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%

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Read This if you Need More Time to Pay Your Taxes…

Taxpayers who owe taxes may be relieved to know that there are some options forthose who owe and can’t afford to pay the full amount right away.

Here are the top 10 things the IRS wants you to know if you need more time to pay your taxes.

Taxpayers who are unable to pay all taxes due are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be less.
Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an installment agreement, temporary delay or an Offer in Compromise.
If you cannot pay the full amount, taxpayers should immediately call the number or write to the address on the bill they receive.
You may want to consider financing the full payment of your tax liability through a loan. The interest rate and fees charged by a bank or credit card company are usually lower than interest and penalties imposed by the Internal Revenue Code.
If you cannot pay in full immediately, you may qualify for a short amount of additional time, up to 120 days, to pay in full. No fee is charged for this type of payment arrangement and this option may minimize the amount of penalties and interest you incur.
You may also want to consider an installment agreement. This arrangement allows you to make monthly payments after a one-time fee of $105 is paid. If you choose to pay through a Direct Debit from your bank account, the fee is reduced to $52. Lower-income taxpayers may qualify for a reduced fee of $43.
To apply for an installment agreement you can use the Online Payment Agreement application available on the IRS website; file a Form 9465, Installment Agreement Request; or call the IRS at the telephone number shown on your bill.
In some cases, a taxpayer may qualify for an offer in compromise, an agreement between the taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. Generally, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.
Even if you set up an installment agreement, the IRS may still file a Notice of Federal Tax Lien to secure the government’s interest until you make the final payment.
It is important to respond to an IRS notice. If you do not pay your tax liability in full or make an alternative payment arrangement, the IRS is entitled to take collection action.

More information on the collection process is available at http://www.irs.gov.

To e-file a Personal Income Tax Extension Form 4868 please visit http://www.Tax4868.com or call our HELP DESK at 1-866-245-3918. E-file your Extension Request at http://www.ExtensionTax.com It’s as easy as 1-2-3…

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

e-file Form 4868 to the IRS, It’s due on April 18, 2011.

Extensiontax.com is a pioneer application support efiling for Automatic Extension for filing a Tax return with the IRS. By filing an Extension you have the option of getting extra months from the actual due dates it does not mean that you get extra time to pay taxes with IRS.

Previously, federal tax payers had to file their tax returns with a lot of tiresome procedures. Paper filing was both time consuming and was prone to errors. Form 4868 is a requisition for an automatic extension of time to file a U.S. individual income tax return. Individual tax return filing is mandatory for every US resident. Form 4868 is used to apply for 6 more months (4 if “out of the country” and a U.S. citizen or resident) to file Form 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ.

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