Author Archives: Peter Samuel

E-file Tax Extension in 3 simple steps!!!

Just in 3 Steps you can now complete a Tax Extension:

Step 1: Enter Tax Payer Information

Fill in the personal data the IRS requires for you to file a Tax Extension.

Step 2: Estimate Your Taxes

Estimate and fill in your tax details, expect to owe a tax balance of any.

Step 3: Electronically File

Electronically file your tax extension and receive an IRS approval in minutes. You can also get a TEXT Alert instantly in your cell phone. Now you have the Automatic Extension of Time to report or file your Tax returns with the IRS.

Why ExtensionTax.com:

Easy and Simple steps, to complete and efile an tax extension

Manage multiple businesses in one single Account.

Efile all your Business and Personnel Income Tax Extensions in minutes from one account.

Do an Extension from anywhere, anytime.

99% of Extensions filed through us were accepted by IRS.

Efiling is Simple, Safe and Secured only with ExtensionTax.com

Get an TEXT Alert on status of your return in your cell phone.

Note: Remember, tax extension gives you more time to file, not more time to pay.

Filing an Income Tax Extension

If you think that you can’t complete your federal tax returns before April 18 deadline, efile for an extension with IRS to avoid penalties and interest.

Need more time to file your 2010 tax return?

If you can’t complete your 2010 federal tax return by the April 18, 2011 deadline, you can buy yourself more time. (The normal April 15 deadline is pushed back this year due to a holiday weekend.)

Just file an extension to push the deadline back six months to October 15, 2011 and avoid IRS late-filing penalties.

The extension only pushes back the due date for the paperwork. If you owe money, you need to estimate the amount, then file your extension and make your payment before April 18, 2011.

How to file an extension

E-file your tax extension online in minutes with ExtensionTax.com Just 3 simple steps!!!

File an extension for time with IRS and get an automatic extension for 6 months to report your Personnel Federal Income Tax Returns.

E-file your Federal Extension in 3 simple steps.
Get an automatic 6 month tax extension to file your returns.
Get instant “TEXT Alert” on status of your return.
Receive an email confirmation once your extension is approved.
No Penalty to Filing an Extension.
Get extra time to file your Federal Income Tax Returns.
Simple, Safe and Secured!!! It’s Quick as well to do it with www.ExtensionTax.com – Professional way of filing extension tax

If you owe federal taxes, include your payment with your Form 4868 and pay by April 18, 2011. (If you don’t make a payment for the taxes due, you could be liable for penalties and interest, even if you’ve filed for an extension.) Then complete and file your return on or before October 15, 2011.

Who can also file for an Extension for Time?

If you live outside the United States

If you believe you will qualify for special tax treatment

Remember, www.ExtensionTax.com – Easy Extension can help you access the forms you need to file extension for Federal Business Income Tax forms 7004, 8868.

Call us @ 1-866-245-3918 or email to support@extensiontax.com

Tax Tips for Self-employed Individuals

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040.

Here are six things the IRS wants you to know about self-employment:

Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.
If you are self-employed you generally have to pay Self-employment Tax. Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gross income. Continue reading →

IRS to Start Processing Delayed Returns on Feb. 14; Most People Unaffected and Can File Now

WASHINGTON — The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month’s tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.

Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. Based on filings last year, about nine million tax returns claimed any of these deductions on returns received by the IRS before Feb. 14.

Continue reading →

Four Tax Tips about Tip Income

If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income:

Tips are taxable. Tips are subject to federal income, Social Security and Medicare taxes. The value of non–cash tips, such as tickets, passes or other items of value, is also income and subject to tax.
Include tips on your tax return. You must include in gross income all cash tips you receive directly from customers, tips added to credit cards, and your share of any tips you receive under a tip–splitting arrangement with fellow employees.
Report tips to your employer. If you receive $20 or more in tips in any one month, you should report all of your tips to your employer. Your employer is required to withhold federal income, Social Security and Medicare taxes.
Keep a running daily log of your tip income. You can use IRS Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tip income.

For more information see IRS Publication 531, Reporting Tip Income and Publication 1244 which are available at http://www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676)
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