Friday, April 20, 2012

Tax Help: Filing an Income Tax Extension

If you can not complete the 2011 federal tax return on April 17, 2012 deadline, you can buy again. (The normal April 15 date pushed back this year due to the holiday weekend.)

Just click on submit extension period six months ago on October 15, 2012 and to avoid IRS late filing penalties.



There is one problem, though. Extensions only removes term for documents. If you owe money, you should estimate the number and then file extension and make payment on April 17, 2012.

How to expand

A. EFile your tax extension online in just minutes with TurboTax Easy Extension

File extension and pay income tax by April 17 using our TurboTax Easy Extension Web service. With TurboTax Easy Extension, you can:

Efile your federal extension

Make a payment of tax directly from your checking or savings account

Print PDF copy of the extension you efiled

Log in to your account expansion is easy to see when your inner adopted IRS

Access the forms necessary to file a state extension of s.

2. Print out IRS Form expansion, fill it in by hand and send it to the IRS

See IRS Form 4868: Request for automatic extension of time to file U.S. individual income tax. Print the forms and instructions. Fill out the form and send it to IRS for your state.

If you have federal taxes include payment with your Form 4868 and send it, postmark on April 17, 2012. (If you do not pay taxes due, you may be liable for fines and penalties, even if you have filed for extensions). Then fill out and submit the return or to October 15, 2012.

You must use a credit card to pay taxes are?

If you efiled or mail form 4868 and must pay by credit card, you can use one of several IRS approved electronic payment methods. You can pay by credit card online or by phone. Submit a complete return to October 15, 2012.

Reservation

If the IRS thinks your estimate of the amount of tax you should be stupid, he may prohibit the expansion rate and later filing penalty.

If you underestimate the amount of tax you owe, you will be charged interest on any amount that you can not afford April17.

If you pay less than the 90 percent tax, you should, you end up owing a penalty of 0.5 percent of underpayment each month until you pay the balance. For example, if you pay $ 600 on April 17, but see when you are finished return that you really need $ 1000, you are obliged to 0.5 percent per month for $ 400 that are expired or about $ 2 a month until you pay the full balance.

If you live outside the U.S.

If you live outside the U.S., you can get extension by filing IRS Form 2350: Application for extension of time to file U.S. income tax if you think it will qualify for special tax treatment. See IRS Publication 54 Tax Guide for U.S. Citizens and foreigners resident abroad to see if this form can help you.

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