Is there a way to file FREE electronic federal tax extension ?
Check this link here: TurboTax Easy Extension
For more information:
http://turbotax.intuit.com/support/kb/general-program-issues/tax-essentials/605.html
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Here is the list of alternative payment options to consider:
Request an Extension of Time to Pay —Based on the circumstances, a taxpayer could qualify for an extension of time to pay. The IRS is willing to allow extensions of time to pay in order to assist in tax debt repayment.Posted by Sandeep 0 comments
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California gives you an automatic filing extension through October 15, 2007. You don't need to apply for one. Here's what you should do if you can't file by April 17, 2007:
For extension for federal tax returns, click here.
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Visit IRS web site for detail information on this, click here.
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The mortgage interest on a second home which you use as a residence for some portion of the taxable year, is generally deductible if the interest satisfies the same requirements for deductibility as interest on a primary residence. Real estate taxes paid on your primary and second residence are, generally, deductible. Deductible real estate taxes include any state, local, or foreign taxes on real property levied for the general public welfare. Deductible real estate taxes do not include taxes charged for local benefits and improvements that increase the value of the property. For more information, refer to Publication 17, Your Federal Income Tax for Individuals, Chapter 24; Tax Topic 503, Deductible Taxes; and Publication 530, Tax Information for First-Time Home Owners.
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The maximum deductible interest on a qualified student loan is $2,500 per return. If you are a taxpayer whose return status is married filing jointly, you are allowed to deduct the full $2,500 only when your modified adjusted gross income (MAGI) is $100,000 or less. If your MAGI is more than $105,000, but less than $135,000, the amount of your student loan interest deduction is gradually reduced. The instructions for Form 1040 (PDF) show you how to compute the deduction. If your MAGI is $135,000 or more, you are not able to take any deduction.
For those whose filing status is single, head of household, or qualifying widow(er), the full $2,500 deduction is allowed for MAGI levels equal to or below $50,000. For MAGI between $50,000 and $65,000, the deduction amount is gradually reduced. The Form 1040 Instructions show you how to compute the deduction. If your MAGI amount is $65,000 or more, there is no deduction.
There is no deduction if you file as married filing separately, if you are claimed as a dependent, or if the loan is from a related party or a qualified employer plan. For more information, refer to Publication 970, Tax Benefits for Education, Chapter 4; Tax Topic 505, Interest Expense; and Tax Topic 513, Educational Expenses .
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Employees, generally, must complete Form 2106 (PDF), Employee Business Expenses, or Form 2106-EZ (PDF), Unreimbursed Employee Business Expenses, when job-related educational expenses are involved. Educational expenses are deducted as miscellaneous deductions on Form 1040, Schedule A (PDF), Itemized Deductions. Alternatives to educational expense deductions should also be considered, such as the Lifetime Learning and Hope Credits, as discussed in Publication 970, Tax Benefits for Education, Chapter 2 and 3.
Self-employed individuals include educational expenses as deductions on Form 1040 Schedule C (PDF), Profit or Loss From Business; Form 1040, Schedule C-EZ (PDF) , Net Profit From Business; or Form 1040, Schedule F (PDF), Profit or Loss From Farming. For more information, refer to the forms, instructions, and publications listed above plus Tax Topic 513, Educational Expenses, and Tax Topic 605, Education Credits.
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In some cases, you may be able to deduct the cost of classes you need for work. This deduction, however, would be subject to the 2 percent of AGI limitation, along with most other miscellaneous itemized deductions you list on Form 1040, Schedule A (PDF), Itemized Deductions.
To be deductible, your expenses must be for education that:
(1) Maintains or improves skills required in your present job, or
(2) Serves a business purpose and is required by your employer, or by law, to keep your present salary, status, or job.
However, these same expenses are not deductible if:
(1) The education is required to meet the minimum educational requirements of your job, or
(2) The education is part of a program that will lead to qualifying you in a new trade or business.
Educational expenses, related to your present work, that are incurred during periods of temporary absence from your job may also be deductible provided you return to the same job or same type of work. Generally, absence from work for one year or less is considered temporary.
For more information, refer to Publication 970, Tax Benefits for Education, Chapter 12; and Tax Topic 513, Educational Expenses.
References:
Publication 970, Tax Benefits for Education
Tax Topic 513, Educational Expenses
Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits)
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Deductible educational expenses include amounts spent for tuition, books, supplies, laboratory fees, and similar items. They also include the cost of correspondence courses, as well as formal training and research you do as part of an educational program. Transportation and travel expenses to attend qualified educational activities may also be deductible. For more information, refer to Publication 970, Tax Benefits for Education; Chapter 12 and Tax Topic 513, Educational Expenses.
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You will need to contact our assistance line at (800) 829-1040 to receive information on the processing of your amended return. Amended/corrected returns are processed as quickly as possible. However, it could take 8 to 12 weeks to process an amended return.
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No, an amended return must be filed on a paper Form 1040X (PDF), Amended U.S. Individual Income Tax Return, and mailed to your servicing center for processing. You may submit the form after the IRS processes your original return.
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Form 1040X (PDF), Amended U.S. Individual Income Tax Return, is designed with three columns. Column A is used to show the figures from the original return. However, if you previously amended that return or it was changed by the IRS, enter the adjusted amounts. Column C is used to show the correct figures. The difference between the figures in Columns A and C is shown in Column B. On the back of the form you need to explain the specific changes being made on the return and the reason for each change. If the changes involve another schedule or form, attach it to Form 1040X (PDF). Be sure to enter the year of the return you are amending at the top of the form as required.
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It depends on the type of mistake that was made. Many mathematical errors are caught in the processing of the tax return itself. If you did not attach a required schedule the service will contact you and ask for the missing information.
If you did not report all your income or did not claim a credit, you are entitled to file an amended or corrected return using Form 1040X (PDF), Amended U.S. Individual Income Tax Return. Include copies of any schedules that have been changed or any Form W-2 (PDF) you did not include. The Form 1040X (PDF) should be submitted after you receive your refund or by the due date of the return, whichever, is earlier. Generally, to claim a refund, the Form 1040X (PDF) must be received within three years after the date you filed your original return or within two years after the date you paid the tax, whichever is later.
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Visit IRS web site for detail information on this, click here.
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