For Immediate Release
April 06, 2012
|CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022
Liberty Tax Covers Last-Minute Filing Options for Taxpayers This Year
(Virginia Beach, VA) The countdown is on to one of life’s
ultimate deadlines, the dreaded tax filing deadline. This year, it’s April 17. Taxpayers will have the luxury
of time, with a few extra days to file this year because April 15
falls on a Sunday, and Emancipation Day, a holiday observed in the District of
Columbia, falls this year on Monday, April 16. Liberty Tax Service
has extended hours for last minute filers at participating locations.
“The late night run to the post office is becoming a nostalgic
option of the past. Last-minute taxpayers may find that fewer post offices are open until midnight for drop-off service. Liberty Tax Service
offices will extend hours during the final days of the tax filing season so
taxpayers can e-file their tax return or extension around the clock up to the
midnight deadline,” noted John Hewitt, CEO of Liberty Tax.
As taxpayers face the Federal tax filing deadline, those who owe
taxes have some choices.
TIME TO FILE TAXES OR AN EXTENSION REQUEST
will grant an automatic six-month filing extension to taxpayers who file or
e-file a timely extension application. Taxpayers do not need to provide a
reason for their request. Individual taxpayers need to file or e-file Form
4868, Application for Automatic Extension of Time to File U.S.
Individual Income Tax Return, by April 17 to
be granted a filing extension until October 15. Taxpayers
who owe can elect to have funds withdrawn electronically using a credit or
debit card if they e-file their return. Or they can enroll in the U.S.
Treasury’s Electronic Federal Tax Payment System that enables electronic fees
withdrawals with no additional fees. An
extension of time to file a tax return still does not constitute an extension
of time to pay any tax liability. Penalties and interest accrue from April 18
if the tax liability has not been paid.
PLANS FOR THOSE WHO OWE
someone do who owes the IRS money but can’t pay the full amount by April 17? Taking out a bank
loan may be the least costly option. Another option is to ask the IRS for
permission to make monthly installment payments. If you are not currently
on an IRS installment plan, complete Form 9465, Installment Agreement
Request. This form can be e-filed with other tax forms or it can be
attached to a return and mailed. To limit penalty and interest charges,
the taxpayer should pay as much of the tax due as possible when sending in the
who have already mailed or electronically filed their returns can mail Form
9465 to the appropriate IRS
Service Center. The IRS usually
approves or denies installment requests within 30 days of receipt.
Form 9465 FS is new this year, and
raises the tax liability limit from $25K to $50K. There’s also Form 1127A for people who have been
unemployed. This gives an extra six months to pay without a penalty.
will approve or deny the request by sending out a written response. If
the IRS approves the request, they will send you a notice detailing the terms
of your agreement. These payments must be made on time, and the taxpayer must
agree to meet all future tax liabilities. One available option to ensure timely
payments is to have the funds directly debited from a bank account
can charge their taxes owed to a MasterCard, VISA, Discover, American Express
Card or a debit card. They can also pay on the Internet by going to:
www.PAY1040.com or call 1-888-PAY-1040
www.officialpayments.com or call 1-888-UPAY-TAX
www.payUSAtax.com or call1-888-9-PAY-TAX
convenience fee applies when making credit card payments.
DEADLINE IS ALSO APRIL 17
Taxpayers still have until April 17 to open a
traditional Individual Retirement Arrangement (IRA) that may help lower tax
liability for this year. Taxpayers who are covered by a pension plan can also
deduct traditional IRA contributions if they meet the modified adjusted gross
income requirements. A couple filing married filing jointly whose income
is under $110,000 can take a deduction, and so can single taxpayers (including
head of household filers) making less than $66,000. The contribution
limit for 2011 is $5,000 ($6,000 if age 50 or older).
About Liberty Tax Service
Tax Service is
the fastest -growing retail tax preparation company in the industry’s
history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax
industry, Liberty Tax Service has prepared over 9,000,000 individual income tax
returns. With 42 years of tax industry experience, Hewitt stands as the
most experienced CEO in the tax preparation business, having also founded
Jackson Hewitt Tax Service.