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Need More Tax Time? File an Extension

Need More Tax Time? 60 55 5. 45 40 35 30 FILE A TAX EXTENSION. extending your time Can't meet the April deadline? Don't 07 worry. You can get a six month extension to file from the IRS but it's not automatic. "You must file Form 4868 to request an extention by April 18th, 2011. Applieation for Automatie Extension of Time To Fle U.S. tndividual Inonme Tax Return 4868 -file s Gonvenient, EXTENSION Remember it does not extend the time you have to pay any tax due.. if any taxes are owed, a delay in paying may result in a penalty and interest charges that could increase your tax bill by 25% or more 1 D Ene Using Your R Gomputer er Thre Filing a federal tax extension does not necessarily mean that you get a state extension automatically. It differs by state and most states require that you file an extension with them as well. Some don't require you file for an exten- sion but all require that you pay what is owed by the normal deadline (or a certain % of what you paid in the prior year). but how much time? a personal tax extension will give you 6 more months to file your 2010 tax returns. Most taxpayers will have until October 2011 Serda Oct. 17th 2011 6 7 4 3 11 12 13 14 15 9 10 16 (17) 18 19 20 21 22 23/30 31 25 26 27 28 29 projected extensions The IRS projects that more tax extensions than ever will be filed in the upcoming years. 2016 2017 2013 2014 2015 2010 2011 2012 2009 PROJECTED what are the top 3 reasons people file an extension? 36% 26% 18% approximately approximately approximately didn't have everything ready yet to file their taxes by the April dead- line. had a new tax situation that they were strug- gling with. filed a tax extension because they procras- tinated. what's your preference? According to IRS data, last minute filers prefer the faster method of efiling, while extension filers prefer to snail mail their tax returns. LAST MINUTE FILERS///// ELECTRONIC 50% PAPER 2008 51.8% 48.2% 2007 47.1% 52.9% 2006 40.9% 59.1% EXTENSION FILERS///// ELECTRONIC 50% PAPER 2008 31.8% 68.2% 2007 24.2% 75.8% 2006 21.4% 78.6% ELECTRONIC PAPER DID YOU KNOW? Even if you didn't file a tax extension or didn't file your taxes at all, if you qualify for a refund there's no penalty for filing a tax return late. But you only have 3 years to claim it. In other words... this is the last year you can get your 2007 refund! estimated 2007 refunds The IRS estimated that there is $1.1 BILLION in unclaimed 2007 tax refunds. • Below is the estimated potential 2007 refund by state per individual. •2007 U.S.median refund $640 $500-599 $600-699 $700-799 So what can you Buy with $1.1 BILLION? 51,936 honda accords (Average cost $21,180) 2,204,409 ipads (Average cost $499) 308,123,249 café lattes (Average cost $3.57) US population 307,006,550 - Jul 2009. Source : U.S. Census Bureau, Population Division. O REMEMBER If you need more time to complete your taxes, file a tax extension, but don't miss out on your chance for a tax refund by not filing at all. 24 MAIL Download and fill out a 4868 Form Send in your form or file online (click send) Claim your refund! *2007 U.S. median refund $640 TurboTax. Resources : IRS, TurboTax Choose Easy.

Need More Tax Time? File an Extension

shared by infographicworld on Jul 26
What more fun time in the world is there than tax time? I guess getting a cavity filled perhaps. In all seriousness though, this graphic was created to show everything you could need to know about...




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