Tag Archives: automatic extension

It’s April 18th – Tax Day! E-file for an Extension Today!

Extension

 

 

It’s tax time. I know this because I’m staring at documents that make no sense to me, no matter how many beers I drink.” – Dave Barry. The day Dave was quoting is today. YES! You read that right, Today April 18th, is your deadline to file and pay your Personal Income taxes. Not everyone is prepared to file their Personal Income Taxes, due to lack of paper work or lack of time. Continue reading

Efile Your Income Tax Return Or Efile Extension Form 4868

Updates… updates… and only updates… With only 3 days left, we are here to update you about the income tax return due date which is falling on 15th of April. Assuming you are not ready with your documents, and you need extra time, you can always reach IRS for grace time by filing form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

Ok breaking the ice, we want to update you something more about the extension. This application doesn’t serve you with extra time to pay your dues, it only provides you with time to get your documents in place by October 15th 2015. While filing form 4868, you need to pay the taxes you owe to the IRS or penalties and interest won’t leave your way. You are not liable for any penalties if you pay your taxes and get an extension.

Forms That Are Eligible For An Extension:

If you are liable to file your income tax return via Tax Form 1040, Tax Form 1040A, Tax Form 1040EZ, Tax Form 1040NR, Tax Form 1040NR-EZ, Tax Form 1040-PR/ Tax Form 1040-SS, you can file form 4868 and gain 6 months extra time to get your papers ready.

However, when we talk about the set of people who are Outside The Country by the regular due date of the tax return, but they surely belong to the states, gain 2 months automatic extension to file and pay the taxes without requesting for one. The due date would be June 16th 2014. However, if you are falling on the above mentioned list, you need to file and pay your dues by the extended due date to avoid penalties. Continue reading

Extension Of Time For Income Tax For U.S. Citizens And Resident Aliens- Form 2350

So filers, how are you doing? Today, at our blog, we are going to talk about form 2350, the Application for Extension of Time to File U.S. Income Tax Return for U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment. If you are residing outside U.S, you have to pay your foreign earned income to the nation. Usually, the due date to file income tax is April 15th of every calendar year. Continue reading

Apply For Tax Extension via Form 7004 Before the Deadline

It’s high time for all businesses to file for an extension before the deadline to stay away from the last moment stress in relocating the tax documents. By applying for an extension, you can take your own time and relax yourself in preparing the tax report related to your business income during the year.  Despite of the pain and gain experienced by business owners, tax should be filed and paid on time. You are left only with seven days to file for an automatic Extension.

Use of Extension Form 7004

Form 7004 is to file for an automatic extension for your business income tax return. By filing this, IRS will offer you additional time i.e. 5 or 6 months depending upon your actual form type.  If you are new for filing business taxes, then the term extension would be really new to you and you can learn more by reading this blog. Continue reading

Time is Running Out! File Today for Exempt Organization Tax Extension

IRS Form 8868: A Brief Understanding

IRS form 8868 has been designed for exempt organizations wanting for 3 months extension for filing their tax return. Moreover, these organizations can apply for an additional (non-automatic) 3 months extension if those three months are not enough for them. However, it is not possible for organizations to file for both automatic and non-automatic extension concurrently The due date to file for an extension through form 8868 falls on May 15th, 2013.

The exempt organizations that qualify to file for form 8868 are charitable organizations, churches and religious foundations, political organizations, private foundations, contributors, etc. Exempt organizations who wish for an extension can both e-file and paper file form 8868 but, it is advisable to choose the former over the later so that the filing process can happen quickly and efficiently. Moreover, filing online saves time, reduces the chances of making errors, and much more. The following forms should be used accordingly when filling for an automatic extension through form 8868.

  • Form 990: This tax return form is for some federally nontaxable organizations . To add to your knowledge, non-profit organizations that have not received the status of tax exempt, faith-based organizations, religious schools, subsidiary organizations, etc. need not have to file for an extension through form 990.
  • Form 990 BL: This extension tax return form is for the ‘information and initial excise tax return for black lung benefit trusts and certain related persons’. Tax filers should keep in mind to file form 990 BL by the 15th day of the fifth month keeping in mind the filer’s tax year.
  • Form 990 EZ: This form is an information return filed annually by organizations exempted from income tax along with political organizations and charitable trusts. Tax filers should remember to file by the fifteenth day of the fifth month to get an extension.
  • Form 990 PF: Charitable trusts and non-exempt organizations such as private foundations need to file for an extension using form 990 PF in IRS form 8868.
  • Form 990-T: Businesses involved in charitable trusts come under the exempted organizations list. To get an automatic 3 months extension businesses should file for form 990-T in form 8868. The extension  tax return should be filed by the fifteenth day of the fifth month and before the tax year ends.
  • Form 4720: This is ‘return of certain excise taxes under chapters 41 and 42 of the Internal Revenue Code’. Usually business organizations including certain foreign organizations should file for extension through form 4720 in IRS form 8868. Businesses and individuals should file before the 15th day of the fifth month.
  •  Form 6069: This form is like a worksheet, which is filed by individuals and organizations to report the excess contribution to black lung benefit trust. Tax filers should file before May 15th to get an extension.

The aforementioned pointers provide a brief overview of form 8868 and the several forms that fall under this tax extension form. Visit ExtensionTax.com to get an automatic extension up to 3 months for filing exempt organization tax return.