Tag: tax 2012

  • Tax Tips for Extension Filers

    Autumn is upon us, and if you chose to file a tax extension this year, October 15 is your target date…your zero hour…your deadline. Your six-month grace period is coming to an end.
    If it feels as though the past few months have flown by, don’t fret, there is still time to submit your tax return without incurring any additional penalties or interest. We’ve compiled a short list of last-minute tax tips for you extension filers needing to get your returns filed with the IRS by October 15th.

    Electronic vs. Paper
    It may come as a small surprise, but October 15th is the tax deadline for electronically filing your tax return. You are still eligible to file a paper tax return after October 15th, but you will incur those nasty interest charges and late penalties.
    The best decision you could make at this point is to go ahead and e-file your tax return by the 15th. By doing so you will remain within your six-month grace period. There’s no sense in giving the IRS a reason to take more than you owe.

    Double Check Personal Information
    This is it – your last chance to make sure everything contained within your tax return is true and accurate. There are no additional extensions after October 15th.
    Don’t panic, but don’t forget to review your personal information. Make sure your name, birthday, address, and social security information is correct. Also include all W-2s and 1099s, when entering your information.

    IRAs
    October 15th is also the final deadline to fund your SEP-IRA if you requested an automatic extension. If you’ve forgotten about this little deadline, you still have time to make some deposits. Just remember to update your tax paperwork after you’ve funded these accounts, because, although it’s 2013, you’re actually funding your accounts for the 2012 tax year.

    Preparing for the Future
    It’s easy to get stuck in a rut, especially when that rut is filing for a tax extension year after year. Let’s face it, when you file your taxes in October, the last thing you want to think about is preparing for next year’s taxes. But no matter how much you want to forget about taxes, April is always right around the corner.
    Let this be an encouragement for you to get organized this year. The middle of November is a great time to begin gathering your thoughts and your records for the upcoming tax season. And if you would like to save more on your 2013 taxes, use this time to make some year-end financial maneuvers to get yourself in a better position for next year.

    Blog taken from Turbotax

  • Relief Available To Many Extension Requesters

    Relief Available To Many Extension Requesters Claiming Tax Benefits

    IR-2013-31, March 20, 2013

    WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t  be filed until after January.

    The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.

    Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in Notice 2013-24, posted today on IRS.gov.

    Individuals and businesses qualify for this relief if they properly request an extension to file their 2012 returns. Eligible taxpayers need not make any special notation on their extension request, but as usual, they must properly estimate their expected tax liability and pay the estimated amount by the original due date of the return.

    The return must be filed and payment for any additional amount due must be made by the extended due date. Interest still applies to any tax payment made after the original deadline.

    Further details on this relief, including instructions for responding to penalty notices, is available in Notice 2013-24.

      

    IR-2013-31, 20 de marzo 2013

    WASHINGTON-El Servicio de Impuestos Internos ha ofrecido hoy la morosidad de alivio de penalización a las personas y empresas que solicitan una prórroga de presentación de impuestos, ya que están vinculados a sus declaraciones de cualquiera de las formas que no podían ser presentadas hasta después de enero.

    El relieve se aplica a la pena de demora, normalmente 0,5 por ciento mensual, con cargo a los pagos de impuestos realizados después de la fecha límite de presentación regular. Este relieve se aplica a cualquiera de las formas retrasado hasta febrero o marzo, debido principalmente a la promulgación de enero del Acta Americana de Alivio Tributario.

    Los contribuyentes que utilizan formas que reclaman dichos beneficios fiscales como deducciones por depreciación y una variedad de créditos comerciales calificar para este alivio. Una lista completa de las formas admisibles se pueden encontrar enAviso 2013-24, Publicado hoy en IRS.gov.

    Los individuos y las empresas calificar para este alivio si solicitan adecuadamente una prórroga para presentar sus declaraciones de 2012. Los contribuyentes elegibles no necesitan hacer ninguna anotación especial en su solicitud de prórroga, pero como de costumbre, se deben estimar adecuadamente su obligación tributaria prevista y pagar el importe estimado de la fecha original de vencimiento de la declaración.

    La planilla deberá ser presentada y el pago de cualquier cantidad adicional debido debe ser hecha por la fecha de vencimiento extendido.interés todavía se aplica a cualquier pago de impuestos con posterioridad a la fecha original.

    Más detalles sobre este alivio, incluidas las instrucciones para responder a los avisos de penalización, está disponible en el Aviso 2013-24.