Millions Expected to File for a Tax Extension in 2005
Nearly nine million tax filers are expected to file for tax extensions this year, according to the IRS, and this group will find it easy to extend their filing deadline?they will not need an explanation, or any paper forms.
Automatic four-month tax extensions are available online.
Filing for a tax extension online allows taxpayers to request an automatic four-month tax extension minutes before their extension request is due, or the normal filing deadline of April 15th.
Taxpayers who file for tax extensions online also get an acknowledgment that the IRS has received their request.Taxpayers requesting an online extension may choose to pay an estimate of the taxes they owe, and they can make this payment electronically.
Filing an online tax extension allows taxpayers to use a credit card to make their extension-related tax payment, or to pay any expected tax balance by authorizing an automatic withdrawal from a checking or savings account.Taxpayers should be aware that a tax extension is only an extension of time to file taxes and does not give tax filers more time to pay any taxes they owe.
Taxpayers will owe interest and possibly a late payment penalty of 0.5% per month on any income taxes not paid by the regular filing date of April 15th.
However, even without a payment, a tax filer can still get a four-month extension of time to file to avoid a failure to file penalty.Taxpayers who e-file their online tax extension may do so until midnight on April 15th from the comfort of their own home on their own computer. One noteworthy resource for online tax extension services is TaxExtensions.com, a site that has consistently provided leading extension products and services for the past seven tax seasons.
At TaxExtensions.com, taxpayers can conveniently file online for a tax extension and get an acknowledgement that the IRS has received their request.Taxpayers who live outside the United States and Puerto Rico, and whose main place of work is outside the United States, may automatically get a two-month tax extension from the regular due date of April 15th, 2005, or until June 15th, to file their income tax returns and pay federal tax due.
This June deadline also applies to those in military or naval service on duty outside the country; however, special circumstances surround those qualifying.
Taxpayers interested in learning more about this topic should visit the online resource page, irs.com/tax-extensions/out-of-country.htm, to learn more about qualifying for tax extensions when out of the country.
Taxpayers with the June 15th deadline can file Form 4868 by June 15th to get an additional two months to file.The record-breaking number of taxpayers expected to file for online tax extensions this year parallels the growing trend of overall online tax filing.
According to the IRS, the group of taxpayers who used a home computer to self-prepare their tax returns was up by nearly 15 percent by early April this year.
Similarly, more tax extensions are expected to be filed online this year..
New British Tax Rebates for South Africans Living in the UK
(ContentDesk) November 26, 2005 -- The new system allows any person paying British tax to invest tax-deductible funds of his or her choice into self-invested personal pensions (Sipps). A whole years income may be invested this way and the money used to buy property or other assets in South Africa. All rent earned from the property will be tax-free.
An estimated 750,000 South Africans most of them between 20 and 30 years old live in London alone and will stay for an average of about five years. It is expected that the new tax incentive will encourage a large number of them to buy property in South Africa.
When they return to South Africa they will have a tax-sheltered offshore trust to which they will be able to contribute until they are 55, if they reach this age after 2010.
Tax experts explained that the law is being changed because the British government, like other European governments, is concerned about the increasing pension burden it will be facing...
Tax help > New British Tax Rebates for South Africans Living in the UK
Are Online Tax Lien Auctions Worthwhile?
In today's day and age, the local tax collector has finally caught up with technology. The trend of online tax auctions is in full swing and now you too can buy tax liens from the comfort of home.
Here is how an online tax sale works: The county tax collector, through a third party provider, sets up an auction website. They have a bidding window, usually around a week. You as an investor simply logs in, submits your best offer and if it's accepted, then you have a tax lien.
It's easy to see why the county would want to sell tax liens online instead of a regular sale. It's cheaper, easier and less hassle to do the tax sale online.
From an investor's point of view, there are advantages and disadvantages to using online auctions to invest in tax lien certificates.
The first one is convenience. You don't have to take off work, make a long road trip, pay for hotels and airfare or any of that stuff. You just log in and make an offer.
Are Online Tax Lien Auctions Worthwhile?
Tax help > Are Online Tax Lien Auctions Worthwhile?
Millions Expected to File for a Tax Extension in 2005
Nearly nine million tax filers are expected to file for tax extensions this year, according to the IRS, and this group will find it easy to extend their filing deadline?they will not need an explanation, or any paper forms.
Automatic four-month tax extensions are available online.
Filing for a tax extension online allows taxpayers to request an automatic four-month tax extension minutes before their extension request is due, or the normal filing deadline of April 15th.
Taxpayers who file for tax extensions online also get an acknowledgment that the IRS has received their request.Taxpayers requesting an online extension may choose to pay an estimate of the taxes they owe, and they can make this payment electronically.
Filing an
Millions Expected to File for a Tax Extension in 2005
Tax help > Millions Expected to File for a Tax Extension in 2005
Sales Tax Compliance Firm, RIA/Tax Partners, Announces Completion of 2005 SAS 70 Audit
ATLANTA, Ga. (ContentDesk) October 7, 2005 -- RIA/Tax Partners, a part of The Thomson Corporation and the nations leading sales and use tax compliance service provider, is pleased to announce the completion of its 2005 SAS 70 Type II audit. The 2005 audit was performed by SAS70 Solutions, Inc., and showed no material exceptions to the control objectives upon which the audit was based. The control objectives included Tax Partners compliance processes, technology, treasury operations and technical infrastructure, in addition to other key areas of its business operations, for the period January 1, 2005 through July 15, 2005. We are pleased to have received another unqualified opinion from our independent auditor, stated Jim Bennight, vice president of Operations for RIA/Tax Partners.
Internal controls in general and the internal control environment we maintain at Tax Partners are increasingly important to our clients. We have always felt that strong internal controls translate...
Sales Tax Compliance Firm, RIA/Tax Partners, Announces Completion of 2005 SAS 70 Audit
Tax help > Sales Tax Compliance Firm, RIA/Tax Partners, Announces Completion of 2005 SAS 70 Audit