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File 2012 Income Tax Extension Now.
5 Reasons to File an Income Tax Extension 2012.
With not much time remaining until the April 17 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 17.
If you're considering filing an income tax extension 2012, 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 2012 will also extend your deadline to fund these types of retirement plans.
5. It's easy: Your income tax extension 2012 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 17.
IRS Form 4868.
Form 4868 is an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. By Filing 4868 form you get six months extra time to file your income taxes and you can extend April 15th tax filing due date to October 15th.
Form 4868 is a tax extension for individuals exposure their income to the IRS. This includes all taxpayers who file 1040s, contractors who file 1099s, as well as single member LLCs and Schedule C Sole Proprietors. Filing an individual income tax extension will extend your tax deadline to October for the following tax returns:
- Tax Form 1040
- Tax Form 1040A
- Tax Form 1040EZ
- Tax Form 1040NR
- Tax Form 1040NR-EZ
File 4868 form is free. It will not cost you a dime to file Form 4868.If you file Form 4868 by post; it will cost you one postage stamp. The IRS does not ask for a reason to extend your personal or business tax extension. As long as your information is filled out and submitted properly and on time, the IRS will grant you an automatic extension.
File 4868 Form is very easy. This form is one of the easiest tax forms to complete. You put in your name, address and social security number and you are already middle done! Only four additional lines to go: an estimate of your tax liability, the total amount of tax payments (from W-2 or 1099 withholdings and/or quarterly estimated tax payments), any balance due, and the amount you are paying with the form. A tax form can't be any easier than that.
You can use your tax preparation software program to e-file Form 4868. You push the Enter button on your keyboard and the data gets transmitted to the IRS in a nanosecond. You'll then receive a confirmation from the IRS after the form has been processed and accepted. If you use a tax professional to prepare your tax return, he/she should be able to e-file the form for you, and since no signature is required on this form, getting it done quickly can take as little as a 5-minute phone call.
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