The countdown is running for one of life’s ultimate deadlines.
Liberty Tax Service reminds taxpayers that the filing deadline for 2007 taxes will be Tuesday, April 15th, 2008. April 15th is also the deadline for starting or contributing to an existing IRA retirement account. As taxpayers face the federal tax filing deadline, those who owe taxes have some choices. Liberty Tax Service will offer extended hours during the final days of the tax filing season.The countdown is running for one of life’s ultimate deadlines.
Liberty Tax Service reminds taxpayers that the filing deadline for 2007 taxes will be Tuesday, April 15th, 2008. April 15th is also the deadline for starting or contributing to an existing IRA retirement account. As taxpayers face the federal tax filing deadline, those who owe taxes have some choices. Liberty Tax Service will offer extended hours during the final days of the tax filing season.
IT’S TIME TO FILE TAXES OR AN EXTENSION REQUEST
IRS will grant an automatic six-month filing extension to taxpayers who timely file an extension request. No reason for the request needs to be provided. Individual taxpayers will file Form 4868, Application for Automatic Extension of Time to FileU.S. Individual Income Tax Return, by April 15th and receive a filing extension untilOctober 15th. Corporations and Partnerships will file Form 7004, Application forAutomatic 6 Month Extension of Time to File Certain Business Income Tax, Information, and Other Returns, to receive a six-month extension.“However, an extension of time to file a tax return still does not constitute an extension of time to pay any tax liability. Penalties and interest accrue from April15th, if the tax liability has not been paid.” said John Hewitt, CEO and Founder of Liberty Tax Service.
INSTALLMENT PLANS FOR THOSE WHO OWE
What can someone do who owes the IRS money but can’t pay the full amount by April15th? Taking out a bank loan may be the least costly option. Another option is to ask the IRS for permission to make monthly installment payments. If you are not currently on an
IRS installment plan, complete Form 9465, Installment Agreement Request, and attach it to your return. To limit penalty and interest charges, you should pay as much of the tax due as possible when sending in your return.
* source: Liberty Tax