When the Wall St. Journal spends some ink (or in this case pixels) on tax extensions, that can only mean one thing – tax extension season has arrived! I, for one, am very excited.
The premise of today’s article is that procrastinators might have company this year. The crazy economy plus all of the new tax laws and tax breaks may cause more business owners to request more time to finish their taxes. Readers of this blog already know we’ve been saying that all year.
The article also mentions some reasons to file an extension. And although they didn’t give 100 reasons (like some of us), there is a lot of overlap from what we’ve been saying in our Top 100 Reasons to File An Extension series.
The reasons they gave to extend are strong ones – consistent with our list. Here’s a recap:
For tax extension gurus like myself, this article is going to be the first of many see in the next two weeks. I say BRING IT ON!
Boston.com is reporting that the IRS has granted an automatic tax extension for victims of the extremely rare flooding that’s happened in Massachusetts over the last few days.
According to the article, Massachusetts counties of Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester as federal disaster areas qualifying for individual assistance.
The article says the following:
“President Obama has declared the Massachusetts counties of Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester as federal disaster areas qualifying for individual assistance.
Taxpayers who reside or have a business in the disaster area qualify for the May 11 deadlines in many cases, the IRS said. The IRS said its computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief.
Taxpayers in the disaster area who have not been severely impacted by the storm are encouraged to file by the traditional IRS deadlines. But taxpayers in these areas do not have to take any action to be eligible for the extended deadlines, an IRS spokeswoman said.
Taxpayers in the affected areas will not be penalized for missing the traditional April 15 so long as they file on or before May 11. Collection activities by the IRS will also be suspended during that period, the IRS said.”
This is the latest post in Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #85: you’re missing a 1099.
Missing or insufficient paperwork is a very common reason why more than 15 million Americans file a tax extension every year. And the form that is probably the most to blame is the 1099 (also known as the 1099-MISC).
This is the latest post in Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #84: the lines at your local tax shop are way too long.
Now is about the time of year that those that haven’t filed their taxes are just started to motivate to get them done. People that have them professionally prepared could be in for a rude awakening because they aren’t the only ones getting motivated. The lines at the local tax shop prove it. They are long…way too long. And they are getting longer every day.
This is the latest post in Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #83: your spouse is in the process of getting their Social Security Number.
According to the Support Team over at FileLater, this is actually a pretty common scenario that they see play out every April. In this case filing a tax extension makes perfect sense. The extra 6 months is usually enough for the spouse awaiting their SSN for the paperwork to go through. And when it does, then you can file your taxes.
Ever filed a income tax extension? Whether you are new to tax extensions or you are one of the 15 million invidious and businesses that file one very year, remember that income tax extensions do not give you more time to pay what you owe the IRS for income taxes. You are still responsible for paying what you owe by midnight on April 15 (or March 15 for the corporate taxes). An extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
Have any questions or feedback about tax extensions? Let’s talk about it in the comment section below.
This is the latest post in Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #82: you bought a rental property within the last year.
So you decided to take advantage of the burgeoning buyer’s market and make real estate a second source of income. Rental property is your vehicle of choice. Good for you.
This is the latest post in Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #81: a tax extension can be e-Filed directly to the IRS.
The coolest part about e-File is that your tax form (in this case either an individual tax extension or a business tax extensions) gets sent right to the IRS. There’s no Postal Service involved, no intermediary whatsoever. You send it, the IRS receives it.
Tax Extension Center continues its daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #80: you won the lottery and spent a lot of money this year. It’s going to be a while until your accountant finishes going through your receipts.
The upside is you got rich and went on a huge spending spree. That’s great! The downside is your taxes are going to be a heck of a lot more complicated – especially since all of your receipts are currently sitting in a shoebox. You’re accountant is going to love you!
