With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.

If you?re considering filing an income tax extension, you?re not alone. The IRS recently estimated that 10.2 million of the 140 million tax filers will file for a tax extension this year. What?s more, approximately 2 million of those extensions will be electronically filed online.

File Later tax extension service - a popular website where taxpayers can file their income tax extension - compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.

Although the IRS doesn?t care (or ask) why millions of taxpaying Americans file for extensions every year, you may find these valuable:

1. Accountants and tax professionals are much busier in April than they are in October. Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket.

2. Filing an income tax extension may reduce your chance of audit. IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns.

3. Getting paperwork together to complete your taxes isn?t easy. Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you?re taxes are done right, and extending will give you extra time to track down any additional deductions so you?re getting the biggest tax return possible.

4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA?s can be expensive. Filing for an income tax extension will also extend your deadline to fund these types of retirement plans.

5. It?s easy. Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you?ll get an email confirming the IRS has approved your extension, and you?ll have 6 more months to finalize your tax return.

And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn?t care or ask. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.

Income tax filing preparations can be a very complex process. There are different tax situations that entail different treatments. You will need the necessary know how and skills to be able to prepare your income tax for filing. This complex situation can be even more compounded by the fact that you need to do income tax preparations for a corporation or business. In this case, the already complicated process of tax filing preparation can be come even more complex.
First of all, a corporation has special interests that need to be met when it comes to tax filing preparations. For one, you have to be extra careful about tax liability which can come back to haunt your business in the event that the tax filing preparations were not done properly. Next, especially if your business has high visibility and entails by in from shareholders, you will need a tax filing system that is transparent and can be fully accountable.
All these added complications on an already complex procedure can be too much of a burden. This should not be the case though since your business or corporation should devote its time and energy on more lucrative avenues to increase the bottom line.
In this case, it is more prudent to acquire the services of a third party business solutions provider in form of a certified public accountant or a separate firm devoted to helping other corporations with their tax filing preparation needs. However, you must be very diligent in choosing the right third party to contract because outdated methods of accounting can very much put your business at risk.
It is time to embrace the latest in technological advancements when it comes to corporate income tax software programs. It is hardly prudent to rely on outdated spreadsheets that are prone to error. Not to mention that these old method tools may not be enough to ensure the proper risk management your business deserves.
The beauty of these advanced and sophisticated corporate income tax software programs is that it manages your risks properly and that is what is most important in a business to be able to ensure continued growth. The downside is that if you are not a large corporation, it may not be too practical to invest in a costly corporate income tax software program that you will use only once a year. Not to mention that you will need to add additional maintenance measures plus include a measure of learning to be able to utilize these corporate income tax software programs well.
In this case, just choose a third party solutions provider that uses state of the art corporate income tax software programs so you won’t have to make such a huge investment.
People who are operating a business have to make sure there is a balance between the money that is used for expenses with the amount of cash that is coming in. The only way to know if this is doing well is when the figures show that one is in the green.
Regardless if business is doing well or not, the person is obligated to report the income to the government. The accounting department of the company can do the work or an outside consultant can review the books so a report can be made and submitted.
One way to cut cost and being able to know the progress of the business is by investing in computer software. By plugging in the necessary values such as the earnings, expenses, stocks, salaries and other details, the person will know what areas to improve on to keep this going.
When it is time to file the income tax, another program can be used so that this can be done just as easily as monitoring the business. Here are a few of those that can be used to make this happen.
1. Since most businesses use Windows, it is only right to recommend Ufile, which allows the entrepreneur or an accountant to manually enter the required information. The income tax report can be submitted online instead of sending it via snail mail to the IRS.
2. People who use Macintosh can try using Taxtron since there is also a similar version to those who have Windows. Given that this is not for personal use, this is going to cost the company a certain amount of money in order to compute for corporate income tax.
3. Many are already aware that Turbo Tax can be used to file for personal income tax. There is also a corporate version available, which allows small and large businesses to do the same thing. The program can be accessed by logging into the company’s website or going to a computer store to get a CD.
4. QuickTax is another corporate program that can be used to compute income tax. The beauty of this software is that it has the ability to compute various calculations at the same time producing results in a short period of time.
It is not that hard to learn how to use the income tax review software since the person will be guided from beginning to end. The individual will just have to choose which one to buy so this can be used for the business.

Never send the IRS your unfiled tax returns. Why? Filing them without knowing your collection and return status could be costly.

If you’ve filed all your previous returns and don’t owe any money, and you can full pay any balance shown on this return, then you can file it now without a problem.

If there are other years not filed and you owe on any of them, or you owe on past years, you should find out your current status with the IRS collection division before filing. You or your power of attorney should get your record of account for many prior years.

The record of account will show the charges and payments to each year. It will also show if you filed or the IRS filed a return for you. If any of the years indicate that you didn’t file, the a return needs to be filed. But… WAIT… Not Yet.

If you have any unfiled returns that show up on your record of account, your payment plan, if you think you have one, is invalid! Make sure you are able to discuss how you will make payments to pay off all of the outstanding balances. The trick is to get all delinquent liability years included under one agreement. This will stop future collection action, assuming you file and pay your taxes, and make your monthly payment on time.

Calling the IRS will also determine if they are in the process of preparing a return for you. If so, they will have a special address for you to send the return to. This will prevent you from having to undo it later. Or worse, the rejection of your newly filed return.

So be prepared to discuss your current financial situation. It’s best to have your income and expenses on a monthly average basis calculated already.

Getting your record of account to verify what is under your social security number will not alert the IRS that you are delinquent. Knowing your current status with the IRS concerning your filings and payment history is essential.

When you are ready to file your unfiled returns and you are missing information, you can request a record of information sent to the IRS from third parties. This includes W-2′S, 1099′S, K-1′S, etc. You are also allowed to estimate amounts that you can’t calculate. There is an art to preparing unfiled returns. Make sure you have help from a tax preparer experienced in this area. I have made corrections to many poorly prepared returns that would probably have caused an IRS audit.

In conclusion… Do not file any unfiled personal income tax returns without first requesting a record of account from the IRS and making sure that you understand what has been filed, if the IRS filed it, and how you are going to present your arguments for paying back the liability.

You probably want to consult an expert advisor before you take any action in thesematters.