Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Here’s reason #26: it’s good for the environment – when you e-File a tax extension, no paper or envelope are needed.
Green is the new black, right? Or is it pink? I forget.
Either way, recycling is here to stay. And if saving paper is important to you then filing a tax extension through e-file should be on your list of things to do this tax season.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Reason #25: you just became an American citizen and can’t figure out where to begin with this whole tax thing.
If you’re a new American citizen or a contractor who is filing taxes in the US for the first time, let’s chat a little bit about the Internal Revenue Service (better know as the IRS). I’m not a CPA, but I can tell you this: keep the IRS on your good side. In other words, don’t ignore your tax obligations.
Another tip: a lot of long-time citizens have troubles filing their taxes. So don’t feel bad if you are overwhelmed with tax jargon, tax laws, penalties, and paperwork. Nearly 10 million US taxpayers filed a tax extension in 2009. It’s a sensible option (and a good reason), especially when you’re filing for the first time.
Whether you are new to tax extensions or file one every year, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15. An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make a payment could make you subject to penalties and interest.
Have you ever filed an extension to file taxes for yourself or your business? Thinking about filing one this year? Drop me a note in the comment section below.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Here’s reason #24: a foreclosure on your home has changed your tax profile.
As if going through a foreclosure on your home isn’t enough to give you heartburn, you have to know how it affects your tax picture.
Even though the actual tax extension form for individuals or businesses are a lot simpler than your average tax form, taxpayers still have valid questions about how to complete it. This post continues a Tax Extension FAQ series that covers some of the more common tax extension-related questions and their answers.
Today’s question is one of the more common questions I get asked:
If I am a partner in an LLC or partnership, do I have to file both a personal and a business tax extension?
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Reason #23 goes something like this, two words: swine flu.
How ironic is it that flu season coincides with tax season?
We all know how awful the flu makes us feel. H1N1 (better known as the swine flu) is even worse. No matter which version you get, filing your taxes is the last thing you want to do while you’re in bed with a fever or even once you get healthy again.
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Reason #22: life is just way too complicated these days and you can’t get all of the paperwork together in time.
When was the last time you bumped into someone and they told you that their life was simple and not that busy? Maybe never?
We all like to wax poetic about how complex our lives are these days. But the truth is…they are super complicated! Between our jobs and our families, there aren’t too many spare hours in a month, let a lone a day. And when we do get that spare time, the last thing most of us want to do is spend is searching for tax forms. Booooorrrrriiiiiinnnnnggggggggggg!
That’s why giving yourself or your business more time to get your paperwork together by filing a tax extension is a great option for more and more people every year. Those extra six months are extremely helpful for everyone – even the people that say their lives are complicated even though they really aren’t.
Even though the actual tax extension form for individuals or businesses are a lot simpler than your average tax form, taxpayers still have valid questions about how to complete it. This post continues a Tax Extension FAQ series that covers some of the more common tax extension-related questions and their answers.
Today’s question has to do with business tax extensions, also know as Form 7004:
Do I have to use my Social Security Number when I e-file my business tax extension, or will I use my Tax-ID (EIN) number?
Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Reason #21 on our top 100 list: you’re going to use your CPA to file your taxes, but right now you can’t afford the rates.
I talk to a lot of taxpayers each year that file tax extensions and this was a very popular reason in 2009 and I expect a lot of taxpayers are going to be in the same situation again this year. The reality is that everyone is looking for ways to cut back these days. Those extra six months that a tax extension provides are just what the doctor ordered. And remember, the IRS doesn’t need a reason for your extension. It’s automatic.
