Category Archives: IRS Tax Tips

Today is the last day to apply for your personal income tax extension to the IRS.

Hello there, taxpayers! Today is the last date to apply for your personal income tax extension to the IRS and get the automatic six-month extension time to report your taxes. And e-filing your form 4868 at taxgarden.com is the easiest way to apply for the personal income tax extension directly to the IRS and get the extension time approved.  

You don’t have to miss today’s deadline. You can e-file form 4868 with a few simple steps and get the acknowledgment from taxgarden.com. Or else, you will be liable to the penalties and interests from the IRS for not reporting your taxes and not applying for an individual income tax extension also.  

Tax Day 2022 - Tax Extension Return Online
Continue reading Today is the last day to apply for your personal income tax extension to the IRS.
 

Corporate Business Taxpayers have until April 18th to request an Extension of Time.

Corporate businesses should file their last year’s tax reports through form 1120 to the IRS this year within April 18th, 2022. If they can’t report their business income taxes on time, they should apply for an extension of time using form 7004 within April 18th. The IRS tends to charge penalties, interests, and late charges for those who miss the deadline and fail to request the business income tax time extension before the deadline.  

Corp Business Tax Extension 2022
Continue reading Corporate Business Taxpayers have until April 18th to request an Extension of Time.
 

IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021

Tax Time and the tax season 2022 is just around the corner. April 18, 2022 is the deadline for individual income tax reporting, most of the taxpayers falls due. The IRS urges to use electronic filing for faster processing of tax returns and easier to process refund if any when it is eFiled. When you need extra time to complete your personal tax return, report IRS Tax Form 4868 and get 6-months of automatic extension. The C-corp business taxpayers also has April 18, 2022 as the deadline to complete tax form 1120, when you need additional time then consider reporting Tax Extension Form 7004. This is also extended upto 6-months on successful acceptance.

The IRS reminds taxpayers that there is a virtual currency question at the top of Form 1040, Form 1040-SR and Form 1040-NR. It asks: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”

All taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency in 2021.

TaxGarden to report Business Tax Extension and Personal Tax Extension online
Continue reading IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021
 

IRS kick started the 2022 tax season and officially it is tax time.

It is Tax Time for 2022, the Internal Revenue Service kicked off the 2022 tax filing season on January 24, 2022. The reminder to taxpayers is to take extra precautions this year to file an accurate tax return electronically to help speed refunds. The January 24 start date for individual tax return filers allows the IRS to process the returns. By opening early, the IRS ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return. For most taxpayers who file a tax return with no issues, the IRS anticipates they will receive their refund within 21 days of when they file electronically if they choose direct deposit – similar to previous years. Last year’s average tax refund was more than $2,800.

Continue reading IRS kick started the 2022 tax season and officially it is tax time.
 

E-file is the best way to go for Tax Extension Applications.

Electronic filing over paper returns. Yes, there are differences in the processing of paper returns verses electronically filed returns. The IRS would take time to process the paper returns, it is processed in the order they receive it, due to some operational challenges the IRS always points that there could be a delay in processing the paper returns and encourages to choose electronic filing over paper returns.

Continue reading E-file is the best way to go for Tax Extension Applications.