Hi all,
I hope you all who did not file your tax return by this past Monday, had filed for an extension the will allow you to postpone you filing for 6 month (Oct 15, 2011)
It would depend also on the state you live in, some are done electronically and others have to be mailed in.
The states where extensions are required are as follows:
North Carolina- mail in
New York unless resident
Kentucky - non resident
Illinois- non resident
Arizona
California
Please check with your resident state if a paper or electronically filed extension is needed.
Most states can be electronically filed with your federal extension as long as the extension was approved.
Both Federal and State extension only save you the late filing fees, Federal is 22-25% of the tax owed, then the states it is a Question mark, but normally is the same as the Federal of what ever amount that is owed when filed.
Remember if you filed for extensions,
Interest and penalties will continue to accrue until the taxes owed are paid
Right now the interest Rate is 4% Compounded Daily, along with interest on top for not payment, also Compounded Daily at 4%, then added to that, I am not sure exactly what late penalty for non-payment monthly is, plus 1% compounded daily again on top of that,
The current rate of 4% is current until June30, 2011, and is adjusted quarterly.
So the earlier you are able to finish getting your information together and get it to you tax preparer the better off you are and you will definitely save money.
So get your return filed ASAP
no matter who prepares it.
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
I hope you all who did not file your tax return by this past Monday, had filed for an extension the will allow you to postpone you filing for 6 month (Oct 15, 2011)
It would depend also on the state you live in, some are done electronically and others have to be mailed in.
The states where extensions are required are as follows:
North Carolina- mail in
New York unless resident
Kentucky - non resident
Illinois- non resident
Arizona
California
Please check with your resident state if a paper or electronically filed extension is needed.
Most states can be electronically filed with your federal extension as long as the extension was approved.
Both Federal and State extension only save you the late filing fees, Federal is 22-25% of the tax owed, then the states it is a Question mark, but normally is the same as the Federal of what ever amount that is owed when filed.
Remember if you filed for extensions,
Interest and penalties will continue to accrue until the taxes owed are paid
Right now the interest Rate is 4% Compounded Daily, along with interest on top for not payment, also Compounded Daily at 4%, then added to that, I am not sure exactly what late penalty for non-payment monthly is, plus 1% compounded daily again on top of that,
The current rate of 4% is current until June30, 2011, and is adjusted quarterly.
So the earlier you are able to finish getting your information together and get it to you tax preparer the better off you are and you will definitely save money.
So get your return filed ASAP
no matter who prepares it.
Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.