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Here's how to correctly file an IRS tax extension

Here's how to correctly file an IRS tax extension

A delay in the tax return deadline is not unusual.

The tax filing deadline is Tuesday, but the IRS says almost 40 million people have yet to file.

The Internal Revenue Service has received 103.6 million 2016 individual income tax returns as of April 7 and expects millions more to be filed by the April 18 deadline. Filing the form and obtaining a lien release was previously a routine matter, but since last June, the IRS has been requiring that the entire net proceeds from the sale of the property be deposited into an escrow account or into the estate's estate tax account with the IRS.

The form must be mailed to the IRS with a postmark on or before Tuesday, April 18.

Taxpayers who are not ready to file by the deadline should request an extension of time to file. Submitting a tax extension form is easy.

Koskinen says there's no penalty for filing a late return if you're due a refund. Though taxpayers overseas get more time to pay, interest, now at the rate of four percent per year, compounded daily, applies to any payment received after April 18.

Some have suggested that the United States adopt a flat tax, which taxes every person at the same rate, regardless of income bracket.

But if you're in the premises of the BIR district office before 5 p.m., you can still file your income tax return.

No pre-registration is required, and payments can be scheduled up to 30 days in advance. There are strings attached, though: The extension only applies to the filing of the tax return. A penalty is issued first for filing late.

Emancipation Day celebrates Abraham Lincoln signing a law on April 16, 1862, to free slaves living in Washington. In fiscal 2016, H&R Block had annual revenues of over $3 billion with 23.2 million tax returns prepared worldwide.

Some tax filers will qualify for an automatic two-month extension to file their federal tax return and pay income tax.

The BIR is targeting tax collection of P1.83 trillion (US$36.6 billion) in 2017, with 60 percent of this coming from large corporate taxpayers. "Still, filing an extension will save them the larger failure-to-file penalty."The monthly penalty for not paying in full is 0.5 percent of the unpaid balance per month with a maximum of 25 percent".

Don't provide any information over email, and if you receive an email asking you to update your password, do not click on the link. Will the IRS come after you for tax evasion? You can request an installment agreement with the IRS that lets you make monthly payments.

If you have suffered a recent hardship, the IRS also may be receptive to your circumstances.

If you're like most Americans, you're a few years (or more) behind on your retirement savings.

Taxpayers who changed tax software products this year may need their adjusted gross income (AGI) from their 2015 tax return to complete the e-file process.


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