Category Archives: Extensiontax

March 16 Form 7004 Deadline is just couple of days to go

Paying taxes is not optional – it’s the law. Taxpayers do have options when it comes to how they pay their taxes. The IRS offers several easy ways to pay taxes. Taxpayers can pay online, by phone or with their mobile device using the IRS2Go app, just to name a few. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments.

Taxpayers should remember a few important things.

  • An extension of time to file a return is not an extension of time to pay.
  • Taxpayers should pay any taxes they owe by the March 16 deadline to avoid possible penalties and interest.
  • The extension request must be filed electronically or postmarked no later than March 16, 2020.

Not yet ready with all the required paper work to report the taxes, and looking to seek additional time with the IRS? then you must file the extension application by the due date of your business tax return.  Corporate tax returns (Forms 1120, 1120-A, and 1120-S) or partnership tax return (Form 1065) filers have to report Form 7004 for an automatic 6-month extension of time to file the return by September 15. Do remember to make the deposit on the Form 7004 return, of what you estimate you owe in tax. Form 7004 extension request is due by March 16, 2020.

The IRS strongly encourages people to file their tax returns electronically and choose direct deposit for faster refunds. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. The IRS says, Form 7004 does not extend the time for payment of tax.” You must pay taxes due (estimated) by your tax return due date, even if you file an extension application. You will need to estimate as best you can because under-estimating can subject your business to fines and penalties.

Extension Application with ExtensionTax.com:

We’re the leaders in Federal Excise Tax online reporting and started supporting Federal Extension Applications since 2010 to make it more affordable and economic for our excise users and now we’re support many individuals and businesses to report the federal extension application online. Electronic filing provides fast acknowledgement that the IRS has received the return and reduces normal processing time, making compliance with reporting and disclosure of requirements easier. Electronically through http://ExtensionTax.com an IRS Authorized e-File Provider at just $14.99. Simple steps and clear work flow to complete the return faster and receive back an acknowledgement quicker.

We have a dedicated team of support agents to help you through your extension application and address any questions that come-up in the process of efiling. Reach us at 866 – 245 – 3918 or write to us at support@extensiontax.com.

Not Ready to File Business Income Tax Return? Request a Tax Extension with Form 7004

The March 15th deadline to file your business income tax return is almost here. Have you filed your return yet? There is still some time left. Maybe you’re still waiting on documents, or maybe you’ve just been too preoccupied with work and life to prepare your return. Whatever the reason may be, the IRS will grant you tax extension to file your return in case you are not ready.

If you need more time to file your taxes, you should definitely request an extension sooner than later. It’s always better to extend than to file an incorrect return and have to amend it later. With that in mind, it’s important to note, filing an extension grants you additional time to file your return, but not to pay the tax due.

If snail mail isn’t your thing, you can e-file your extension using www.ExtensionTax.com and make an estimated payment online using IRS Direct Debit Payment Option. ExtensionTax offers a secured service that lets you pay directly from a checking or savings account, and will send you an instant confirmation that your extension request was accepted and your payment was submitted. Just make sure you choose the correct form and tax period to let the IRS know where to apply your payment.

It is challenging to calculate the estimated amount-due to be paid if you’re not prepared to file, but if your tax situation has not changed much since last year, you can send the same estimated amount with your extension tax form 7004 and extend your filing date.

If you didn’t file for an extension by March 15th deadline, your extension request won’t be accepted by the IRS. So just do whatever it takes to e-file your 7004 return right away, the sooner the better. Remember, a return that is filed even one day late is considered late and the penalty will be levied by the IRS. Don’t waste several thousand dollars that you would likely owe in penalties if late, e-file Form 7004 for just $14.99 and take some extra time to review your return to make sure everything is complete before sending it in.

Talk to us at 1-866-245-3918 (toll free) for any assistance or write to us in support@extensiontax.com.

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.

Non-Profit Organization Tax Extension, Form 8868: Deadline Alert!

TODAY! May 15th is the deadline to file your Non-Profit Organization Income Tax Return and if you need more time to file, it’s not too late to e-file for an extension with www.Extensiontax.com . Missing your tax deadline can incur hefty penalties & Interests. Extensiontax.com is your one-stop e-filing solution for IRS tax extensions. E-filing an extension for your business tax return is quick and easy…

Extension Form 8868 Continue reading

DEADLINE ALERT! Today is the LAST DAY to file for an Extension!

 

“When it comes to taxes, there are two types of people. There are those that get it done early, also known as psychopaths, and then the rest of us.” – Jimmy Kimmel

To the Jimmy Quoted rest of us also known as Non-Psychopaths, Today April 17th 2018 is the Official Due date 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.

Though TODAY is the official deadline to file your personal Income taxes but this is not the end of the Road. You can legally, postpone your Official Tax Due date to October 15th by simply E-filing Federal Extension Tax Form 4868.  Form 4868– Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Continue reading