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April 12, 2007
Cedar Rapids, Iowa - April 12, 2007 - Have you been putting off doing your taxes? You're not alone. Despite the filing deadline being extended two extra days, millions of taxpayers are beginning to feel the pressure to finish their taxes.
The reasons are plentiful as to why you may not have filled your 2006 tax return. Fortunately, however, you have a two more days to file your tax return this year. Because April 15 falls on a Sunday and April 16 is a legal holiday in Washington, D.C., you have until April 17 to file your return (without requesting an extension).
According to an Online survey conducted by 2nd Story from March 13 to April 3, 2007 asked its respondent, “If you have not filed your 2006 tax return yet this year, why not?” 2,227 people responded,
- No reason/procrastination/usually file late: 42 percent
- I'm in the process of filing: 26 percent
- I owe money, so I wait until the deadline: 20 percent
- I'm missing documents: 9 percent
- Not enough income/I don't have to file: 3 percent
Now that the April deadline is just around the corner -- it's time to bite the bullet and organize your tax information in order and prepare to file your return. Unfortunately, preparing a tax return can seem like a complex homework assignment. But what should you do if you still don't have all your financial information yet?
If you're certain that you won't get your taxes in by the deadline, you need to file for a six-month extension using IRS Form 4868 - Application for Extension of Time to File - which automatically extends the day to file your income tax to October 15. If you don't, you'll pay a 5 percent penalty each month on any unpaid balance you owe the IRS. And remember, this is an extension for time to file, not to pay. So, you will need to estimate your taxes. If you determine that you have an amount owed to the IRS, you are still obligated to remit payment to the IRS by April 17.
TaxACT Standard (desktop or Online) will help walk you through filing Form 4868 and make a reasonable estimate - making it easier for you report to the IRS your estimated income, tax liability and the amount you are paying to help you avoid paying unnecessary interest and penalties.
About TaxACT
TaxACT is the pioneer and No. 1 provider of free tax-preparation software and online services. After nearly a decade, TaxACTOnline.com has emerged as the second most visited online destination for tax preparation services. 1 Designed to make preparing taxes electronically possible for everyone for little to no-cost, TaxACT was the first to offer free federal electronic tax preparation, printing and electronic filing services directly to all American taxpayers.
With its user-friendly, interview-like format, TaxACT is designed to make tax preparation fast, easy and reliable by providing extensive reference tools and automatic alerts that meticulously inspect returns for errors, incomplete information and omissions.
About 2nd Story Software, Inc.
2nd Story Software, a privately held company founded in 1998, is critically acclaimed as being a leader in developing and marketing affordable tax preparation software and Web-based services directly to consumers. The comprehensive suite of TaxACT products continues to empower its users to devise well-informed tax strategies with ease, while looking out for the cost-conscious. More information regarding 2nd Story and the TaxACT product line may be found by visiting www.TaxACT.com.
1 According to collective week end-reports released by Hitwise™ during the 2004 and 2005 tax seasons, TaxACT Online ranked second in the number of hits it achieved as compared to other monitored Web-based tax-preparation services. More information regarding Hitwise may be viewed by visiting www.hitwise.com.
2nd Story Software, Inc., company and product logos, TaxACT and TaxACT Online, among others, are registered trademarks of 2nd Story Software. Other party trademarks or service marks are the property of their respective owners and should be treated as such.
Source: TaxAct.com
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