Irs Extension

The IRS is a branch of the government responsible for collecting taxes and enforcing tax laws. Tax returns are due on April 15th of every year. However, certain individuals are eligible for an IRS extension. Among those eligible are people living in a federally declared disaster area. For example, in the summer of 2009, some areas of the state of Kentucky were hit by strong storms and suffered severe damage. The IRS granted individuals and businesses within the disaster area a tax relief extension. The extension gave these people the ability to delay the filing and payment of taxes for a designated amount of time. Members of the military who are serving abroad in combat zones are also eligible for tax extensions. Generally, servicemen have 180 days past their return date to file their taxes.

Fast Facts

  • In 2009, about 10 million extensions were requested of the IRS. This number rose from 9.5 million in 2008.

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    The acquisition, ownership, operation, and disposition of Investment Property often results in generating a Ca...
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  • Tax on Capital Gains

    The term Capital Gain means the profit realized from the sale or disposition of a Capital Asset. The IRS consi...
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    • Site: financialplannernetwork.com
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