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This is a guest post by Manny Davis. Manny is a tax accountant and President of Back Taxes Help, LLC, a tax resolution firm that assists taxpayers in resolving major tax problems and file late taxes. Feel free to subscribe to their tax blog today. The April 15th tax filing deadline is approaching for Federal and State taxes.
If you cannot make this deadline, or you feel you need a tax extension for other reasons, you can obtain a six-month extension automatically. This essentially will give you until October 15th to file your taxes. Before breaking down the steps to follow in order to request a filing extension, lets get a better idea of why you would file a late tax return or file an optionshouse 100 free trades promotional pens in the first place.
Many people may file a tax extension this year because they may want to take advantage of the homebuyer tax credit, reverse an IRA conversion gone bad, or because they simply cannot make the deadline due to unforeseen events.
One of the reasons the IRS provides a tax filing extension is because they understand that sometimes deadlines cannot be met due to unintended events. Maybe you experienced a natural disaster, a death in the family, a serious illness, prolonged unemployment, incarceration or any other unexpected event which would have made meeting the April 15th deadline difficult.
If you did convert your traditional IRA, you are expected to pay taxes on that conversion. However, what if since the conversion your Roth IRA has significantly lost value?
Why should you pay taxes on money that is not there anymore? Make sure you submit the proper documentation to the financial institution that helped you with this conversion. Working with a tax professional here is in your best optionshouse 100 free trades promotional pens here if you decide to go through with this recharacterization. Inthe home-buyer tax credit was created as part of the Housing and Economy Recovery Act. Then inthe American Recovery and Reinvestment extended the credit as long as a home-buyer purchased before December 1st.
It was once again extended to April 30th, Optionshouse 100 free trades promotional pens can qualify for a tax credit if you sign a contract on or before April 30th, with a closing on or before June 30th, Therefore, taxpayers who want to take advantage of the tax credit on their tax return because they are closing after April 15th would have good reason to request a tax extension.
Realize that you can claim this tax credit on your tax return if you are okay with giving the IRS an interest-free loan. Make sure you check the income level restrictions on claiming this tax credit for married and single filers.
Getting the six-month Federal tax extension or extending your deadline to October 15th is pretty simple. One thing to remember is that this is only a filing extension and not a payment extension. If you file electronically, you will receive an acknowledgment or confirmation number for your records.
One thing to remember is that you can get a tax extension if you pay your estimated taxes due by credit card — however, there are different fees depending upon who you use. Be sure to save the confirmation received from the service provider. With regards to State taxes, a simple Google search will help find the correct optionshouse 100 free trades promotional pens to request a filing extension. Most states, if they have an income tax, will allow you to file a six-month extension.
Some states, like California, do not require you apply for one. Just use Coupon Code: COOK when you check out.
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The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser.