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Need Extra Time to Complete Your Tax Return? File for an Extension

Even though the tax filing deadline is later than usual this year – April 17 – many taxpayers may still need more time to file their tax return. If you need extra time, you can get anautomatic six-month extension of time to file from the IRS.

Here are six important things you need to know about filing an extension:

1. File on time even if you can’t pay If you completed your return but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. To pay the balance, apply online for a payment plan using the Online Payment Agreement application at www.irs.gov or send Form 9465, Installment Agreement Request, with your return. If you are unable to make payments, call the IRS at 800-829-1040 to discuss your options.

2. Extra time to file An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 17deadline, plus you may owe penalties.

3. Form to file Request an extension to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return to the IRS. It must be filed by April 17, 2012.

4. E-file extension You can e-file an extension through www.extensiontax.com. You must e-file the request by midnight on April 17, 2012. The IRS will acknowledge receipt of the extension request if you e-file your extension.

5. Electronic funds withdrawal If you ask for an extension via one of the electronic methods, you can also pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers.

6. How to get forms for Paper Filing Form 4868 is available for download from the IRS website or you can pick up the form at your local IRS office.

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.

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.

Tax Deadline Extended To April 17 2012.

The deadline to file personal tax returns with the IRS for the 2012 Tax Season has been extended to Tuesday, April 17, 2012. The traditional deadline of April 15 falls on a Sunday this year. Since April 15th falls on a weekend, the official deadline had to be changed. It could not be the following Monday (April 16) either due to the fact that April 16th is Emancipation Day. Emancipation Day is considered to be a holiday for the District of Columbia, and Federal Law declares that agencies such as the IRS must observe such holidays of the District of Columbia.

This will be the second year in a row in which the deadline for most tax returns will not be on the traditional deadline of April 15. Tax returns were also later last year due to the Emancipation Day holiday.The same deadline applies to anyone filing a Personal Tax Extension as well as a normal tax return. If a Tax Extension is applied for, this does notpostpone the tax payment. It only extends the time in which to file the tax return itself with the IRS.

Any taxes due must still be paid by April 17 deadline, but with a tax extension, the completed return does not need to be filed until October 15. This 6 month extensionallows tax preparers and others to get the most out of any credits and refunds.One of the easiest ways to apply for a tax extension is through www.Extensiontax.com The Fast and Easy-To-use System makes tax extensions simple and easy.  The entire process takes only a few minutes to complete.

One of the greatest things about filing with Extensiontax.com is our dedication towards quality customer support.  If you have any questions about the filing process or would like a little help along the way, you can call, email or chat online with our Tax Expertsanytime. You can email the us at support@extensiontax.com or chat with us online from the website:Extensiontax.com Overall, it is hard to go wrong with an easy-to-use system, a helpful team along the way, and affordable pricing options.

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

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