Tax Break: The TurboTax Blog » IRS Federal Tax Extension

Life As Last-Minute Taxpayers Know It

joshritchie — Wed, 13 Apr 2011 21:25:50 +0000

Inquiring minds want to know: What does the taxpayer who waits till April to file their taxes? Don’t know where you stand amongst the crowd of last-minute tax filers? Then just look here.

Infographic by Column Five Media

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<a href="http://intuitturbotax.files.wordpress.com/2011/04/040811-turbotax-taxpayer.png" target="_blank"> src=”http://intuitturbotax.files.wordpress.com/2011/04/040811-turbotax-taxpayer.png” alt=”Procrastinating Taxpayers” title=”Procrastinating Taxpayers” width=”600″ height=”3660″ class=”alignnone size-full wp-image-8428″ /></a><br /><a href="http://www.turbotax.com/" target="_blank">Free <http://www.turbotax.com/> Tax Filing, Efile Taxes, Income Tax Returns</a> – TurboTax.com

Tax Filing Extensions: What You Need to Know

Elle Martinez — Mon, 11 Apr 2011 21:58:03 +0000

As the tax filing deadline is approaching (April 18th, 2011) , many people are realizing that they need more time to get their filing together. It’s possible to get an extension to October 17, 2011, but you need to do it correctly. Trying to decide whether or not to file an extension? Here are 8 tips from TurboTax to help you decide whether or not to file a tax extension. That’s why you’ll need to know which form to use and how to complete as required.

Wondering what a tax extension is? Here’s a short video explanation of the concept:

Filing for a Tax Extension

If you need to go ahead and file an extension there are 3 ways to go about it. You’ll need to use Form 4868 (Application For Automatic Extension of Time To File U.S. Individual Tax Return).

Online: You can use TurboTax Easy Extension to file a personal tax extension for free.
Partial Payment: If you use a valid debit/credit card, you send in a partial payment of at least $1 to receive an extension.
Paper File: Simply complete Form 4868 and mail it in to one of the addresses listed on the 4th page of the form.

Please remember that the extension is for filing your tax returns, not for your payment. You will owe interest on any payments made after April 18, 2011. You also may have a additional penalty if you paid less than 90% of your tax burden by the deadline.

Please check to see what your state’s specific guidelines are for tax extensions. The IRS also has information for tax payers who have special circumstances, such as those serving in a combat zone.

Thoughts on filing a Tax Extension

How many of you will be filing tax extensions this year? How are preparing to send your extension form in?

File now or file a tax extension? Here are 8 last-minute tax tips to help you decide.

turbotaxcolleen — Fri, 08 Apr 2011 22:09:25 +0000

Ok, so there's only a few more weeks to file your 2010 income taxes. If you happen to be a procrastinator, along with an estimated 27 percent of taxpayers are who wait till the last two weeks to file, here are some tips to help you meet the deadline...or file a tax extension.

First, some good news this year. Did you know there are three extra days to file your federal taxes? The federal tax deadline is Monday, April 18 instead of April 15. Double check with your state though, as not all state tax deadlines are the same.

Here are a few tax savings tips to think about:

In the rush to file, don't miss out on opportunities to reduce your tax bill. Contribute to your IRA. Even procrastinators can save money on their taxes and they have until the April 18 deadline to contribute to an IRA and get a deduction on their 2010 tax return.

Remember all those charitable contributions throughout the year. This includes cash and non-cash, household items like clothing, electronics and toys you may have donated. If you itemize, these donations can add up to tax savings. Mileage to and from charitable events, even babysitter fees while you are volunteering can be deductible too.

Don't just take the standard deduction if you think you're running out of time. It may be worth more to itemize. Tax software programs like TurboTax can compare both and help you decide which is best for you.

No time for an appointment. The easiest way to file on time is to go online. Taxpayers can go online to prepare and e-file taxes up to the last minute. Online tax preparation is fast, easy and convenient.

Be sure to efile your tax returns. It's faster and more accurate. You avoid long lines at the post office and with direct deposit, you get your refund back in as little as eight days and acknowledgement from the IRS that your return has been received.

Need more time? Don't panic. Taxpayers can get an extra six months to file (until Oct. 17, 2011) a tax extension. But remember, a tax extension is not an extension to pay your tax bill. Individuals still need to send the IRS a payment for taxes owed, within 90 percent accuracy, to avoid late penalties. To file a federal tax extension (tax form 4868 for all you tax savvy folks) for FREE, go to TurboTax.com.

Can't pay it all now...you're not alone. Taxpayers who can't pay the full amount they owe can request an installment plan. You may qualify for a plan as long as you don't owe more than $25,000, and you must be able to pay your tax bill off within five years. There are fees to do this, but may be worth it to avoid fees and penalties.

Plan ahead. Ok, it may feel like it's too soon to start thinking about your 2011 taxes, but things you do throughout the year, like donations, volunteering, or medical expenses may have an impact at tax time. The more you plan the better prepared you'll be come next tax day.