It’s that time of year again. As soon as we ring in the New Year and make our resolutions that we hope to keep this time, we realize that tax time is right around the corner. By the end of January, W2 and 1099 forms have been mailed, and April 15th is usually the deadline for filing income taxes for the previous year.
Filing a tax extension grants more time you still pay now
If you want to file a tax extension to gain some extra time to prepare and file your tax return you can do that without any questions asked. You will be granted time, but that does not mean you have time to pay your tax bill. If you owe the IRS money you must submit your payment of at least 90% of what you owe along with Form 4868 which is the tax form to file for a tax extension.
So, if you aren’t ready it’s okay. Due to a variety of reasons; some legitimate, and some procrastination, you don’t think you can make the deadline? Well, the Internal Revenue Service will allow you to file for a tax extension for six months! Procrastinators unite! Isn’t that great, your new date for filing is now October 15th.
Tax software such as, Turbo Tax will generate the tax extension form for you. Step by step guidance will walk you through the process in a quick and easy way. Before you know it you will have six more months to gather documents and prepare your information for your tax return.
The only thing the IRS asks is that if you are going to owe money, please try to estimate your income tax return and send in a check with the extension filing. So, if you don’t do that, and end up owing money, there may be penalties and late fees involved down the line.
Some reasons for filing a tax extension are:
§ You bought and sold real estate
§ You were unemployed part of the year
§ This is your first time filing
§ You had your first child
§ You just moved
§ You are waiting on paperwork
§ You are sick
§ You are in the military and deployed
§ You just got a divorce
§ You just got married
§ You are out of the country
§ There was a death in the family
§ You haven’t gotten your QuickBooks accounting done
§ You had investments for the first time
§ You love to procrastinate until the last minute
File for your tax extension today
If you decide to file for a tax extension TurboTax will automatically provide the necessary forms for you. No questions will be asked you don’t have to give a reason. A little extra time may be just what you need to prepare for filing.
Let the tax experts take care of everything for you. Put your feet up, sit at your computer and file for an extension with TurboTax today.TurboTax Business is the do-it-yourself business tax software you’ve been looking forTurboTax Business is the do-it-yourself business tax software you’ve been looking for