TurboTax 2018 - 2019 Tax Extension Guide and Discount Tax Filing Options
Qualifying for an Income Tax Extension
To be approved for a tax extension that grants taxpayers an extra 6 months of time to file a return you must:
- Properly estimate your tax liability to the IRS
- Enter your tax liability on line 4 of Income Tax Extension Form 4868
- File Form 4868 by the April 15 due date for your federal income tax return
Beware: Although taxpayers are not required to pay the tax amount estimated to be due, Form 4868 does not extend the time to pay these taxes.
Video: TurboTax 2018 - 2019 Tax Extension Tips
Interest charges await you if you do not pay the amount due by the regular tax due date. You could also be charged penalties on top of the interest charges.
Do I Need A Reason To File A Tax Extension?
NO, you do not have to have a reason when applying for your income tax extension. The IRS will contact you only if your request is denied.
If you are denied, the IRS will provide a reason so that you may make any corrections necessary and re-file your tax extension form for approval.
The majority of tax filers have the ability to prepare their own taxes, provided they have the time, patience, and some computer skills.
TurboTax 2018 - 2019 Do-it-Yourself Tax Filing
The do-it-yourself avenue is not for everyone since time is money and financially it may not make sense for you. However, if the time involved saves you more than what you would have made working your job for that same amount of time, it just may be well worth your effort to tackle this project.
Tax simplification seems to be a fantasy with our dysfunctional government in the drivers seat so the truth is that thing wont be getting less complicated anytime soon.
If do-it-yourself tax preparation is not for you and you’re from a low income household the IRS oversees two free human-based tax support initiatives, the Tax Counseling for the Elderly Program and the Volunteer Income Tax Assistance Program.
The three most popular brands for tax software include Intuit’s TurboTax, H&R Block At Home (Formally TaxCut) and TaxACT. These top rated choices all offer online web-based tax filing as well as downloadable or CD desktop installation software.
TurboTax offers three venues that can help you prepare your federal tax return for free.
TurboTax Discount and Free Tax Filing Venues Offer Several Options Including:
- TurboTax Freedom Free File Alliance Partnership with the IRS
- The Internal Revenue Service has partnered with industry-leading tax software companies including TurboTax, H&R Block and many others as the Free File Alliance nonprofit coalition designed to help qualifying Americans prepare and file their federal taxes for free.
- TurboTax Free Edition
- Another highly used offering from TurboTax is the Free Edition for online tax preparation. This is a basic program for simple 1040ez type tax filing. It does not support special forms or import capabilities, However, you can upgrade at anytime if you find you need more options.
- TurboTax Military Edition
- This Edition is for Military Armed Force Personnel and offers the opportunity to prepare and file tax returns for free, or for a low cost depending on the service members rank. TurboTax Military Edition is a product TurboTax offers up for the dedication and bravery our troops show in fighting to protect Americans and our country.
The Internal Revenue Service promotes the Free File Alliance program since this saves the IRS money every time a taxpayer files electronically rather than having to process a hard paper tax return. Typically any consumer that files a 1040ez will qualify for the Free File free tax preparation programs.
Whatever your choice, remember, tax preparation costs are deductible if you itemize and your un-reimbursed employee expenses and certain other miscellaneous items (including the tax help) top 2% of your adjusted gross income. Otherwise, you can’t take the deduction for the current year’s costs until the following year.