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Many small and medium businesses are cropping-up every day all over the world. Only a few of them remain profitable, while over 70% are shutdown during the first three years of their operation. A primary reason is that they spend a great deal more of time and resources on their day-to-day operational activities and down the line lose focus on their core business. This brings down the profitability curve as the back-office tasks keep on gulping more and more resources. An easier way out is to outsource portions of your work to people who have expertise in those respective domains.

Your business can also utilize tax preparation services and tax processing services offered by professional service providers to file your taxes and returns accurately and on time. Here are the top three reasons why you should outsource your company?s tax preparation:

#1: Save up to 60% of your cost through offshore outsourcing

The math is simple. If you employ full-time resources who have ample experience to take care of your taxes efficiently, then you would end-up investing in their salaries, training, office space, workstations, benefits, software license, and a lot more. While if you outsource the work to an offshore company that handles tax processing services and already has a team of qualified and trained professionals then you would spend up to 60% less.

#2: Gain from the expertise of the tax preparation services provider

Companies that provide tax preparation services, tax processing services, VAT return services, income tax computation service, income tax return filing services, etc., have already invested in a solid infrastructure and their staff members have expertise in top-of-the-line tax computation tools like Intuit’s Lacerte, Creative Solutions’ Ultra-Tax, Intuit?s ProSeries, ATX, Drake, and many other popular financial software. Therefore, you won?t have to spend time in learning these tools. Moreover, the service provider?s staff would work at a faster turnaround and with greater accuracy.

#3: Easy to ramp-up and ramp-down resources to manage load

Typically, the finance team in small businesses (if at all they have one) takes care of the taxation part too. Throughout the year, the workload is constant but at the end of the quarter or year when the tax has to be calculated or during the time when your company takes critical expansion steps; it puts additional pressure on the finance team. If you outsource your accounting and tax preparation work, you can take advantage of a flexible team, wherein you can increase or decrease the team size whenever you want and get any amount of work done without hassles.

Through tax preparation outsourcing, you can remove yourself from the trouble to managing tax files and free-up your in-house resources to do more lucrative business development tasks.

When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year.

- The Biggest Mistake With C Corporations -

The key to saving $10,000 in taxes every year is knowing how to use a C Corporation correctly. When I meet with prospects and review their prior year tax returns, it’s not unusual that I find a C Corporation that isn’t being used correctly. In these cases, the C Corporation is not saving any taxes and in some cases it is actually creating more taxes! So what makes these C Corporations not work? These C Corporations do not save taxes because the wrong type of business is in the C Corporation.

Only certain types of businesses will generate tax savings by operating as a C Corporation. The type of business that does work is what I refer to as a support business or a secondary business. Now, you may be wondering, what is a support or a secondary business? Sometimes it’s easier to define what it isn’t.

The Types of Businesses That Don’t Save Taxes in a C Corporation:

Primary Operating Business. This is a business that creates the main source of cash flow for the owner. The owner relies on this cash flow for living and other personal expenses. The primary operating business is how the owner makes a living. In this type of business, it is critical that the owner be able to get cash out of the company in a very tax efficient way. While it is possible to get cash out of a C Corporation, it becomes inefficient from a tax standpoint to do so with large amounts of cash. Bottom line: if you rely on the cash from your business to pay for your living expenses, that business is not ideal for a C Corporation.

Investment or Rental Real Estate Business. There are several reasons why this type of business doesn’t work in a C Corporation. I’ll share the top two reasons.

First, this type of business involves assets that appreciate. C Corporations do not have a “special” lower tax rate for capital gains (which are generated from appreciated assets). Individuals do have a special capital gains rate so that benefit is completely lost in a C Corporation.

Second, the income generated from these investments is often subject to a special (additional) tax in C Corporations called a personal holding company tax. This tax only applies to this type of income and only in a C Corporation. The tax effectively eliminates the lower tax rates that a C Corporation normally has. This tax was specifically put in place to keep taxpayers from putting investment assets in a C Corporation as a way to pay less tax on their investment income.

The Type of Business That DOES Save Taxes in a C Corporation:

Now that we have eliminated primary operating businesses and investment businesses from the types of businesses that do not save taxes in a C Corporation, what is left? What is left is secondary or support businesses. These are best defined as businesses that generate a modest amount of profit (no more than $75,000 annually) and the cash flow that is generated is not needed by the owner to pay for living or personal expenses.

By far the biggest objection I hear anytime I bring up a C Corporation is…

But What About the Double Tax? Sometimes just the mere thought of paying a double tax sends people running in fear. Fortunately, I’m not afraid of the double tax and I actually have a strategy where the double tax can work to reduce my clients’ taxes.

What Is the Double Tax? The double tax is this:

First tax: A C Corporation pays its own tax on its net income. This is the first tax.

This is a great tax reduction strategy! Because a C Corporation pays its own tax, it has its own tax rules and you can legally use these rules to reduce your taxes.

Second tax: A C Corporation can use the cash it has after paying its own tax to pay dividends to its owners. When a C Corporation pays dividends to its owners, the owners pay tax on that dividend. This is the second tax.

At first glance, which is usually the only look most people (including CPAs) give a C Corporation, it seems that the double tax is the worst case scenario when it comes to tax planning. So many are surprised when I share this:

It Is Possible to Pay Less in Tax Even With a Double Tax!

Let’s take a look at how the C Corporation double tax can play out:

First tax = 15% A C Corporation pays 15% tax if it has net income of $50,000 or less.

Second tax = 15% An individual pays 15% tax on dividends.

Total double tax = 30% (The double tax can end up being a little less than 30% but to keep things simple for this example, 30% will be used).

This means if an individual is in a 35% tax bracket, it is possible to pay less tax by incurring a double tax that totals 30%!

How do you find a tax preparer that is right for you?

First, not all tax preparers are the same. I wrote an article about this last year titled: Tax Returns: Are They All Created Equal?

HOW DO YOU FIND A TAX PREPARER THAT IS RIGHT FOR YOU?

First, not all tax preparers are the same. I previously wrote an article about this last year titled: “Tax Returns - Are they really all created equal”, and you may be as surprised as other readers about just how much tax return preparation can vary.

In fact, I calculated the average savings I typically find from annual tax savings, reducing professional fees and audit assessments. In total, the average savings are:

- $23,750 Annual tax savings

- $5,000 Audit defense savings

- $10,000 Reduced audit assessment savings

- $50,000 Reduced legal fees

- $3,000 Reduced tax return preparation fees

This is a total average potential savings of $91,750! Your tax preparer does make a difference! How much more could you do with these savings?

Second, the right tax preparer for you depends on what is important to you. Take a minute to answer this question:

WHAT MAKES YOUR TAX RETURN SUCCESSFUL?

How you answer this question will impact what type of tax preparer you need on your team. I’ve asked this questions to clients, prospects and colleagues. I have compiled the most popular answers and what it means to you as you find the tax preparer for your team.

ANSWER #1: Paying the least amount of tax legally

Your tax preparer needs to:

- Know the tax law very well and know how to be creative legally.

- Ask you a lot of questions about your situation in order to understand your situation and goals.

- Have a review process where at least one other person reviews your return solely for the purpose of how to reduce your taxes legally.

HERE ARE SEVEN (7) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER TO DETERMINE IF IT’S A GOOD FIT:

Q1: Can you tell me about the other ___________ (your industry) you service?

A: Your tax preparer needs to know how the tax law applies to your situation. Having other clients in your industry or with similar investments indicates that the tax preparer is likely to be familiar with the tax laws that impact you.

Q2: Who will be working on my tax return?

A: It’s very common (and a good business practice) for tax preparers to have staff prepare your tax return. You want to make sure the other people working on your return have the same level of expertise.

Q3: What is your tax return review process?

A: Tax preparers who are focused on reducing your taxes will have this built into their review process. Usually it involves having another experienced tax preparer review the return solely for the purpose of finding ways to reduce your taxes.

Q4: What would you have done differently on my past tax return?

A: Show the tax preparer you are interviewing your prior year tax return. Creative tax preparers will be able to give you at least one idea of what you can do to reduce your taxes by looking at your tax return for just a few minutes. If it’s creativity you are after, this is a great question to ask! But don’t expect the tax preparer to give you all the details right then and there - that’s why you pay them!

Q5: How much can you save me in taxes?

A: While it’s difficult for any tax preparer to answer this in just a few minutes of looking at your past tax return, it is possible for them to know if they can save you taxes after spending 30 minutes with you.

Q6: What deadlines do you impose on clients?

A: This may seem like an odd question for minimizing your taxes but it has a direct impact. If your tax preparer allows you to provide your information a week before the tax return is due, it’s very unlikely that the tax preparer will have the time to focus on your return to truly minimize your taxes. Tax preparers that want to reduce your taxes want your tax return information early and will communicate that to you.

Q7: What recent tax law changes should I be aware of? A: To minimize your taxes, your tax preparer needs to know the tax law inside and out, which includes the latest changes. Your tax preparer needs to be able to answer this question without hesitation.

ANSWER #2: Minimizing tax return preparation fees Your tax preparer needs to:

- Focus on the tax work and recommend someone else for the non-tax work (such as bookkeeping).

- Request tax information in a certain format.

- Require you to input your information online.

HERE ARE TWO (2) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER REGARDING MINIMIZING RETURN PREPARATION FEES TO DETERMINE IF IT’S A GOOD FIT:

Q1: What can I do to reduce my tax return preparation fees?

A: To minimize your tax return preparation fees, your tax preparer always needs to have your fees in mind. Ask your tax preparer what you can do to reduce your fees. If you don’t get at least 2 suggestions, your tax preparer probably isn’t thinking about how to keep your fees low.

Common suggestions include:

- Have someone other than the tax preparer do your bookkeeping. I am always skeptical when a tax preparer does the bookkeeping. First, they either charge an arm and leg or if they reduce their rates to accommodate you, it means they don’t spend their time entirely on tax issues, which could indicate their tax skills aren’t up to par.

- Organize your information. Don’t bring your tax preparer a shoebox! A tax preparer that is really focused on keeping your fees down will have forms, spreadsheets and other tools available for you to use to organize your tax return information.

- Enter your information online. Many tax preparers now require clients to input their information online. Accurately entered information can help reduce fees. Caution: Information that is entered inaccurately can increase your fees!

Q2: What is your fee structure?

A: Your tax preparer needs to be able to answer this question with confidence. Any wavering could indicate that the tax preparer knows the fees are too high for you but just doesn’t want to tell you. Unfortunately in these situations, you find out too late!

ANSWER #3: Reducing audit risk Your tax preparer needs to:

- Know the tax law very well and how to properly report your activity.

- Understand the IRS’s current “hot buttons” or “red flags.”

- Offer an audit defense plan.

HERE ARE FOUR (4) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER IN REGARDS TO REDUCING AUDIT RISK TO DETERMINE IF IT’S A GOOD FIT:

Q1: How many audits have you been through and what triggered the audit?

A: The most important part of this question is what triggered the audit. If it was triggered by how something was reported, then that may be something the tax preparer had control over (and may be a bad sign for you).

Q2: What was the outcome of the audits you have been through?

A: A return can be randomly selected for audit or selected because of a certain activity (even though it was reported correctly). So it’s important to understand the outcome of the audits. Was additional tax assessed or were there no changes? Additional tax may indicate that something was not reported properly.

Q3: Do you offer an audit defense plan?

A: Tax preparers that are confident in their work will offer an “insurance” program that covers their professional fees to handle your audit if your return is selected for audit.

Q4: What is your tax return review process?

A: Although tax returns can be selected randomly for audit, many are selected due to how items are reported on the tax return. Tax preparers who are focused on reducing audit risk will have a review process that includes another tax preparer reviewing your return solely for accuracy of reporting.

Be selective with the tax preparer you put on your team. The average savings I find for my clients is over $90,000! Your tax preparer makes a difference!

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1. Be Careful and Thorough. Avoid common problems like illegible hand writing, mathematical errors, transposition of numbers, and missing signature. These little oversights can end up costing you time and money if you are slapped with penalties.

2. Get Organized. Allow enough time to get your “stuff” in order. For example, properly categorizing your expenditures now will save you a lot of time later. Come tax time, you will be glad you grouped your expenditures by category (match it with verbiage on Schedule C if self-employed) and not by month or name of vendor payee.

3. ?Be Flexible. Timing your cash flow can save you money. ?In other words, always accelerate deductions in the year you are doing taxes for and always defer income, if you can, into the next year, thereby lowering your current year’s tax bite. ?If you fall into the Alternative Minimum Tax, you may want a professional to advise you.

4. ?Know When To Ask for Help. Tax preparation tools like TurboTax and TaxCut are great, but people with anything more than a straight W-2 (including anyone with even the smallest business ?Schedule C”) should be aware of the limitations of these software programs.

5. Don’t be Penny Wise and Pound Foolish. Hiring an expert CPA or EA to prepare your return is a small annual investment that can pay off big! Don’t do your taxes yourself unless you are a straight W-2 wage earner that takes the Standard Deductions (in other words, someone who doesn’t itemize or have any unreimbursed employee business expenses).

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You can minimize your property taxes with simple steps:

• File a protest by May 31st for market value and unequal appraisal
• Obtain the Harris County Appraisal District evidence?two weeks before the hearing. This information is sometimes referred to as the House Bill 201 package or the 41.461 package. It typically contains evidence regarding the subject property, market value and unequal appraisal.
• Review evidence for both unequal appraisal and market value. Unequal appraisal is when your property is taxed/assessed at a higher rate than comparable properties. For a market value appeal, provided evidence that the appraisal district’s value exceeds market value. This could include information such as an error in the size of your property and deferred maintenance at your property.
• Attend the informal and/or appraisal review board (ARB) hearing at the Harris County Appraisal District. In many cases, you can attend a hearing prior to the scheduled date. HCAD prefers to have hearings prior to rather than after the scheduled hearing date.
• Repeat these steps annually.

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Property owners often ask, “I appealed my property taxes at the Harris County Appraisal District last year and obtained a reduction. Harris County Appraisal District did not increase my assessed value. Should I protest my property taxes again this year?”

The answer is, “Yes, you should protest.” There are 2 reasons you should protest the assessed value established by the Harris County Appraisal District each year:

1. The prior years value set an “anchor value” for the current year’s property tax protest. If your value was $200,000 last year and the current year’s proposed value is $220,000, there is a tendency to set the value at or slightly above last year’s value. In the case, a typical result might be $200,000 to $210,000. However, if they had appealed at the Harris County Appraisal District the prior year and reduced the value to $185,000, a typical settlement might be $185,000 - $195,000. Property tax appeals at Harris County Appraisal District are an iterative process.
2. Most appeals at Harris County Appraisal District are successful. About 75-80% of the property tax appeals conducted by O’Connor & Associates at Harris County Appraisal District result in lower property taxes.

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Experience shows that when property owners appeal, prepare for the Harris County Appraisal District hearings and attend the hearing(s), they will usually be successful.

Property tax consultants are willing to handle the property tax protest process at Harris County Appraisal District for a portion of the property tax savings. While there is a cost when hiring a property tax consultant, you realize property tax savings. The property tax savings versus the cost of a property tax consultant are more significant when considering the iterative nature of the property tax appeal process.

Property Tax Tip #1: Appealing Property Taxes for Your Home

Property Tax Tip #2: Preparing for Your Property Tax Hearing

Property Tax Tip #3: The Hearing Process

Hire O’Connor & Associates to appeal high property taxes. You pay NOTHING unless we save you money! Reduce your Harris County Appraisal Distric property taxes by contacting O?Connor & Associates. commercial real estate appraisal , income tax ,property tax,market research,cost segregation,market studies,gift tax valuations,Residential property appraisal,Bexar County Appraisal,Tips and Tricks for Appealing Your Property Taxes in Bexar,Federal tax reduction.

The process of? Free Tax Filing Online is simple and trouble free. Our online application is simple and fast. Free Tax Filing process Provide Guarantee of 100% accuracy. Free federal tax return and E-filling services provided by Free Tax Filing. Free tax filing is one of the fastest and easy ways to get your income tax return filed. Free Tax Filing provides full detailed information of Tax Filing, IRS Tax Filing, Free Tax Filing, Free State Tax Filing and more. 70% tax filers are eligible to use the free filing programs offered within the free tax filing. Free tax filing offers online IRS Tax Filing with no any upfront cost. After tax filing you will receive your conformation of tax return by IRS.

Free Tax Filing Program is Specially Designed for lower income tax payers. It is also known as Free File Alliance. There are mainly three basic criteria required for free electronic Tax Filing in USA.

(1)Adjusted gross income of 2008 :- (AGI) must be less then $28,000.and if your adjusted gross income is more then $28,000 then you may not applicable or filing tax free.

(2)Any Military, Reservist or National Guard member whose adjusted gross income for 2008 is less then $54,000.that peoples are easily done the free tax filing.

(3) The taxpayer is qualify for free tax filing if taxpayer is qualify for Earned Income Credit in the year 2008.

In duration of 2007 tax filing season 97 million taxpayers will be eligible for these free tax services. There are one of the best benefits of using free tax filing is fast, easy and safe and more like.

?- 24 hours available services
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In the United Stats, tax legislation is popularly complicated and challenging especially in the corporate and business sectors. Almost all businesses are required to file and pay correct tax. The problem is that not all companies are able to handle well their tax preparation initiatives. That is why Intuit software is very in-demand and sought after all over the country.

For quite some time, it has always been a standard practice for businesses to allot budget and expenses in specifically and specially hiring certified public accountants to handle and manage filing of tax responsibilities. As always, taxation is a difficult, challenging, and tedious task because there are so many factors to consider, numerous numerical figures to account for and so much risk at stake.

It is a common knowledge that the United States’ biggest companies are spending so much to handle, manage and work out their respective taxation jobs. And because companies know the efforts are costing them too much, software developer and marketer Intuit Inc has come up with computer programs that would replace actual public accountants in the tax filing process. Thus, by merely installing an Intuit software program, companies are able to ascertain, assess, and compute their own taxation filings and dues.

Proof of the rising demand for Intuit software is the continuously and robustly growth of such computer programs. Looking at the revenues will easily prompt inference of the market need and clamor for such branded products. Currently, sales of different useful Intuit software is accounting for about $2 billion of the company’s overall annual sales. Since its humble beginning in the 1990s, Intuit has risen to become a $10.8 billion giant software company, which is among the most admired and respected not just in the US but also in several other countries.

Target users

For whom is an Intuit software program? The program is simple and easily adoptable. That is because from the start, Intuit software has been rolled out and known specifically for small companies and businesses. The different Intuit software programs out in the market are also marketed to meet and target the requirements for tax preparation functions of accountants and even tax-paying individuals.

Thus, if you are an owner and operator of a small and minor enterprise, there is no reason why you should not invest into an Intuit software program. For quite some time, small businesses, individuals and accountants have been acknowledging the fact that indeed, Intuit software is a must and a necessity for handling, maintaining and managing tax filings and preparations. Now is the time you effectively prevent unintended tax frauds and evasion charges.

For Canadian users

Tax preparation and filing in some other countries are also as tough and stringent as those in the United States. Specifically, taxes on the neighboring country of Canada are also hard and challenging to file. That is why there is also a particular and specific Intuit software program for Canadian tax users and filers.

Introducing the company’s QuickTax package. To begin with, this Intuit software is especially and specifically developed and designed in accordance with the Canadian tax laws. It is known that Canadian taxation legislations are also as stringent and tough as US tax laws. Thus, to assist accountants and small businesses in the nation, the QuickTax has been launched.

The Intuit software provides users with step-by-step and guided procedures on how to file and manage companies’ and individuals’ tax returns. QuickTax is made available on the accessible formats of online and CD-ROM. For French language users in Canada, particularly in the province of Quebec, a French version of the Intuit software is also widely available.

As we come to the conclusion of 2008, many businesses have lost money in this year. The economy for 2009 looks very volatile and some industries may start to recover in 2009, while others may take a little longer. One positive area to bring to the table is that the price of oil has decreased significantly and regular gas prices have come down?below $2.00 or so per gallon depending upon your location.

The question through this difficult year where losses have mounted up, why do you have to tax plan? If you were profitable in year 2006 and/or 2007 and paid business taxes in those years, you may be entitled due a tax refund in 2008 to recover part or all of these monies paid in previous years. This tax recovery is called a net operating loss carryback claim…This situation applies to proprietorships, corporations, limited liability corporations, and so forth.

The first part of this discovery phase is to identify whether you are a qualified individual and/or company to recapture monies paid in from prior years…It would be a good idea to obtain from your accountant, bookkeeper, CPA, or your own in house books an updated balance sheet and profit and loss statement for 2008. Additionally, you may want to locate your 2006 and 2007 either personal and or corporate tax returns and review the past years information. If you have paid business taxes in those past years and are in loss situation for 2008, there is a good chance you will be able to recover either partial or all monies paid to the
government for 2006 and/or 2007.

.If you are a farmer and have losses in 2008, you should locate your 2003, 2004, 2005, 2006, and 2007 prior years tax returns because your eligible carryback years extend back for five years. Everybody else, for the most part, can carry back their business losses two years…

Once you have located your prior years tax returns and reviewed the business taxes paid into those years, compare this to the 2008 Profit and Loss Statement. It is good idea that your 2008 information should be current and accurate because it could have a major effect on your decision making. Assuming you are in a loss situation for 2008, you may want to plan you year end cash flow accordingly. For

this illustration, we will assume everyone is on a cash not accrual basis accounting system. Because of your tax situation and the possibility of recovering a tax refund back in early 2009, you may, if cash flow permits, pay more bills in December 2008 than the normal January 2009 payment cycle. The bottom line here is that a qualified professional should be assisting you at this stage because of the cash flow and tax effect though the period ending December 31, 2008. The professional cost vs tax recovery benefit could be a big plus to you.

This carryback claim process is important because it can generate needed working capital if the economy hasn’t recovered in your niche for 2009. Additionally, with all the available acquisition and financing deals available for commercial vehicles, construction trucks, office equipment, computer systems etc, these monies could be used as a down payment or a combination of working capital and acquisition funds.

These carryback claims can be carried back two years, except for farmers, five for them, and if needed carry forward for twenty years. It doesn’t matter what your business structure is…There are exemptions to these rules and you should consult your tax professional for advise on these carry back and carry forward rules.

For illustration the types of industries that would qualify for these carryback losses include construction, trucking, farming, restaurants, all retail shops, mail centers, franchise operations, consulting firms, manufacturers, wholesalers, service providers, This is obvious a partial list of qualified businesses. In addition, the type of entity doesn’t play a role in these carryback claims. There are a few exceptions to the rules, therefore consult a good tax adviser.

In addition to the carry back rules, there are numerous business and individual tax changes for 2008. It would be a good idea to get a head start at the end of this year to understand them and see if there are any you want to take advantage of before December 31, 2008.

In conclusion, 2008 was a trying year for many, but this recapture of tax monies shouldn’t be ignored. If done properly, you can get a head start on 2009 and have a profitable and less stressful year… … Who says Tax Planning is boring

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.

Welcome to yet another tax season.

With a matter of days remaining until the April 15 IRS income tax deadline, the stress level of Americans is on the rise. Prepare yourself for more angry drivers on the freeways, impatient customers in the lines of local coffee shops and grocery stores, and friends who don’t quite treat you like the friends they were only weeks ago.

Looking for a way to cut down on the April tax time blues? There’s a little known secret called an IRS tax extension (the technical term is an IRS Form 4868 – Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), and a company called FileLater who can help. Of 130M United States federal income tax filers, about 10M filed for automated extensions last year, so you won’t be alone. And the IRS doesn’t ask (or care) why you file for an extension.

Almost every tax-paying American is automatically eligible to file an IRS tax extension, and it can be easy to do. In about 5 minutes, you can go to File Later’s website, answer a handful of relatively simple questions, and have your tax extension e-filed to the IRS for you. In a couple of days, you’ll get an email with IRS confirmation that your new tax deadline is October 15.

To file a tax extension online you’ll need to provide some basic personal information, and an estimate of your tax liability. Don’t have a clue if you owe or if you’ll be getting a refund? Don’t worry, the better tax extension filing services like FileLater will provide you with a simple calculator to make determining your tax liability easy.

If you’re in the minority of tax filers who will owe money to the IRS (rather than getting a refund) the IRS will still want their money by April 15 or you could be hit with a late payment penalty. Filing a tax extension will give you the extra 6 months to file your tax return, but it doesn’t give you extra time to pay the IRS. That means you either have to mail a check postmarked by April 15 to the IRS or provide bank information online for an automatic withdrawal. If you expect to get a refund, then there’s nothing to consider.

The deadline for filing your income tax extension is April 15. A simple 5 minutes with File Later can give you an additional 6 months to file your taxes, and your stressed out CPA or tax professional will love you for it.