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3/29/2013

Reasons For Filing an IRS Tax Extension


Filing taxes after the deadline typically means that you will incur some pretty harsh penalties by the IRS.  However, there are a few situations in which the IRS does grant more time to file a tax return.

Out of Country:  Individuals who live and work out of the country automatically receive a two month extension without filing a Form 4868.  However, a return must be filed by October 15 at the latest.  This also applies to US military personnel working overseas.

Combat Zone:  In general, the deadlines for performing certain actions applicable to taxes are extended for the period of service in a combat zone, plus 180 days after the last day in the combat zone. This extension applies to the filing and paying of income taxes that would have been due April 15.

Reasonable Cause:  The IRS does also waive penalties for those individuals and businesses that had Reasonable Cause to not file or pay on time.  This is a more subjective reason to be reserved for the most extreme circumstances, and to be determined by the IRS.

Extend Your Deadline:  An individual, business, or nonprofit organization may elect to file for an extension of up to 6 months.  This is not an extension of time to pay, this is an extension of time to file the return itself.


ExpressExtension.com allows anyone to E-File the following Tax Extension Forms simply and easily:
  • IRS Form 4868: Personal Tax Extension of 6 months
  • IRS Form 8868: Non-Profit/Exempt Extension of 3 months and additional 3 months

All that is needed to file this form is a basic knowledge of the business as well as its official tax status.  Most of this information can be found on a previous year’s tax return as long as that information has not changed.  Important data such as the official business type and also the specific IRS tax return type needs to be entered in this Form.  If you are unsure of this information, please check a previous return or a tax professional.

Obviously the best way to avoid penalties and interest is to simply file on time! If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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3/27/2013

Failure-To-File Penalty Vs Failure-To-Pay Penalty


There is a difference between failing to file your taxes on time and failing to pay your taxes on time.  The law provides that the IRS can assess a penalty on either or both instances, should they occur.

Failure-to-file occurs if you do not file by the tax deadline.  This penalty is generally more than the failure-to-pay penalty, so if you need more time to file, you can file your Tax Extention within minutes, using ExpressExtension, to avoid this penalty.

  • This penalty is generally 5% of the unpaid taxes for each month or part of month it is late, up to 25% of your unpaid tax.
  • If the return is more than 60 days lates, the minimum penalty is $135 or 100% of the unpaid tax, whichever is smaller.

Failure-to-pay occurs if you do not pay by the due date.  Filing a Tax Extension only extends the amount of time to file, NOT to pay any tax due.

  • Generally there is a penalty of  ½ to 1% of your unpaid taxes for each month or part of month after the due date that your taxes are not paid, up to 25% of unpaid taxes.
  • If you filed a Tax Extension and paid at lead 90% of your tax due by the original due date and pay the remaining balance by the extended due date, you will not incur a failure-to-pay penalty.

If both penalties apply in any month, the 5% failure-to-file penalty is reduced by the failure-to-pay penalty; unless your return is more than 60 days late.  The minimum penalty will be $135 or 100% of the unpaid tax, whichever is smaller. If you can show reasonable cause for filing or paying late, the penalties may be waived.

ExpressExtension is an authorized IRS E-File provider and while we do not give tax advice, we do want to make our customers aware of of situations that may affect you during tax season.  Please contact a tax professional for tax advice and questions pertaining to tax laws.

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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3/25/2013

Why should I File an Extension For Personal Tax Return: Form 4868

April 15, 2013 is deadline for income tax return, but there’s no way your tax return done by then. What’s a procrastinator to do? File an extension, of course. You can E-File Form 4868 in just minutes at ExpressExtension.


You can automatically extend the April 15th due date to October 15th by filing Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” giving you six more months to file your personal income tax return.


Filing Form 4868 grants you an automatic, no-questions-asked 6-month extension. You don’t have to give a reason. Just sending this form to the IRS on or before April 15 gets you the extra six months.


The Form 4868 6-month extension is NOT an extension to pay any tax you may owe on the tax return. Form 4868 only grants an extension of time to file the tax return.


If you usually get a refund on your personal tax return, you are OK. But if you have a balance due, or if you are not sure, then you should go ahead and prepare the return to the best of your ability, do the calculations, and send in your balance due with Form 4868. That way you avoid any penalty and interest for late payment of tax.


When October 15th rolls around, you send in the return, showing the Form 4868 payment as a credit. The end result is this: you paid your tax on time (April 15), and you filed your tax return legally late (October 15) because you filed the extension form on time.


If you have a balance due, but don’t send in the payment with Form 4868, then you will have penalty and interest charges for paying the tax after April 15.


Bottom line: Do not overlook the fact that Form 4868 does not grant you an extension of time to pay the tax. It only gives you an extension of time to file the return.


If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.


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3/22/2013

Mobile E-File Tax Extensions With ExpressExtension

Tax Extension can be E-Filed in a matter of minutes when you use ExpressExtension.com.  The mobile version is m.expressextension.com and can be used on any smartphone or tablet!  No matter what you use – if it’s an iPhone, Android, Windows Phone, or BlackBerry they are all compatible with ExpressExtension.

ExpressExtension has taken the traditional Tax Extension Form and condensed it into a series of simple questions, making it ideal for using a mobile version.  All you need to complete a tax extension is a basic understanding of your business information and an estimated tax liability for the year.
The Corporate tax deadline is this March 15, 2013 for C Corporations, S Corporations, Multi-Member LLCs, Partnerships, Trusts & Estates.  These businesses can file the IRS Form 7004 for an extension of 5 – 6 months on their tax return.
The Personal tax deadline is April 15, 2013.  Individuals needing to E-File a tax extension can file the IRS Form 4868 that is used by individuals, 1099 contractors, Single-Member LLCs, and Sole Proprietors.
Non-Profit and Exempt Organizations can use the IRS Form 8868 to apply for an automatic 3 month tax extension or a non-automatic additional 3 month extension and is due by May 15, 2013.
The benefit to E-Filing these forms is that there is no need to wait around for the IRS to accept the extension.  With m.expressextension.com it’s even more convenient because you can file on the go, wherever you are!

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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3/20/2013

Automatic Extension


When E-Filing a Tax Extension online with the IRS using Form 7004, 4868, or 8868 you can receive an Automatic Extension of time to File your Federal Tax return.  The ability to know that your Tax Extension has been accepted is an exclusive benefit of E-Filing your Tax Extension Form online.  If you elect to file by paper, the IRS does not send any confirmation to let you know that your Extension has been accepted.

When using ExpressExtension.com to E-File your tax extension, you will automatically be notified by email the moment your Tax Extension has been accepted by the IRS.  We even offer additional services such as text message or fax notifications to notify you when the IRS has processed your Extension.  

A Tax Extension will automatically extend your Filing Deadline by up to 6 months depending on the particular form you need to file.  

  • IRS Form 7004: Extends the Tax Filing Deadline by 5-6 Months depending on the specific type of business that is filing.  This can be used by Multi-Member LLC’s C-Corporations, S-Corporations, Partnerships, Trusts, & Estates.  The Traditional deadline to file this form was March 15.
  • IRS Form 4868: Extends the Tax Filing Deadline by 6 months for Personal Tax Returns.  This Form can be used by Individuals, Families, 1099 Contractors, Sole Proprietorships, & Single Member LLCs.  The deadline for this form is April 15.
  • IRS Form 8868:  This Form provides an Automatic 3 Month Extension for Non-Profit or Exempt Organizations.  This form can be filed by May 15th and it can be filed a 2nd time for a Non-Automatic additional 3 month extension if more time is needed.

Note: An IRS Tax Extension extends the amount of time to File a Tax Return.  It does not extend the amount of time to Pay any Taxes Due.  The IRS will still expect the tax payment on the traditional deadline.  However, the IRS Penalties for a Failure to Pay are significantly lower than the penalties for a Failure to File.  So, if you are short on cash, it is better to pay what you can & file the Tax Extension before the deadline.

With ExpressExtension, you can E-File these forms within minutes.  If you have any questions about filing Tax Extensions, you can call or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 during our regular business hours of 8am – 6pm EST, Monday through Friday or email us at support@ExpressExtension.com.  We have Spanish Support too!
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3/18/2013

IRS Form 4868: Automatic Extension for Individual Tax Returns

The deadline to file your Personal Tax return is less than a month away.  If you need more time to prepare your tax return you can use Form 4868, officially called an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to file an extension. The key word here is Automatic. The deadline to file a Personal Tax Extension is April 15, 2013. If you don’t think you’ll be able to hit that dreaded April 15 deadline, you can E-File Form 4868 at ExpressExtension.com. The IRS will grant you an extra six months to file; your new deadline will be October 15.

Please note: IRS Form 4868 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 4868 is required by the due date of the return for which this extension is filed.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.  We have Spanish Support too!
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3/15/2013

Form 7004 Late Filing Penalties

There is a difference between failing to file your taxes on time and failing to pay your taxes on time.  The law provides that the IRS can assess a penalty on either or both instances, should they occur.

Failure-to-file occurs if you do not file by the tax deadline.  This penalty is generally more than the failure-to-pay penalty, so if you need more time to file, you can file your Tax Extention within minutes, using ExpressExtension, to avoid this penalty.

  • This penalty is generally 5% of the unpaid taxes for each month or part of month it is late, up to 25% of your unpaid tax.
  • If the return is more than 60 days lates, the minimum penalty is $135 or 100% of the unpaid tax, whichever is smaller.

Failure-to-pay occurs if you do not pay by the due date.  Filing a Tax Extension only extends the amount of time to file, NOT to pay any tax due.
  • Generally there is a penalty of  ½ to 1% of your unpaid taxes for each month or part of month after the due date that your taxes are not paid, up to 25% of unpaid taxes.
  • If you filed a Tax Extension and paid at lead 90% of your tax due by the original due date and pay the remaining balance by the extended due date, you will not incur a failure-to-pay penalty.

If both penalties apply in any month, the 5% failure-to-file penalty is reduced by the failure-to-pay penalty; unless your return is more than 60 days late.  The minimum penalty will be $135 or 100% of the unpaid tax, whichever is smaller. If you can show reasonable cause for filing or paying late, the penalties may be waived.

NOTE: For returns on which no tax is due, the penalty is $195 for each month or part of a month (up to 12 months) the return is late or does not include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due.

ExpressExtension is an authorized IRS E-File provider and while we do not give tax advice, we do want to make our customers aware of of situations that may affect you during tax season.  Please contact a tax professional for tax advice and questions pertaining to tax laws.

If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressExtension.com.
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Today Is The Business Tax Return Deadline

March 15, 2013 is the deadline to file Business Tax Returns.  That day is today!  If the deadline snuck up on you and you are not ready to file your return today, there is no need to panic.  At ExpressExtension, you can E-File Form 7004 within minutes, giving you an additional 5 or 6 months to prepare your return.  Please note: IRS Form 7004 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 7004 is required by the due date of the return for which this extension is filed.

ExpressExtension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS and our top notch Express Tax Support Center will have extended customer service hours today to assist those last minute filers.  Do not risk steep fines and penalties for filing a late return.

If you have any questions about filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155. We have Spanish Support, too!
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