- Days left

Need more time? FileLater helps you file for 6-month tax extension: 20% off for Walletpop readers

It's tax time and there's really no way you could miss it, what with "I've got people" commercials and college students dressed up as Lady Liberty hawking tax prep services on every corner. As April 15 marches closer, the lines at local accountants will be getting longer and prices will also increase. You may want to think about filing for a tax extension with the IRS.

This is where FileLater, an online tax extension processor, steps in to walk you through the process of scoring a 6-month tax extension.

Filing for an extension is great for those of us who started a new venture sometime in 2008. If you're dealing with additional pre-tax income like me, you may want an extension so you can meet with a CPA when the dust settles and find all the deductions you can to offset what you owe.

Yes, it's true that you can file for free by yourself, and if your taxes are the same as last year, you're lazy, or you can't find all your documents yet, this is the simplest option. But for more complicated returns, there are definite benefits to be wrung from e-filing for an extension.

First and foremost, filing for an extension electronically provides you with a confirmation that the request was received and processed correctly, something you can't get by mailing your form directly to the IRS. If your request is denied, due to incorrect information, FileLater will help you correct the problem and re-file it for no additional charge. Additionally the built-in tax calculators and live chat support make the fee worth it for anyone wary of making a mistake due to new information.

The one thing you can't do with an extension no matter how you file is delay making any payments to the IRS, though if you aren't able to pay your estimated amounts, filing for an extension will at least let you avoid the late filing penalties. If you expect to owe the IRS money this year, you can make use of FileLater's e-file certification to pay the estimated taxes from your bank account.

FileLater is essentially a Turbo Tax style tool for filing for an extension, which also comes with the bonus of knowing that your extension was received and approved. The service is $17.95 for individuals including 1099 contractors, single member LLCs and Schedule C Sole Proprietors and $29.95 for businesses.

WalletPop readers can file for an extension cheaper by using the coupon code Pop20 for 20% off a tax extension e-file.

Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

TurboTax Articles

Tax Tips for the Blind

Anyone whose field of vision falls at or below 20 degrees, who wears corrective glasses but whose vision is 20/200 or less in his best eye, or who has no eyesight at all, meets the legal definition of being blind and is eligible for certain tax deductions.

What is Form 4255: Recapture of Investment Credit?

When is a tax credit not a tax credit? When the IRS takes it back. If you're in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit you've earned in prior years. This process, known as recapture, occurs if you claim a credit -- in this case, a credit for a specific type of business investment -- and then no longer qualify for that credit.

The Most Important Tax Forms for ALEs (Applicable Large Employers)

In 2015, some parts of the Affordable Care Act specifically apply to businesses, in particular, large employers. The Employer Shared Responsibility provisions affect companies with 50 or more full-time employees or an equivalent of part-time or seasonal workers. These companies are called Applicable Large Employers, or ALEs. 2015 is considered a transition year as everyone gets used to the new normal for workplace health plans.

Employer Sponsored Health Coverage Explained

The Affordable Care Act, also known as Obamacare, is simpler than some people may give it credit for. The basic rule to remember is that everyone must carry Minimum Essential Coverage (MEC) or pay a penalty. Employers with 50 full-time employees or more are obligated to sponsor plans for their workers to help them meet this requirement.

How to Report RSUs or Stock Grants on Your Tax Return

Restricted stock units (RSUs) and stock grants are often used by companies to reward their employees with an investment in the company rather than with cash. As the name implies, RSUs have rules as to when they can be sold. Stock grants often carry restrictions as well. How your stock grant is delivered to you, and whether or not it is vested, are the key factors when determining tax treatment.

Add a Comment

*0 / 3000 Character Maximum