An income tax is a tax that is imposed by the government to individuals or the taxpayers. They vary depending on the income of the taxpayer. Individuals need to pay their income taxes on time or on the specified due date. Companies file and pay for their employees income taxes by deducting it from their salaries. The process will work smoothly unless there are certain things or errors that will hinder the process. You may need to file a an income tax exemption.
To file an income tax exemption, you will need to fill out an income tax extension form. It is necessary to have this form to be able to have your request for an extension to be accepted. Sample Forms are provided below.
Income Tax Filing Extension Form in PDF
Sample Business Income Tax Extension Form
Individual Income Tax Extension Form Example
Standard Income Tax Extension Payment Form
Basic Automatic Income Tax Extension Form
Types of Taxes
- Federal Income Tax – This type of tax is imposed by the national government on one’s annual income. Individuals are eligible for a reduced tax rate, but they vary depending on the filling status. You can also see Sample Federal Tax Forms.
- Local Income Tax – Imposed by the local government on one’s annual income. This type of tax is usually collected from your property.
- Payroll Tax – The tax rate amount is deducted from your salary by your employer based on your salary. They will then be the one to pay for your tax on your behalf.
- Unemployment Tax – In the United States, tax is imposed on federal employers through a federal law called Federal Unemployment Tax (FUTA). The collected funds are used to help federal workforce agencies. You can also check Sample Unemployment Tax Forms.
- Sales Tax – This is the tax that you pay in almost everything that you purchase, or the tax from products and services. It is imposed by the government on the sale of goods and services.
- Foreign Tax – It is the tax paid to a foreign government for the income that is earned in that country. Oversees workers pay this type of tax.
- Value Added Tax – It is also known as goods and services tax or GST in some countries.
Corporate Income Tax Extension Form to Download
Free Income Tax Return Extension Form
Who Can File for a Tax Extension?
File extensions are done if a taxpayer will not be able to pay their taxes on the due date. Not all of the reasons are because of shortage or lack of funds. Individuals or institutions may apply for a tax extension when they still lack important tax documents or because of unexpected life events that interfere with their ability to file. If you also want to avoid hefty late payment penalties, then you will need to file a tax extension.
Importance of Taxes
- Raises government revenue.
- Helps in maintaining economic stability.
- By raising government revenues, government welfare programs get funded.
- It regulates the economic sectors in their production and distribution of goods and services.
- Helps build and strengthen the national economy.
- Spent by the government and used for the common good and benefit of all the people.
- Only those people who earn an income within a specified amount pay for tax.
You should always pay your taxes on time. But no matter how hard you try to pay for it on time, there will always be unplanned and unwanted situations that prevent you from doing it. Depending on the reason for the delay, you can still file for an income tax extension. We hope that you find these samples helpful. You may also check the Sample Tax Exemption Forms.
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