Category Archives: IRS

IRS E-file

Criteria under Form 7004-Automatic 6-Month Tax Extension – Part 2

Dear readers, following our last week’s article, Criteria under Form 7004-Automatic 6-Month Tax Extension – Part 1, here comes Part-2 of it. All those Income tax returns listed under this part owns extension deadline by March’15, 2013 with 6 months automatic extension.

Return for Nuclear Decommissioning Funds and Certain Related Persons: If you owe to file Form 1120-ND and you are in need of more time to prepare your returns, you can file Form 7004 before March 15, 2013.

Return of a Trustee or Self Sealer who owes tax under section 4951: If you are required to file Form 1120-ND taxes under section 4951, you can file an extension before March’15 2013 for extending your filing time.

U.S. Property and Casualty Insurance Company Income Tax Return: If you are liable for U.S Property and casualty Insurance Company Income Tax Return through Form 1120-PC and you couldn’t file on time; file Form 7004 to obtain 6 months extension. If you are filing for a short year, your extension deadline ends by 15^th day of third month.

U.S. Income Tax Return for Certain Political Organizations: For filing returns under Form 1120-POL (Income tax return for certain Political Organizations), you must file an extension through Form 7004.

U.S. Income Tax Return for Real Estate Investment Trusts: Application for Extension for Form 1120-REIT (Income Tax Return for Real estate investment trusts) can be done through Form 7004 on or before March’15, 2013.

The stress free way to relieve from IRS tax penalties and interests is to file taxes on time or to file an extension. Why to still mess up with all those aches? It’s better to file your taxes at right time. Call our customer care executive at 1-866-245-3918 or write to support@extensiontax.com. Happy e-filing!

Missing Your W-2? Here’s What to Do

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail.

If you have not received your W-2, follow these three steps:

1. Contact your employer first. Ask your employer – or former employer – to send you your W-2 if it has not already been sent. Make sure your employer has your correct address.

2. Contact the IRS. After February 14, you may call the IRS at 800-829-1040 if you have not yet received your W-2. Be prepared to provide your name, address, Social Security number and phone number. You should also have the following information when you call:

• Your employer’s name, address and phone number;

• Your employment dates; and

• An estimate of your wages and federal income tax withheld in 2012, based upon your final pay stub or leave-and-earnings statement, if available.

3. File your return on time. You should still file your tax return on or before April 15, 2013, even if you have not yet received your W-2. File Form 4852, Substitute for Form W-2, Wage and Tax Statement, in place of the W-2. Use the form to estimate your income and withholding taxes as accurately as possible. The IRS may delay processing your return while it verifies your information.

If you need more time to file, you can get a six-month extension of time. File Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return. If you are requesting an extension, you must file this form on or before April 15, 2013.

The Best way to file for an extension is E-filing through www.extensiontax.com, where your returns get accepted by the IRS within minutes. Extensiontax.com is now ready to accept and process Form 4868 for 2012. Do not wait till April to file for an extension, E-file it right away and stay relaxed till October 15. Call 1-866-245-3918 for all your tax extension related questions or write to support@extensiontax.com.

Ten Tips to Help You Choose a Tax Preparer

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your federal income tax return this year, the IRS urges you to choose that preparer carefully. Even if someone else prepares your return, you are legally responsible for what is on it.

Here are ten tips to keep in mind when choosing a tax return preparer:

1. Check the preparer’s qualifications. All paid tax return preparers are required to have a Preparer Tax Identification Number. In addition to making sure they have a PTIN, ask if the preparer belongs to a professional organization and attends continuing education classes.

2. Check on the preparer’s history. Check with the Better Business Bureau to see if the preparer has a questionable history. Also check for any disciplinary actions and for the status of their licenses. For certified public accountants, check with the state boards of accountancy. For attorneys, check with the state bar associations. For enrolled agents, check with the IRS Office of Enrollment.

3. Ask about service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers can. Also, always make sure any refund due is sent to you or deposited into an account in your name. Taxpayers should not deposit their refund into a preparer’s bank account.

4. Ask to e-file your return. Make sure your preparer offers IRS e-file. Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return. IRS has safely and securely processed more than one billion individual tax returns since the debut of electronic filing in 1990.

5. Make sure the preparer is accessible. Make sure you will be able to contact the tax preparer after you file your return, even after the April 15 due date. This may be helpful in the event questions arise about your tax return.

6. Provide records and receipts. Reputable preparers will request to see your records and receipts. They will ask you questions to determine your total income and your qualifications for deductions, credits and other items. Do not use a preparer who is willing to e-file your return by using your last pay stub before you receive your Form W-2. This is against IRS e-file rules.

7. Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form.

8. Review the entire return before signing. Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it.

9. Make sure the preparer signs and includes their PTIN. A paid preparer must sign the return and include their PTIN as required by law. The preparer must also give you a copy of the return.

10. Report abusive tax preparers to the IRS. You can report abusive tax preparers and suspected tax fraud to the IRS on Form 14157, Complaint: Tax Return Preparer. If you suspect a return preparer filed or altered a return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. Download the forms on the IRS.gov website or order them by mail at 800-TAX-FORM (800-829-3676).

Using a Tax preparer to file your taxes is a good choice; likewise the best way to file for an extension is by e-filing your form 4868 through www.extensiontax.com. It’s simple, secured and fast; any questions on E-filing for an extension call 1-866-245-3918 or write to support@extensiontax.com.

Form 4868 Extension Request Rejection

In all probability, IRS will accept most of the extension requests that you file through IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. As a rule, it takes 24-48 hours to validate your extension application to term it as accepted or rejected. Even though the extension form is very short and easy to file on, it’s still possible to commit mistakes. Whenever you file an extension with extensiontax, we will update you with reason, in case if IRS rejects your demand. We will also notify you with resubmitting instructions via call/mail. Let’s look over some common reasons that compel IRS to reject your tax extension application.

A major number of requests get refused because of the name and social security number that you give incorrectly by mistake. If those details do not match with your recently filed name or SSN, your application turns down.

An adjustment that you didn’t inform IRS about. You might have changed your name due to marriage, divorce etc after your last e-filing with the IRS. So IRS cannot map your tax info to your extension request.

A mismatch between the Adjusted Gross Income (AGI) amount entered and IRS records.

Forgetting to update IRS about your status can also lead to Form 4868 rejection.

So always file an extension before deadline with right data, update IRS about the tax info changes and be in peace. IRS will likely approve your demand. Filing with extension tax can be a better choice, since we can help you whenever your extension gets rejected. Remember! You can re-apply for an extension, but you may have fines and dues if you don’t file earlier. Hence, file an extension earlier and you will have enough time to re-apply if your extension request gets rejected. Call us at 1-866-245-3918 for any support, no matter when!

Looking for optional time even after 6 month extension?