Tax Filing Options – Who Can I File My Tax Extension Online?
Tax Filing is a tedious process. It requires a lot of concentration and hard work to get the task completed in a disciplined manner. You have to follow all the rules and regulations imposed by the IRS (Internal Revenue Service) and follow them closely. For this purpose, tax professionals use different techniques to handle the paperwork efficiently and Business quickly. Some professional services also provide software products for easy tax filing.
The first thing you should do before starting the process of filing is to check whether you are liable to pay taxes. Check if you are liable to pay tax because you owe money or if you owe something else in addition to income tax. Based on your personal information and financial records, the IRS will determine whether you owe taxes. If you are liable to pay tax, you have to file a tax return and pay the appropriate amount before the due date. However, there may be cases where you are not liable to pay the taxes.
If the tax due is less than what you have already paid, then start the process of calculating what you have already paid and start paying the additional amount as soon as the IRS issues the notice of audit. For taxpayers who have already paid their taxes, there is no need to file a new tax return. The amount that has been calculated already covers the needed amount to be filed as an extension.
For taxpayers who have not filed their federal income tax returns for two to four years, they may need to file a federal income tax extension. To be eligible, you should meet certain requirements. Firstly, you should be working and not receive unemployment benefits or pension or other type of monthly income that would qualify you for filing the extension. Secondly, you should be at least 18 years old, unless you are disabled or aged 70 years and above.
Once you have submitted the necessary documents, you will get a notification from the IRS. This will contain all the required information about the extension. You can either file the extension online by filling up an application form or visit a local tax office and fill up the application. Another option is to call the IRS to apply for the extension. The IRS can issue an EIN, which is an Employer Identification Number. However, if you would like to file your federal tax return for the next year, you need to file it electronically.
After submitting the necessary forms, you will receive a confirmation from the IRS. Read through the letter carefully and answer the questions as asked. If you still have not received any confirmation, you may need to wait until the due date. For filing extensions on your federal income tax due dates, you can always hire a tax specialist.