Category Archives: Efile an Extension tax

Tax Deadline Extended To April 17 2012.

The deadline to file personal tax returns with the IRS for the 2012 Tax Season has been extended to Tuesday, April 17, 2012. The traditional deadline of April 15 falls on a Sunday this year. Since April 15th falls on a weekend, the official deadline had to be changed. It could not be the following Monday (April 16) either due to the fact that April 16th is Emancipation Day. Emancipation Day is considered to be a holiday for the District of Columbia, and Federal Law declares that agencies such as the IRS must observe such holidays of the District of Columbia.

This will be the second year in a row in which the deadline for most tax returns will not be on the traditional deadline of April 15. Tax returns were also later last year due to the Emancipation Day holiday.The same deadline applies to anyone filing a Personal Tax Extension as well as a normal tax return. If a Tax Extension is applied for, this does notpostpone the tax payment. It only extends the time in which to file the tax return itself with the IRS.

Any taxes due must still be paid by April 17 deadline, but with a tax extension, the completed return does not need to be filed until October 15. This 6 month extensionallows tax preparers and others to get the most out of any credits and refunds.One of the easiest ways to apply for a tax extension is through www.Extensiontax.com The Fast and Easy-To-use System makes tax extensions simple and easy. The entire process takes only a few minutes to complete.

One of the greatest things about filing with Extensiontax.com is our dedication towards quality customer support. If you have any questions about the filing process or would like a little help along the way, you can call, email or chat online with our Tax Expertsanytime. You can email the us at support@extensiontax.com or chat with us online from the website:Extensiontax.com Overall, it is hard to go wrong with an easy-to-use system, a helpful team along the way, and affordable pricing options.

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

Top 10 Tips for E-Filing Extension Form 7004

Do you own a corporation but don’t think you’ll complete the 2011 corporate income tax return by the March 15 deadline? This blog explains how to file an extension online without a hitch, giving you until September 15 to file the return.

If your small business is a corporation, your 2011 corporate income tax return is due on Thursday, March 15, 2012.

If you don’t think you’re going to have the return done on time, do not despair. As long as you file Form 7004 on or before March 15, you’ll be given an automatic no questions-asked 6-month extension of time to file the return.

Here are top ten tips for e-filing Form 7004:

Be sure to input the corporation’s full name, employer identification number (EIN), and address accurately when filing.

Form 7004 works for both regular C corporations filing Form 1120 as well as S corporations filing Form 1120S. In fact, Form 7004 is the extension form for a plethora of business returns, including both C and S corporations. There’s a complete list of all the possible returns on e-file Form, along with a corresponding code that makes it user friendly online filing and leaves no error possibilities behind. For each type of returns, select accordingly and continue e-filing.

Don’t mistake when selecting the tax period of filing either calendar or fiscal year. That’s where you tell the IRS what tax year this extension is for.

If you are an S corporation, you are probably not required to pay any tax with Form 7004 because S corporations typically don’t pay corporate income tax with Form 1120S. If that’s the case, don’t input any tax amount.

If you are a C corporation that may owe tax with Form 1120, don’t forget that filing Form 7004 only extends the time to file the corporate income tax return. Form 7004 does not extend the time to pay any tax due with the return. So if you think you might owe, it is in your best interest to calculate an estimate of the balance due and pay that amount with the extension form. Failure to pay the balance due by March 15 may result in late payment penalties and interest, even if you pay the tax by the extended due date of September 15.

Check the information furnished for the error free filing before you transmit your return to the IRS.
Believe it or not, no signature is required when filing online.

Use www.extensiontax.com since we provide proof of filing. Why risk the possibility that the IRS loses your form and then penalizes you for not having proof of e-filing or mailing?

For a tax form, this one is pretty easy to complete online. It hardly has anything to fill up. But if you prefer not to risk a mistake and the rejection of your extension filing, reach our help desk to get hold of tax expert who would handle this task for you in minutes.

www.extensiontax.com is an authorized IRS e-file provider, helps e-file your Form 7004, saving you a trip to the post office.

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

IRS Terms That You Need To Know When You File For An Extension!

Filing a Tax Extension is very simple when you use Extensiontax.com. All that is required to file it is basic information about your business. There are few terms that one needs to know before submitting a Tax Extension for a Business, Individual, or Nonprofit Organization.

IRS Form 7004: This form is used by businesses such as Multi-Member LLCs, C Corporations, S Corporations, Partnerships, Trusts, and Estates. This is commonly referred to as a form forBusiness Tax Extensions. This IRS Form gives aTax Extension of 5 – 6 months.

IRS Form 4868: This form is used for filing Individual or Personal Tax Extensions. This IRS form gives a Tax Extension of 6 months for personal returns, 1099 Contractors, Sole Proprietorship’s, and Single-Member LLCs.

IRS Form 8868: This form is used by Non-Profit and Exempt Organizations.This IRS form is used to apply for an automatic 3 month tax extension or a non-automatic (additional) 3 month extension.

Tax Extensions: Filing for a Extension with the IRS extends the amount of time to file a Tax Return. It does not extend the amount of time to pay taxes. The IRS wants the taxes to be paid by the traditional filing deadlines.

Filing Status: If you are filing for an individual tax extension, it is required to list your filing status (married filing jointly, single, married filing separately, etc.).The same way if you are filing an Extension for a business or nonprofit organization, it is required to list your business or organization’s type and the specific tax form that will be filed.

Business Tax Year: It is common to use the calendar year as the business tax year but that is not the case for every Business.If a business follows a different tax period, that needs to be specified. Also if a business was started or ended during the year, its tax period may be shorter than a full year and that needs to be specified too.

Estimated Tax Amount: A Tax Extension extends only the amount of time to file a tax return. It does not extend the amount of time to pay taxes. Therefore, you need to pay the full Tax amount that is due to the IRS by the traditional deadline.

No Time To File Tax Return? File For a Tax Extension!!

Every year brings new tax season and along with it great stress and anxiety among tax payers. Why? Because tax season means collecting tax papers, doing complex calculations, contacting IRS and etc. Result? Stress, time consumption and more stress. Did you know that during the tax season, most of the people lose on their sleep and hence suffer health consequences?

If you are going through the same situation then I say stop NOW. Your health and peace of mind is more important. Keep your papers aside, stop all your calculations and relax. You don’t have to stress over your taxes because you have the option to get your tax return due dates extended by 6months. Yes, you heard it. You have till October 15^th to file your tax return. Wondering how is this possible? Simple, get hold of tax extension form and file it with the IRS.

There are 2 types of tax extension forms.

Personal tax extension Form 4868 : This form is used by individuals, single member LLCs, sole proprietors, 1099 filers and etc to get an automatic 6 month extension on their tax filing due dates. Efile form 4868 and say goodbye to your April 17^th tax return deadline.

Business tax extension Form 7004: This form is used by corporations, multi member LLCs, partnership firms and etc to file their business tax returns on a later date. If you think that you won’t be able to collect all the tax papers to file your return by the due date, go for IRS tax extension. Refer to the tax extension deadlines for 2012 for further details.

NOTE: Many people believe that filing tax extension will give them more time to pay their taxes. However, that is NOT true. Getting a 6 months extension to file your tax returndoes not allow you more time to pay your taxes. If you think you owe IRS taxes, make sure you pay them along with your tax extension form 4868 or form7004

There are 2 ways to file for tax extension: Paper filing and Electronic filing.

Many years back, paper filing was the only option to file tax returns and extension but due to its complexities and disadvantages, IRS introduced the efile option which is highly recommended worldwide. Want to find out how?

If you opt for paper file method for tax extension filing, you would first have to download the form, fill in the form (search Google for tax extension instructions). Do complex calculations to find out tax amount due to IRS, post the tax extension form back to IRS along with your tax amount cheque and even if your tax extension is approved, you won’t get any acknowledgement from IRS.

Imagine the complexities paper filing carries with it, along with huge costs and time consumption. Besides that paper file depletes our environment. Every year thousands of trees are sacrificed so that more and more paper can be produced. But if you stop paper filing, it would be a boon for the environment.

Electronic filing, on the other hand is super quick, easy and secure. Moreover, if you efile tax extension, then IRS will also provide you acknowledgment via email within few days. Efile is fast, saves time and is cost effective with extensiontax.com

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

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.