Should Be Paid on Time!  A Tax Extension extends the amount of time to file the tax return. This means that you have more time to prepare all of your tax-related documents and get the most out of your credits and refunds.

Assumption: The IRS will impose penalties if you file a tax extension.

Fact: The IRS will not penalize you as long as your application for extension is on time and your taxes are paid on time.

Assumption: The IRS requires a reason to file a tax extension.

Fact: Form 48687004 and 8868 contains no questions inquiring why a tax extension is necessary. The form is very straight forward and easy to figure out.

Filing an extension with  Form 48687004 and 8868 has become much easier and quicker.This is because the option to E-File has become more and more popular as compared to traditional paper filing.
There are several online options for filing a  Form 48687004 and 8868 with the IRS. The best, easiest and cheapest is www.Extensiontax.com. This allows you to E-File Form 48687004 and 8868 from your home or office. There is no need to go anywhere, mail anything, or worry about whether it gets there on time.

Millions of people e-file their tax extension forms every year. The IRS has a digital initiative–a push to get up to 80 percent of their forms online–and tax extensions are included in that. E-filing a federal personal, business and nonprofit tax extension with Form 48687004and 8868 is quick and easy. A tax extension extends the time to file, not to pay taxes (if they are owed).
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