Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.
Here are some of these special tax benefits:
• Combat pay exclusion: If someone serves in a combat zone, part or all of their pay is tax-free. This also applies to people working in an area outside a combat zone when the Department of Defense certifies that area is in direct support of military operations in a combat zone. There are limits to this exclusion for commissioned officers.
The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes.
C-Corp Businesses have until April 18, 2022 to complete a tax return and pay the taxes. When need additional time to report the tax return, the IRS grants automatic extension of time upto 6-months when you complete IRS Extension Tax Form 7004 by the actual due date. https://ExtensionTax.com support electronic filing for C-corps to receive extension of time in 3 simple steps, instantly. Likewise the Personal Extension Tax Form 4868 is also due on April 18. Act fast to push your federal tax deadlines from April 18 to October 17, today!.
As the 2019 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many easy payment options.
The IRS anticipates that most taxpayers will be affected by major tax law changes. While most will get a tax refund, others may find that they owe taxes, many of whom may qualify for a waiver of the estimated tax penalty that normally applies. See Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and its instructions for details.
“The IRS understands there were many changes that affected people last year, and the new penalty waiver will help taxpayers who inadvertently had too little tax withheld,” said IRS Commissioner Chuck Rettig. “We encourage people to check their withholding again this year to make sure they have the right amount of tax withheld for 2019.” Continue reading →