If you’re stressing out and at wits end trying to pull everything together to get your taxes filed on time, don’t worry. Just like any other year you can file a tax extension to get give you extra time to get your taxes done.
How long will filing for an extension on your taxes give you to do your taxes?
If you file for an extension you’ll have until October 15th, 2012 to file your tax return.
How do you file a 2011 IRS Extension form?
First of all, don’t pay anyone to file your extension for you. The IRS provides free file and everyone is eligible for it.
Let Free File do the hard work for you with brand-name software or online Fillable Forms. You can prepare and e-file your federal return for free. Participating software companies make their products available through the IRS. Some also support state tax returns.
Filing an extension requires Form 4868.
You can file the Form 4868 IRS Extension for free using available software like Turbo Tax, TaxACT, H&R Block 2011 Tax software which will all help you submit your tax extension for free using E-File. If you’re going to be using software mentioned above make sure you purchase downloadable copies & not CD-ROM versions. If you purchase the downloadable Tax Software for 2011 you’ll be able to start within minutes and will be able to file for 4868 Tax Extension form free tonight.
Another way to do this for your federal filing without software is to use the IRS Free Fillable forms. The one catch with using the IRS Free Federal Online filing is that it doesn’t include your state return and you’ll want to take care of that as well. However if you’d like to use them free fillable forms just go here and you’ll be ready to go.
Please don’t stress out for Tax Day at this point though. Tax Day 2012 can be extended now for free by using using Free File to prepare and electronically submit Form 4868 which is free to everyone.
Taxpayers can use paid preparers or purchased software to electronically file Form 4868. A paper version is also available for download from the IRS Web site, IRS.gov at this link. However, you will only receive an acknowledgement that the IRS received your request, if you e-file or Free File the request.
One thing you must remember if you want to file an extension for your tax filing in 2012 is that you can extend your time to file but not to pay. The IRS lists this information on their site to remind you about payments and other information:
“An extension of time to file is not an extension of time to pay. You need to estimate your tax liability and pay any balance due when you request the extension. Several payment options are available, including electronic funds withdrawal, credit card and check.
If you are unable to pay the total balance due, you should pay as much as possible and then contact the IRS about an installment plan. Even if you cannot pay the balance due, it is important to either file a return or request an extension to avoid the failure-to-file penalty.”
Hey we get it who wants to read a bunch of stuff to figure out how to file your taxes? We’ve provided a lot of the top videos explaining how to file your tax extensions so that you can click play and sit back and figure it out. Good luck!
A video from the IRS about filing your taxes for free:
How to File an Extension for Income Taxes
The form 4868 is used to request an extension on income taxes, and it has to be filed by the due date, which is typically April 15. Find out how a person is still liable for interest and penalties if they file for an extension with help from a tax bookkeeper in this free video on filing extensions for taxes.
Expert: Ken Lewellyn
Bio: Ken Lewellyn is co-founder of Tennessee Business Service, Inc.
Filmmaker: Dimitri LaBarge
What are Tax Extensions – TurboTax Tax Tip Video
Tax extensions are available to anyone who needs extra time to file, but it does not apply to payment deadlines. Submit the proper forms before April 15th to get a filing extension with help from TurboTax in this video on annual tax filing.
How To Get an Extension on Your Tax Return
Tax deadline sneak up on you? Filing for an extension is easy, and you don’t even have to give a reason.
To complete this How-To you will need:
Form 1040 (or 1040A, EZ, NR or NR-EZ)
Your earnings statements
A post office, public library, or tax office
An application that can view PDF files
Step 1: Understand your extension
First off, let’s get this straight—filing for an extension means you have an extra six months to file your paperwork, not extra time to pay your taxes. Failure to pay the taxes you owe by April 15 will result in interest and penalties.
Tip: If you live and work outside of the U.S. and Puerto Rico, you automatically have two extra months to file your return and pay any taxes.
Step 2: Get the form
Get a copy of Form 4868—the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You can find it at most post offices, public libraries, and tax offices. Or you can download it from www.irs.gov.
Tip: To download, open, and print the form, you’ll need a printer and an application that can view PDF files, like Preview (on a Mac) or Adobe Reader (available at www.adobe.com).
Step 3: Complete Form 4868
Complete Form 4868 according to its instructions.
Step 4: Pay up
Write a check to the Internal Revenue Service for any taxes owed.
Step 5: Mail the form
Mail Form 4868, along with any payment due, by April 15.
Tip: Form 4868 can be filled out and submitted electronically at www.irs.gov. You can also pay any taxes you owe online or by telephone.
Step 6: File your return
File your tax return by October 15. There—now was that so hard?
Tax Tip Series: Last-Minute Tax Tips and Extensions
With the April 17, 2012 tax filing deadline rapidly approaching, there are many potential errors that taxpayers should watch for. To start, brokerage firms have been issuing corrected 1099-Bs, which contain cost basis information on stocks purchased and sold in 2011. Other areas of concern include 1099-Ks issued to small-businesses and sole proprietors receiving credit card payments during the year; Form 1098 for mortgage interest, and forgetting to pay the annual installment if you received a 2008 homebuyer credit.
With so many areas to double check, if you cannot get your return completed on time, you can file for a six-month extension. However, an extension does NOT extend the time to pay any tax due. If you do not wish to incur late penalties, talk with your tax adviser to estimate the amount due, which you then pay when filing your extension.
Facebook Affirms Decision To Block Marijuana Advertising
As Facebook gains a footing in the advertising industry along with Google, the California-based tech corp has finally decided that they will be implementing a universal ban on advertisements that attempt to sell marijuana.
Following an arduous rally of pros and cons and board room deliberations on the matter, the company has finally come up with continuing to block marijuana-related content and advertising on its platform, a decision made Tuesday says.
Roughly 60 policy makers and executive of the company convened at Ireland, Washington D.C., Kenya, Los Angeles and Facebook headquarters in Menlo Park at the company’s weekly product policy meeting, arguing the merits of the policy and the counter policy on whether they should allow direct cannabis sales throughout its platform. At the end of the meeting, the body has agreed that they will keep their anti-cannabis policy in place but also noted that the company would be implementing several changes on the social networking site’s current cannabis content rules.
Selling marijuana is already legal in some states and Canada, and currently, Facebook bans cannabis related content, especially those that attempt to sell, trade, or barter the drug. At present, Facebook, however, allows the advertising of cannabidiol, or CBD, a non-intoxicating compound found in cannabis plants. Other allowable contents are posts, pages and non-advertising content touting the sale of cannabis seeds and items such as bongs, rolling papers, vaporizers and accessories that are often found at legal smoke shops.
Facebook rolled out an updated version of their policies on community contents that govern tobacco, drugs, and other regulated products such as guns and CBD. Accessory ad regulations became tighter too.
However, Facebook’s decision to uphold its previous rules and strengthen them dismayed the cannabis industry citing that the universal ban can hamper companies’ ability to reach an audience that is available on the social media platform.
“What is the dream that has been killed?” Rebecca Brown, founder of Crowns Agency, which specializes in cannabis marketing and brand consulting, said over the phone Tuesday. “Everyone needs to build a brand and not just micro brands, but household, name brands. Facebook has reached and scale that competes with traditional broadcast. The bitter pill of this decision was that Facebook could have become an opportunity that could have solved very significant impediments to [cannabis companies] becoming a Coke, a Starbucks, a Walmart,” Brown said.
Journalists from the MarketWatch, who was also present in the meeting said that “Facebook studied three potential changes to its cannabis sales policy, according to presentation slides. One would have allowed users to sell pot directly to one another and buy from recreational and medical pot shops in legal jurisdictions. A second option looked at only buying from brick-and-mortar shops where pot is legal, and a third narrowed sales further still to only those stores involved with medical cannabis.”
Noting the complexity of cannabis legislation from around the globe and the diversity of policies targeted at irresponsible marijuana users, the team highlights that cannabis regulation in each country varies, and it is impossible for them to roll out. “The company also said that, partially because of regulatory uncertainty, it would be “operationally difficult” to implement policies — for example, determining who is a legitimate operator and who is not, across hundreds of jurisdictions.”
As part of the plan, Facebook said it was going to spend more time training content moderators about its cannabis-related policies. “For companies that are focused on creating a brand like we are, that is only accessible to those over the age of 18; Facebook is one of the best ways in the world to only target the audience we want to speak to,” Jake Heimark, chief executive of edibles-maker Plus Products Inc. PLPRF, -1.12% said it.
“It’s a real loss for the whole industry,” he said. “That’s the worst thing about this — Facebook could be a partner. But it’s a global company, and they’re put in a difficult spot.”
“We’re dealing with a regulator that’s trying to fix that plane while they’re flying it,” Michael Elkin, vice president of partnerships and sales at High 12 Brands, said late Tuesday over the phone. “Health Canada has not come out with a specific regulation — we’re still waiting for proper direction. Nothing [would have] changed.”
Boeing’s Aftermath After Deadly Plane Crashes
Last October, 189 people died on a Lion Air plane crash over the Java Sea, minutes into the flight. Last March, another 157 people killed on an Ethiopian Airlines plane crash while on its way to Nairobi, Kenya. The link between the two plane crashes? Both used Boeing’s new 737 Max 8 planes.
Boeing is ready to take the next step as they move forward from the tragedy that caused the lives of 346 individuals following the malfunctions of their new 737 Max 8 planes. However, the rest of the world share the same sentiments.
People who have lost their loved ones to the deadly plane incidents – airline companies, and the government are all coming after the airplane manufacturer demanding answers, compensation, and even justice for the toll it has caused unto the lives of the people who were left behind.
Boeing’s in a tight spot as their problems are accumulating more profusely during a sensitive time when they just presented the changes that they have started implementing to the FAA in accordance to the identified issues that may have led to the October and March crashes.
Tomorrow the Federal Aviation Authority is set to present updates regarding changes in Boeing’s safety and technical features on their 737 Max 8 plane crafts during an aviation summit in Texas that will involve 57 agencies from 33 countries, including China, France, Germany and the UK, as well as the European Union Aviation Safety Agency.
However, their consistent public neglect of the issue cannot just be forgotten as they still have to publicly address the issues revolving around the cause of the unfortunate incidents. Moreover, Boeing must be held accountable for the lives lost and lives affected by the accidents.
A French woman, May 20, filed a U.S. lawsuit against Boeing for the loss of his husband in the Ethiopian Airlines crash along with a dozen or more family members who also lost their loved ones in the crash and about another dozen more from the Lion Air crash.
Nadege Dubois-Seex, the French woman who lost her husband, Jonathan Seex, a Swedish and Kenyan citizen and chief executive of the Tamarind Group of Companies, filed in a U.S. District Court in Chicago and is demanding for compensation from Boeing amounting to $276 million.
“The life of my husband was taken knowingly, and even willingly,” Dubois-Seex said in a press conference. “Boeing acted with cynicism. My husband was the collateral damage of a system, of a business strategy.”
A new system called MCAS was installed in Boeing’s 737 Max as part of the new fuel-efficient plane craft. Reportedly, this was supposed to rival the fuel-efficient plane that Airbus was planning to release.
The complaint alleges Boeing for failing to inform pilots properly about MCAS, which automatically lowered the plane’s nose in order to decrease stalling. However, it caused the plane to dip and ultimately crash because the pilots were unaware of how to handle the situation.
“We have learned that Boeing relied on a single sensor that had been previously flagged in over 200 incident reports submitted to the FAA,” U.S. attorney Nomaan Husain said during a press conference in Paris.
Explaining how he arrived at that sum, Husain added: “In 2018, Boeing grossed $101 billion. When you take that figure and divide it by 365, you arrive at the figure of $276 million.”
“Is one day’s worth of gross receipts by Boeing severe enough to deter future behavior? Or is it one week’s worth of wages, or one month, or one year? That’s going to be for the jury to decide.”
On the other hand, airline companies from all over the world have also demanded compensation from Boeing after regulators ordered all the 737 Max planes grounded after the second crash.
Turkish Airlines, United Airlines, Ryanair and Flydubai have requested compensation but the most notable is the major airline companies from China: Air China, China Southern, and China Eastern.
China has the most number of 737 Max planes in the world. Moreover, in lieu of the circumstance, they were the first to ground the planes as a precaution to passenger safety and welfare.
“China has grounded 96 aircraft, which is about 4 percent of its airplanes. The grounding causes huge losses for Chinese airlines,” China aviation expert Li Xiaojin told Reuters.
Daily losses are likely to be at least 100,000 yuan ($14,469.90) per aircraft for each airline, Li estimated.
“The potential costs are huge too. Slower growth in passenger volume across China’s major airports for March and April was largely due to the grounding of 737 MAX jets, according to my calculations,” Li said.
Moreover, this also comes at a time when US-China relations are at a heated relationship with the on-going trade war and higher tariffs being placed against one another.
It is unclear that Boeing will have its 737 Max planes up in the air for the summer travel peak season but we’re guessing that it would be most unlikely.
Are Hackers Friends Of Crypto Industry Or Are They Enemies?
The unregulated universe of cryptocurrencies have found its unlikely allies among hackers in solving systemic problems and fixing bugs, a report reveals.
Crypto companies including crypto exchanges have paid a lump sum of at least $32,150 to different white-hat hackers by fixing the security flaws in popular crypto and blockchain platforms such as TRON, Brave, EOS, and Coinbase.
The data revealed that 15 blockchain and crypto-related firms had made hefty payments as rewards to security researchers between March 28 and May 16. The said rewards were made concerning 30 publicly-released bug reports during the entire duration.
Among all the companies who had the security threats, Omise, the software firm behind cryptocurrency OmiseGo, need the most fixes with six disclosed bugs and security issues. Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.
Crypto and blockchain technology has since been criticized by different financial institutions for being volatile and vulnerable to technology and cyber crimes, making the technology not conducive to become a working technology. It only makes sense that in time when they need help the most, white-hat hackers and security researchers are there to help them – for a price.
According to the study, he payment varies depending on the severity of the bug. They adjust their HackerOne rewards depending on how easy or difficult it is for the white-hat hacker to reolve a security issue. For instance, majority of Omise’s disclosed security flaws were only worth around $100 each, there are other payments that amounted to a lot more, the study suggests.
Both Block.one, the company that owns the EOS “blockchain,” and budding network Aeternity paid one hacker with more than $10,000 for a single issue that the hacker paid. TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, something thatcould jeopardize the future of the company.
Most of cryptocurrency companies and blockchain firms, just like other tech-based companies, have set up a reward or bounty system that would pay anyone that can point out any form of security issue in their systems; a bigger reward is also provided to those who can fix them.
While hackers who decided to use their skills to improve the technology stratosphere are increasing in number steadily, they could at any time decide to use their skills to exploit the vulnerabilities they have discovered for bigger take home money.
Just like how last week, cryptocurrency exchange Binance announced that hackers had successfully stolen 7,000 BT (then $40 million, now $55 million) from its own wallets.
Similarly crypto exchange company Cryptopia announced last week that the company is going into liquidation following the attack that lost the company millions of dollars worth of crypto money in January.
According to a blockchain data analytics firm, their investigation allowed them to estimate the loss caused by the cyber attack to be as much as $16 million in ether and ERC-20 tokens. While the company has restarted their trading services in March, no one is still certain of the actual damages that the cyber attacked caused the company. Until now, the company is still recovering from the aftermath of the breach and still having banking issues.
According to the liquidation firm, Grant Thornton, since the damages caused by the hacking was too “severe” and has impacted the company massively in terms of trade, and amidst the effort of its management to regain composure by reducing costs and returning the business to profitability, they have decided that liquidation is the best option for the company and all stakeholders moving forward.
It is still unclear whether or not Cryptopia is running its own bounty program but coincidentally, Binance has a bounty reward of $100,000 for anyone who can solve the mystery of their stolen crypto money, but until now, the perpetrator is still at large and unidentified.
“At Binance, the security of our users is our number one priority. As such, we strive to provide the most secure platform possible. We will evaluate reported security issues based on the security impact to our users and the Binance ecosystem.”
In the end, the question still remains: Are hackers friends of the crypto industry or are they the enemy?
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