| Press Information
For Immediate Release
October 11, 2012
| CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022
Liberty Tax Can Help with October
15th Tax Extension Deadline
Beach, VA) - This October 15th may feel more like April 15th to many as the
6-month extension to file 2011 tax returns ends on Monday. Procrastinators are
scrambling to Liberty Tax Service(NASDAQ:TAX) offices to beat the deadline. In September,
the Internal Revenue Service said that many of the 11+ million taxpayers who
requested an automatic six-month extension this year still have yet to file.
common misconception for filing the extension is to delay payment. But this is
not the case – if you owe taxes your payment deadline was April 15. Late
payment penalties and interest are assessed when you do not
send the IRS your tax obligation by the tax deadline. The late payment penalty
is usually 0.5% of your unpaid taxes, with the maximum at 25%.
The IRS will also assess a late filing
penalty of 5% of the unpaid taxes not paid by the due date for each month your
taxes are late, with a maximum also at 25%. If your payment is more than 60
days past due, the minimum late filing penalty is $135 or the balance of the
taxes you owe, whichever is less.
Taxpayers have a number of options available to pay their tax
liability. Those that can pay their tax liability in full can do so by debit or
credit card, electronic funds transfer or check or money order. Or taxpayers
can ask the IRS for permission to make monthly installment payments by attaching
Form 9465, Installment Agreement Request to their tax return. Another option for
payments is to have the funds directly debited from a bank account. A Liberty
Tax officecan assist you with these options.
Tax Service reiterates the importance of double checking your tax return and
not rushing through it, possibly missing credits and deductions. There is a
little good news for late filers out there, if you get money back, you won’t be
charged any penalties or fees at all.
many people still have time to file. The IRS has allowed more time for some
people, including members of the military and others
serving in Iraq, Afghanistan or other combat zones (to identify these zones
visit http://www.irs.gov/newsroom/article/0,,id=108331,00.html). Also people with extensions in areas of Louisiana and Mississippi
affected by Hurricane Isaac also have more time, until Jan. 11, 2013, to file
About Liberty Tax Service
in 1997 by CEO John T. Hewitt, Liberty Tax Service has over 4,100 offices in
the United States and Canada. The parent company of Liberty Tax, JTH Holding,
Inc. is publically traded on the NASDAQ Global Market (NASDAQ: TAX).
Tax Service offers its clients more than just tax returns and filings, Liberty
Tax translates government regulations and laws into real life terms so clients
better understand the qualifications and applications. Liberty Tax stands
behinds community enrichment efforts, as well, by sponsoring various
non-profits such as Relay For Life, Cell Phones for Soldiers, Wounded Wear,
VetFran, March of Dimes and Run For Food.
a more in-depth look at Liberty Tax Services, visit www.libertytax.com or the Give Me
Liberty! Magazine. Contact Liberty Tax directly at