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Here’s a great press release that features FileLater, and talks about some of the benefits of e-filing your tax extension. Not only are our customers saying great things about us, but the press is happy, too! We’re on a roll.
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Brought to you by filelater.com, your online income tax extension solution.
Here are a couple of numbers to chew on while you get ready to file your federal income tax extension.
The IRS said today in IRS Newswire that it expects to receive 10.3 million extension requests during 2008 compared with 10 million extensions received during 2007.
In addition, the IRS expects to receive almost 2 million extension requests electronically this year.
If you are looking to extend in a fast, safe and secure way, we encourage you to check us out.
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As of this moment we are officially LIVE for tax season. Anyone wanting to file a federal income tax extension can do so through our website.
Happy Tax Season everyone!
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Brought to you by filelater.com, your online income tax extension solution.
Now that tax season is finally here, I wanted to update everyone on how our online tax extension application development is going. We’re currently going through our required rounds of IRS testing so that we can become an authorized e-file provider, and testing is going GREAT! I’ve got to say, it’s a bit relieving to see the stringent testing policies and procedures the IRS requires before they’ll grant e-file capabilities… you quickly realize how secure and accruate e-filing must be. Lucky for you, we’ll worry about the testing, so you can just enjoy our application.
We’re also in our final rounds of design and usability reviews, so that we can provide the simplest tax extension experience on the internet. We expect to launch our site soon, so check back soon!
And, remember, if the stress of April 15 tax time is starting to get to you, don’t worry, extend now, filelater.com
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Brought to you by filelater.com, your online income tax extension solution.
If you plan to E-File your income tax return, the IRS is officially now accepting tax returns as of today (1/10/08). This means that you, your CPA, or your tax software will be able to electronically file your tax return with the IRS, and hopefully get you back a nice refund check in about a week.
However, this doesn’t apply to everyone. If you are one of the 13-15M tax paying Americans who will be impacted by Alternative Minumum Tax (AMT) legislation, you will have to wait until the IRS finished reprogramming its systems for the new laws, which is targeted for February 15. If you file one of the following forms, you are impacted:
Form 8863, Education Credits.
Form 5695, Residential Energy Credits.
Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers.
Form 8396, Mortgage Interest Credit.
Form 8859, District of Columbia First-Time Homebuyer Credit.
If you attempt to e-file a return including one of these forms, they will not be accepted. Unfortunately, these returns tend to be more complicated returns, which are the same ones that keep CPAs up all night in April. If you think you will be subject to AMT, we recommend you file you tax extension with filelater.com so that you can ensure the proper time and focus on your taxes this year to minimize your income tax liability.
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Brought to you by filelater.com, your online income tax extension solution.
If you’ve been keeping up with the presidential candidates, you may have heard the phrase “fair tax” associated with Republican candidate Mike Huckabee. CNN Money today posted an article that helps to explain what is meant by fair tax.
Interestingly enough, Fair Tax would esssentially elimiate IRS income taxes in exchange for a national retail sales tax. So, rather than paying 4-7% sales tax on items you buy everyday, that amount would increase to something more like 30%… but you wouldn’t have to pay any federal income tax on April 15 (or October 15 if you file for a tax extension).
But, don’t hold your breath! Lobbyisits, as much as anyone, like to take advantage of tax loopholes and tax breaks. And, CPAs and tax attorneys would certainly object to a simplication of tax code that could essentially put them out of jobs, not to mention software providers like TurboTax or tax shops like H&R Block or Jackson Hewitt.
Would you be in support of Fair Tax law in exchange for having to file your annual IRS Income Tax? Or, are you okay with filing your income tax return with the IRS?
Filed under: April 15, E-File, tax laws | No Comments »
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Now that things have settled down on AMT issues, I thought provide everyone a quick update on IRS income tax extensions. In the upcoming weeks, you’ll be receiveing your W2’s, 1099’s, and other relevant tax documentation. Meanwhile, the IRs is working diligently to finalize the tax code for 2007, and accountants are preparing themselves for what will probably be the busiest tax season in decades, given the IRS delays to finalize tax code because of AMT.
At the same time, we’re finalizing our application that will allow you to simply file your tax extension line at filelater.com. We hope to have our application launched in just a few weeks. So, check back soon if you want to save both yourself and your accountant the stress of finalzing your tax return by April 15, and extending until October 15!
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Brought to you by filelater.com, your online income tax extension solution.
Yesterday, House Democrats agreed to the 1-year AMT patch proposed by the Senate that will benefit over 20M taxpayers… but that doesn’t mean the tax code is ready quite yet. The IRS will now need to adjust all tax code and forms before they will be ready to begin accepting income tax returns. The IRS typically requires all tax changes to be complete in November to be fully prepared for the tax filing season.
“Our people will do everything they can to quickly update our systems for this major change and make this filing season as smooth as possible for everyone,” said Linda Stiff, IRS Acting Commissioner. “Our goal is to process tax returns accurately and to issue refunds to taxpayers as quickly as possible.”
We will continue to update on when the tax season begins as we get more information.
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Brought to you by filelater.com, your online income tax extension solution.
If you continue to follow the AMT saga, the House today passed a temporary fix to the AMT laws. However, it’s very likely that this fix will not make it through the Senate, which passed its own AMT fix.
Republicans contine to argue that they oppose raising taxes to pay for temporary AMT relief, primarily because they argue that AMT taxes were never meant to impact middle-class Americans. However, democrats argue that AMT relief should be paid for because any ‘fix’ ultimately will increase the national debt.
“The ultimate outcome on AMT will be a one-year patch that is passed with no offsets,” said Anne Mathias, policy director of research for the Stanford Group. “The House does not want to do it that way, but the reality is that the Senate cannot do it any other way. I still think that the House will ultimately be ‘forced’ to pass a plain AMT relief bill. They will just wait until the last moment to do so.”
Only 7 legislative days remain in 2007 for lawmakers to provide temporary AMT relief. And, it’s very evident that many taxpayers will have to wait until the IRS has time to react to any changes for tax forms to be updated. We expect more income tax filing Americans than ever to file tax exensions as a result. We look forward to providing the easiest way possible to file those extensions online at filelater.com
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Brought to you by filelater.com, your online income tax extension solution.
Well, this is turning out to be a bit of a soap opera. Here we are, with a couple of weeks remaining in 2007, and no resolution on the alternative minimum tax (AMT) patch that would prevent up to 20M tax filers from having to pay an extra $2,000 in taxes do to AMT.
Next week, House Ways and Means Chairman Charles Rangel is expected to propose yet another AMT patch bill with more conservative offsets, but there’s still much debate whether the revised bill will be passed.
At this point, don’t expect your final tax documents from the IRS to be ready in time for an early filing in January. Your W2, 1099, etc. might have to sit around while Congress & the IRS figure things out. Remember that once a bill is passed, it will take 7-10 weeks for the IRS to make the programming changes required to update calculations and the e-file engine.
CPAs, tax preparers, and software programmers are all going to be racing to catch up. It’s a great year to file for a tax extension, no doubt!
Filed under: AMT, April 15, October 15 | No Comments »
