5 Good Reasons to File an Income Tax Extension.

With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.

If you're considering filing an income tax extension, you're not alone. The IRS recently estimated that 10.2 million of the 140 million tax filers will file for a tax extension this year. What's more, approximately 2 million of those extensions will be electronically filed online.

File Later tax extension service - a popular website where taxpayers can file their income tax extension - compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.

Although the IRS doesn't care (or ask) why millions of taxpaying Americans file for extensions every year, you may find these valuable:

1. Accountants and tax professionals are much busier in April than they are in October: Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket.

2. Filing an income tax extension may reduce your chance of audit: IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns.

3. Getting paperwork together to complete your taxes isn't easy: Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you're taxes are done right, and extending will give you extra time to track down any additional deductions so you're getting the biggest tax return possible.

4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA's can be expensive: Filing for an income tax extension will also extend your deadline to fund these types of retirement plans.

5. It's easy: Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you'll get an email confirming the IRS has approved your extension, and you'll have 6 more months to finalize your tax return.

And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn't care or ask. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.

Source: Articles Base

Extensions of Time to File Your Tax Return.

There are three choices for filing Form 4868, Application For Automatic Income Tax Extension of Time To File U.S. Individual Tax Return: 1) electronically (such as by computer), 2) by paying part of your tax due with a credit card through an outside service provider listed on the form, or 3) by mail. If you file your Form 4868 electronically you will receive an acknowledgment or confirmation number for your records and you do not need to mail in Form 4868. If you need to pay additional taxes when filing Form 4868 electronically, you may do so through the outside service provider or through e-file. If you were or are serving in a combat zone, a qualified hazardous duty area, or in a contingency operation.

You can refer to your tax software or tax professional for ways to file electronically using e-file services. Several companies offer free filing of Form 4868 through the Free File program that you can access on the IRS.gov website. If you wish to file electronically, be sure to have a copy of last year's tax return. You will be asked to provide the Adjusted Gross Income from the return for taxpayer verification.

Besides filing electronically, you can generally get a Tax Extension of time to file if you pay part or all of your estimate of income tax due by credit card. You may pay by phone or Internet through one of the service providers listed on Form 4868. Each service provider will charge a convenience fee based on the amount of the tax payment. At the completion of the transaction, you will receive a confirmation number for your records.

In addition to filing Form 4868 electronically, or by paying part of your tax by credit card, you can file Form 4868 by filling out the form and mailing it to the appropriate address provided on the Form 4868.

Please be aware that an income tax extension of time to file is NOT an extension of time to pay.

Source: IRS.GOV

Free Federal IncomeTax Extension Online.

You are able to use Traditional Free File and Free File Fillable Forms to prepare and e-file a Federal Extension.

You may use either Traditional Free File or Free File Fillable Forms to prepare and file your Federal Extension with IRS.

File your Extension, Form 4868, by April 18, 2011.

Before you can complete and e-file an income tax extension (Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), you must first start one of the 1040 forms. Access your account and choose a 1040 form. Complete the personal information on the 1040 form (name, address and SSN).

Select "File an Extension", in the upper right hand corner and complete Form 4868.

To activate the e-file button for filing Tax Extension, complete all the questions as a part of Step 2 that apply to you. Input the following:

* Email address - in both boxes to validate. Make sure both email addresses match exactly.

* Prior year Adjusted Gross Income, prior year PIN or Electronic Filing PIN number.

* Current Year PIN

* Date of birth

* Current date

* Disclosure statement checkbox is checked

* If filing status is married filing joint, then spouse information must be completed

* Spouse prior year AGI year Adjusted Gross Income, prior year PIN or Electronic Filing PIN number

* Spouse Current year PIN

* Spouse date of birth

* If using Direct Debit all of the following must be entered

* Routing number

* Bank account number

* Debit date

* Type of account

* Electronic Withdrawal disclosure checkbox

Source: IRS.GOV

Due Dates & Extension Dates for e-file.

Question: I don't owe taxes. Can I file electronically after April 18th?

Answer:

* Electronically filed tax returns are accepted until October 15th.

* If April 18th falls on a weekend or federal holiday, you have until midnight the following business day to submit your extension request or your tax return.

* However, for your return to be considered timely after April 18, you must file Form 4868 , Application for Automatic Income Tax Extension of Time to File, on or before April 18th.

* With a timely filed IRS Tax Extension request, you have until October 18th to timely file your return.

* If an Income Tax Extension of time to file has not been timely submitted you may be subject to a failure to file penalty if you file your return after April 18th.

Source: IRS.GOV

Simple Steps for File Income Tax Extension.

Do you need more time to prepare your tax return? Look no further than Form 4868 for personal tax extension and Form 7004 for business tax extension. And if you need help completing Form 4868 and Form 7004, look no more than this article. Here are tips for finishing the income tax extension form without a problem.

1. Paper free Extension - Keep yourself the hassle of filling out paper forms. No extra papers to deal with, just a suitable electronic form.

2. It's the only way to get IRS verification that your income tax extension has been approved. Qualified E-File providers, like FileLater, will remain track of your online tax extension request and inform you when it has been approved by the IRS. With the IRS paper Form 4868 or Form 7004, there is no way of meaningful if your income tax extension has been approved or not.

3. Online Income Tax Extension is fast. E-Filing your online extension form can be filled out and submitted in just few minutes. Take the March 15 (business tax deadline) April 18 (personal tax deadline) load off your shoulders this year without breaking a worry.

4. It's the favorite method of the IRS. Everyone is going paperless these days, and the IRS is no exemption. Over 95 million people filed their income taxes online in 2010. Online Income Tax Extension makes happy you and the IRS both.

5. Nothing gets lost in the mail. No more standing in line at the post office on tax day! When you E-File your income tax extension request, you don't have to worry about it slipping through the cracks in the chaos of tax season.

File Income Tax Extension; Get More Time to File Tax Return

Do you worry about your income tax return time limit or Do you finding a new option to get extra time to filing your tax return? Don’t worries just file an IRS income tax extension form and get more time for your tax return. The Income Tax Extension provides you to extra time for file your tax return and no extra unknown charge or any type of penalty for that. The IRS provides the facility which gives you the release in the tax return deadline if for any reason you have not paid your tax return in your deadline limit of 18 April; this form provides you an increase to your time limit.

Each and every year, more and more people join the majority of hard working society paying their income taxes. Many people fail to file their tax return within time limit and pay a punishment for that but now options are available they can use. So many questions would rush during their mind; how much does it cost, how do you file it and where can I get them to name a few of them. Luckily, there is an answer, getting help from a professional tax assistant online. Now that many are online, there are services on all sorts of filing from the federal income tax extension to the state income taxes that have become a lot earlier and cheaper, benefit the customer and get more time to file their Income Tax Return.

You can automatically extend the April 18 due date to October 18 by filing Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." Or you can automatically extend the March 15 due date to September 15 by filing Form 7004, "Application for Automatic Extension of Time to File U.S. Business Income Tax Return." So now you have six more months to file your personal and Business income tax return.

The nice thing about income tax extension is that only filing this form grants an automatic, no-questions-asked 6-month tax extension. You don't have to have a reason. Just sending this form to the IRS on or before deadline gets you the extra six months. But here's another main point about tax extension this 6-month extension is NOT an extension to pay any tax you may owe on the tax return. Form 4868 or Form 7004 only grants an extension of time to file the tax return.