Tag Archives: Easy Extension

April 18 Filing Deadline Approaching; IRS Offers Tips to Taxpayers

WASHINGTON — The Internal Revenue Service today reminded taxpayers that they have two weeks remaining until the April 18 filing deadline and that they can use IRS Free File to do their taxes or file an extension.As of March 25, the IRS has received more than 82 million individual income tax returns, which is 58 percent of the 141 million returns expected this year. The IRS has received about the same number of returns so far this year as it did at this time last year, while processing of returns is up 3 percent from the same time last year.

Numerous economic recovery tax credits are also still available. The IRS reminded taxpayers that for some credits, such as the Making Work Pay Credit, individuals must claim the $400 ($800 for married couples) in order to receive it. (Use Schedule M to calculate your Making Work Pay credit.)

Usually, 20 to 25 percent of all taxpayers file in the final two weeks of the tax season. And, usually, about 7 percent of taxpayers seek a six-month extension to file.

Taxpayers have an extra weekend to file this year because of a District of Columbia holiday. The deadline for 2011 is Monday April 18, instead of April 15.

The IRS offered these filing tips as the final countdown begins:

Start now to gather information and prepare your return to avoid hasty and possibly costly errors;

  • Many tax credits from the American Recovery and Reinvestment Act (ARRA) are available. There’s an expanded American Opportunity Credit of up to $2,500 for tuition, books and fees; a larger energy credit of up to $1,500 and an expanded Earned Income Tax Credit for larger families of up to $5,666. The $8,000 first-time homebuyer credit is still available for people who entered into a binding contract by April 30, 2010, and went to settlement by September 30, 2010;
  • Consider using IRS Free File, which is brand-name software or online fillable forms, to prepare and e-file your returns – at no charge. Software is available to the 70 percent of taxpayers – those who earn $58,000 or less. And, fillable forms have no income limitations. Get started at IRS Free File;
  • File electronically to get a faster refund, have secure, encrypted transmission and a more accurate tax return. You can e-file through your tax preparer, through commercial software or through IRS Free File;
  • If you cannot meet the April 18 deadline, file an extension, Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. All taxpayers can use Free File to submit a Form 4868 for an automatic six-month extension.
  • The six-month extension is to file a return only; it is not an extension to pay taxes due. If you are unable to pay your taxes, file a tax return anyway to lessen the penalties and pay all that you can. Then work with the IRS to set up a payment plan or you can go to IRS.gov and use the Online Payment Agreement Application.

E-file an Extension for your Business and Individual Tax returns at ExtensionTax.com. For any further support and queries please call Help Desk 1-866-245-3918 or email to support@taxexcise.com

2011 FILING SEASON STATISTICS
Cumulative through the weeks ending 03/26/10 and 03/25/11
Individual Income Tax Returns 2010 2011 % Change
Total Receipts 82,533,000 82,276,000 -0.3%
Total Processed 77,812,000 80,318,000 3.2%
E-filing Receipts:
TOTAL ,000 71,067,000 6.8%
Tax Professionals 42,354,000 44,712,000 5.6%
Self-prepared 24,188,000 26,355,000 9.0%
Web Usage:
Visits to IRS.gov 141,109,467 151,305,611 7.2
Total Refunds:
Number 68,587,000 69,955,000 2.0%
Amount $204.260 Billion $206.477 Billion 1.1%
Average refund $2,978 $2,952 -0.9%
Direct Deposit Refunds:
Number 54,738,000 57,251,000 4.6%
Amount $175.038 Billion $179.827 Billion 2.7%
Average refund $3,198 $3,141 -1.8%

Tax Tips to e-file Form 4868 – Personal Income Tax Extension

Tax4868.com is the best and easy way of reporting Personal Income Tax Extension Form 4868 to IRS. It’s possible to get 6-months extra time to report your Federal Income Taxes. Know more about Tax4868.

Does Form 4868 give me more time to file my taxes?

Yes, You can extend the deadline from April 15th to October 15th by filing Form 4868. If you owe money at the deadline, you are still responsible for paying it. Failure to make a payment will result in interest owed and could also be subject to payment penalties.

Do I need to know exactly what I owe to the IRS when I file Form 4868?
No. The IRS only asks that you estimate how much you owe.

Does Form 4868 also extend time to file taxes for my business?
It depends on what type of business you own. If you are a single member LLC, a contractor, or a Schedule C Sole Proprietor, then IRS Form 4868 will extend your tax deadline.

If you have a multi-member LLC or a corporation, then you need to e-file Form 7004 to extend your tax deadline.

Does the IRS need to know why I’m filing an extension?
NO! This is one of the most common misconceptions about tax extensions. The IRS will grant you a six-month extension, no questions asked, as long as you fill out the correct forms on time (that’s Form 4868 for individual income tax extensions, and Form 7004 for businesses).

How do I file a tax extension? Is it complicated?
It’s very easy! e-file Form 4868 with www.ExtensionTax.com the only online tax extension filing service that is very user friendly, handles both personal and business tax extensions. It typically takes less than 10 minutes–you just answer a few simple questions and electronically file your return with the IRS. All of your personal information is kept safe with the latest in data encryption technology, and you’ll be informed as soon as your extension is approved.

How do I know my return status?

We have TEXT Alert feature, a text alert will be sent to your cell phone on the status, this is a premium service. An email alert will be sent to your email instantly once IRS accepts or rejects your return.

E-file an Extension for your Business and Individual Tax returns at ExtensionTax.com. For any further support and queries please call Help Desk 1-866-245-3918 or email to support@ExtensionTax.com


Get easy 6-month extension to file Personel Income Taxes…

If you are in the military or naval service on duty outside the United States or Puerto Rico on the due date of the return or living and working outside the United States and Puerto Rico, you are allowed an automatic 2-month extension to file your tax return AND pay any federal income tax that is due.

However, if you pay the tax after the regular due date, interest will be charged from the regular due date until the date the tax is paid.

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IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return

WASHINGTON — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.

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IRS FREE Webinar: What New Non-501(c)(3) Organizations Need to Know

A FREE Webinar on February 24, 2011 about: What New Non-501(c)(3) Organizations Need to Know
Who Should Attend:
This new webinar was developed especially for new 501(c)(4), (c)(5), (c)(6),    (c)(7), (c)(8) and (c)(10) tax exempt organizations —  including social welfare, labor and agricultural organizations, business leagues, trade associations, social clubs, and fraternal organizations — and the tax professionals who represent them.  Other members of the exempt organizations community will find the webinar of interest as well