Tag Archives: Corporate Tax Extension

Happy 4th of July! Extend Your Federal Income Tax Filing Deadline to OCTOBER 15

The ExtensionTax.com team wishes all a very Happy 4th of July! The IRS issued Notice 2020-134 on June 29, 2020, the automatically extended filing and payment deadline of July 15, 2020, will not be postponed, any taxpayers looking for further relief including those affected by COVID-19, who cannot pay in full should contact IRS for help. The IRS also encourages the affected taxpayers to pay what they can and consider a variety of payment options available for the remaining balance.  

“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”

Taxpayers unable to meet the July 15 due date can request an extension to file until October 15. However, this is not an extension of time to pay. Taxpayers must estimate their tax liability on the extension-form and pay as much as they can by July 15 to avoid possible penalties and interest.

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Must Know Information about Tax Extensions

The number of extensions filed by individuals & Businesses to the IRS has always been increasing ever since it came into existence. Only easiest way for these millions of taxpayers to file for an extension is to E-file it through Extensiontax.com.  As an Authorized E-File Provider, Extensiontax.com can securely send your tax information to the IRS instantly. Here are some commonly asked questions about Tax Extensions: Continue reading →

Nine Tips for Charitable Taxpayers

If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations.

Charitable Taxpayers

Charitable Taxpayers

  • Make sure the organization qualifies

Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization or check IRS Publication 78, Cumulative List of Organizations. It is available at www.IRS.gov.

  • You must itemize Charitable contributions are deductible only if you itemize deductions using Form 1040, Schedule A.
  • What you can deduct You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Special rules apply to several types of donated property, including clothing or household items, cars and boats.

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Ten Tax Tips for Individuals Selling Their Home

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

  • In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
  • If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

New PTIN Requirements for Tax Return Preparers

Important: All Paid Preparers must register with the IRS and obtain a PTIN. click here to read more

New regulations require all paid tax return preparers to obtain a PTIN. Renewals for 2012 are expected to start in October 2011. In the future, some preparers will need to pass a competency test and background check, and take continuing education courses. Check back for more guidance soon. If you haven’t done so already, you can apply for your PTIN in 4 easy steps:

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