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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.com / www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Extensions for Form4868, Form8868 and Form7004 & for Form 2290, Form8849, Form720 .

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.com / support@taxexcise.com.

Filing Your Taxes Getting Too Complicated? Get a Tax Extension!

Everyone’s Tax Return is unique to them, and each year there seems to be more and more information to organize. Although your taxesmay have been simple in the past, it’s likely to get more and more detailed each year. For every major life event,taxes get more complicated. For example, if you have a child, adopt a child, buy a house, pay for college, or start a business (to name a few) your taxes become more complicated.

Due to the increased complications involved in filing a tax return, each year more and more people are filing Tax Extensions for their Personal, Business, and Non-Profit Tax Returns. The IRS accepts Personal Tax Extensions by filing a Form 4868. This allows individuals 6 additional months to file their tax return. Business Tax Extensions are filed with the IRS by usingForm 7004. This allows businesses an additional 5-6 months to file their tax returns. Non-Profit organizations can also extend their tax deadline by filing anIRS Form 8868. This provides Non-Profit Organizations an automatic 3 Month Extension. They may then file for a Non-Automatic additional 3 month extension after that.

These easy options allow individuals and businesses to properly organize all of their necessary tax documents so that they can be sure that they are receiving the appropriateTax Credits, and paying the right amount. Tax Professionals appreciate it when peoplefile for an extension, rather than bombard an already busy person with much more work on the busiest week of their year. This is another incentive for individuals and organizations to file for a tax extension; accountants and tax professionals are less busy in the summer months than in April. Most tax preparers are neck deep in paperwork by the time the tax deadline rolls around.

Fortunately, these IRS Tax Extension Forms can also be E-Filed online.Extensiontax.com allows Individuals, Businesses, and Non-Profit Organizations to file Tax Extensions with the IRS. The beauty of E-Filing is that there is no need to leave your home or office, buy postage, or risk it getting lost in the mail. According to the IRS, E-Filing is the easiest, fastest, and most secure way to file any IRS Form.

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 2290, Form8849, Form720 & 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.com / support@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: A 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 4868, 7004 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 4868, 7004 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 4868, 7004 and 8868 with the IRS. The best, easiest and cheapest is www.Extensiontax.com. This allows you to E-File Form 4868, 7004 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 4868, 7004and 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 2290, Form8849, Form720 & Extensions for Form4868, Form8868 and Form7004.