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12/17/2014

Tax Chat: Form 7004

You know, it may be the magical holiday season right now, but those tax deadlines will be here before you know it. So I thought, we should take a moment and slow life down for just a second and sit down for a chat. I think we deserve a little break to think about the future every now and then. Grab a cup a tea, coffee, or some delicious hot chocolate and join me for a little discussion.

I'm new to the world of grown-up responsibilites, and can I just say that time moves so fast in this new world. I mean, I constantly lose track of time and what day it is. I start work on Monday and in a blink of an eye it's Friday. When this happens my inner child perks up and wishes Super Man's time travel powers could be used in real life. I tell you this because tax deadlines always seem to just sneak right up on us all and then we are under a lot of pressure to to get forms and information to the IRS, so we are not hit with crazy-expensive fines.

So thinking about this philosophy of time moving faster as we take on more grown-up responsibilites brings me to my main point of tax extensions. Tax extensions not only can save you from late penalties and all that stress, but they are super simple to complete and transmit to the IRS.

ExpressExtension.com provides many different tax extensions. The first tax extension deadline is in March for Form 7004, which extends your deadline to file your business tax returns. There are also ones due in April and May, but we will cover them in the next tax chat.

Form 7004
Are you ready for the complete title of this form....wait for it... "Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns". It's a long title, but this nifty little form has a lot of power. Form 7004 will automatically extend the filing deadline for 32 different IRS returns. The automatic extension can be five (5) or six (6) months, depending on the return for which the extions is filed. This form can be used by Multi-Member LLCs, C-Corporations S-Corporations, Partnerships, Trusts and Estates.

Once you create your accout, the program will walk you through the entire process. It's super simple, easy and will give you a bit more time in this fast paced world we have found ourselves in as we reach our "wiser" years. If you ever have any questions about the filing process, the ExpressExtension customer service team is amazing. For one, they are nice when helping you. I couldn't tell you how many times I call a customer service number and the people (if I ever reach one) are rude and not helpful at all. You will never run into that problem with this team. And two, they are U.S based in Rock Hill, SC and can be reached via phone: 803-514-5155 or email: support@expressextension.com
Alright, I think it is time to get back to work, come back next chat and we will discuss tax extension Form 4868 for your individual income tax returns - so exciting!
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11/19/2014

Holiday Shopping Tips & Tricks

One of the biggest shopping days, Black Friday, is just around the corner! The ExpressExtension Team has been very excited for the Holiday Season to finally be here and they have recently been reminiscing about last year's holiday shopping blunders. Bryan remembers standing in line for hours in the cold, and Heather remembers the satisfaction of getting everything on her extremely organized list, so many memories. Through their experiences, the ExpressExtension Team has some great holiday shopping tips & tricks to help you out....


1. Research & Make A List
Whether you are planning to hit up many stores or just one, it is very important to make a detailed list of the items you want. If they will be gifts, a great tip is to put who will be getting it with the listed item. It will just help you actually see who you have purchased a gift for. 

When making your list, check the stores and see if the deals you are wanting will have a time limit. Sometimes stores will only offer certain items at a discounted price for only an hour or two. 

2. Plan Your Route
If you are only going to one store then this really wouldn't apply to you. But if you are going to hit up a few stores, it is a really good idea to plan what store you will go to first. You know how they say love is a battlefield, well my friend Black Friday is all out war, so you need to have a set game plan. And if you have the time to walk through the store a few days before to learn the lay out, it would really help you out. It might seem a bit excessive, but it will seriously save you some sanity knowing exactly where to go.

3. Pack For The Wait
The Black Friday Fun begins with waiting in line at midnight for those doors to open. Waiting in those lines is not a simple tasks, most of the time it is really cold, there is nowhere to sit, and you will be in need of some caffeinated refreshment. Pack a Line Survival Kit to keep your spirits up in the wee hours of the night. In your survival kit, include things like: extra gloves, extra scarf, a blanket, a water bottle ( you don't want to drink too much, there might not be a bathroom near by) some crackers and snacks, a packs of HotHands, and maybe an activity book if you don't want to use up all your phone battery playing games. These are just a few suggestions that you can pack in a bookbag to help you stay comfortable while waiting in line. 

4. Master A Few De-Stress Techniques
It's no secret that there are going to be some very aggressive shoppers out there. Don't let them stress you out and ruin the entire Black Friday experience for you. Shopping in a bad mood, is like being caught in the rain during the dead of winter - miserable. So it is a good idea to practice a few de-stress hacks to help you out. One of my favorite is counting backwards from 10. Simple yet very effective. The counting backwards makes me focus on the next number and calm my nerves. Another technique  is taking a deep breath and letting it out slowly. Like the counting to 10, this technique makes you change your focus from the stress to the breathing and inturn calming you down. 

5. Plan Your Celebration Breakfast
After a long night of waiting in line and fighting aggressive shoppers you will very-much deserve some celebratory pancakes, or eggs n' bacon. Whatever your breakfast delights are, you should definitely plan some time to wind down from the evening's events. And as you enjoy your wonderful breakfest, it will be a great time to share a few stories with your friends and family. After a good breakfast, your bed should be the next stop. A good rest will re-energize you so you can possibly do some organizing for Cyber Monday Deals - just a suggestion. 

These are only a few tips and tricks to prepare you for Black Friday. What tips and tricks do you have to share for surviving this shopping holiday?

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10/08/2014

4868 Tax Extension Deadline is October 15th

Form 4868 Extension Deadline
Can you guess what October 15th is? It's the Individual Income Tax Return extension deadline! If you filed Form 4868 through ExpressExtension.com to extend the amount of time to file your U.S. Individual Income Tax Return, you must file by October 15th.

To avoid late filing penalties and the chaotic last minute rush on the 15th, file sooner than later. Now would be the perfect time to file and then you won't have to worry about it any more. If you are not convinced that filing right now is the best thing to do and you are going to rely on your powers of remembrance, here are some great reminder tricks to help you out:

 1. Create a song to get stuck in your head that won't go away until you file. Try creating a tune for these lyrics -
 File, file, file my tax return
 I'll do it now while I have time to burn

2. Mark the deadline on your phone calendar. Then make a note for tomorrow's date that you file.

3. Know about the late filing penalties so you will be sure to avoid them. If you don't know what they are off the top of your head, don't you worry we're going to go over them right now...

Late Filing Penalties
I quote directly from the Form 4868 page on IRS.gov :

A Late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late. Do not attach the statement to Form 4868. 

If you have any questions, give the ExpressExtension team a call at 803.514.5155. You can also reach them 24/7 via email: support@expressextension.com 
                     
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9/24/2014

Tax Chit Chat on Tax Extensions

Most elated greetings dear reader of the ExpressExtension blog. I hope today has been something of the wonderful sort. My mood could not be more delighted for the sun is shining, somewhere beyond those gray clouds. Optimism is the theme of the day and to lift your spirits about taxes, would you join me for a bit of a chit chat on how ExpressExtension.com can assist you during the ever so stressful tax season.

I know it's a little early to be discussing taxes, but planning ahead never hurts. Unfortunate events always seem to pop up during tax season, causing your emotional state to become somewhat unsettled. That does not need to be the case this time. You may not be able to prepare for every unfortunate event that may happen, but you can always have a back-up plan. ExpressExtension.com can be your first option, or back-up plan every tax season.

We provide three tax extensions that can save you from unnecessary IRS penalties:

  • Business Tax Extensions 
    • Form 7004 - Application for Automatic Extension of Time To File Certain Business Income Tax Information and Other Returns - has the ability to extend the filing deadline for 32 different IRS returns. The automatic extension time granted by the IRS is typically five (5) or six (6) months. The extension time is dependent on the return for which the extension is being filed. Types of business that can use Form 7004 includes: Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts and Estates.
  • Personal Tax Extensions
    • Form 4868 - Application for Automatic Extension of Time to File U.S. Individual Income Tax Return -  is an amazing little document that can extend the filing deadline of Forms 1040, 1040A, 1040EZ, 1040NR-EZ, 1040-PR or 1040-SS. The April 15th deadline is magically extended to October 15th, giving you plenty of time to file. The best part, you don't even need to explain why you need the extension, you just e-file Form 4868.
  • Nonprofit Tax Extensions
    • Form 8868 - Application for Extension of Time To File An Exempt Organization Return - can automatically grant an additional 3 months to file nonprofit tax returns. This form is unique in that it is compiled of two parts. Part I is your automatic extension of 3 months to file. Part II is e-filed for an additional 3 months of extension that is not automatic. The only nonprofit tax return Form 8868 cannot extend the deadline for is Form 990-N (e-postcard)

These extensions can be much appreciated during tax season. Why deal with the stress of deadlines and filing madness when you don't have to. You just need to remember the extended deadline. Well I do thank you for entertaining this little tax chit chat. There will be plenty more, I'm a bit of a Chatty Cathy. We can get more in-depth of each type of extension a bit later, I know your busy. See you again soon.

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8/06/2014

Is Old Business Advice Still Good Business Advice?

The ExpressExtension.com team was discussing business advice the other day, and it seemed that everything coming up in their conversation was simply classic advice that most business and entrepreneurs have heard. I wanted to take a more in depth look at what business advice was available for the up and coming entrepreneur.

Searching for great business advice is like trying to find a needle in a hay stack. If you search "business advice" in Google about 261,000,000 results pop up in hopes to be words you treasure forever. The top results aren't even from this year, or even last year. So even though the idea of a great business is always changing, is business advice the one constant variable in the equation? Let's test this hypothesis and see if the business advice from yesteryear is still useful for today's savvy entrepreneur...

The top entry is from entrepreneur.com (how appropriate, right?) where author Scott Gerber, a young entrepreneur in the trenches, exposes ten tips for new business owners. Number one on his list is all about focus, which is easily relative to entrepreneurs of any generation. He goes down the list providing advice such as, don't expect everything to be perfect, and surround yourself with successful-knowledgeable individuals that share common interest with you - all your standard tried and true business advice. At the very end of his list, he does do something different; he tells you to "Know when to call it quits." Now, most business advice is going to be super positive and pushing you to keep trying and never give up. This one piece of advice that was ranked number 10 is one of the most valuable statements anyone could ever say. In conclusion, the top entry that was published in 2009 can still be valuable to the 2014 class of entrepreneurs. I wonder if the second entry will provide the same results, or even the same advice?

The entry that takes the Top 2 spot on Google's search list is also from entrepreneur.com (who would have thought that?). The photo filled article provides advice from the top small-business owners in America. The first three quotes are very reminiscent of the advice provided by Scott Gerber, but President of GameXChange offers up something different. His advice is, and I quote, "The advice I'd give is to make as many mistakes as you can, as fast as you can, Get them out of the way. No one hits home runs right away." These are some valuable words, that provide a different perspective on in the advice market. The preceding advice focuses on employee and customer relationship, which is good advice, but it doesn't stray from the classics. So all things considered, this article published in July of 2013 does provide advice that is still somewhat valuable today. Let's take at look at the next entry to see if it has something different to offer...

Entry number 3. The title that shows up in the search results is very eye catching - The Best Business Advice Ever Received. The best? Well that is very intriguing. This article from businessinsider.com seems simple with only bold headlines to differentiate between sections, but the words printed on this plain webpage offer that "something special" in the world of business advice. Some of the quotes are repeats from the 2 previous entries, but then there are quotes like "Eisenhower's observation about preparing for battle applies remarkably well for us as entrepreneurs: I have always found plans are useless, but planning is indispensable." I have a feeling those words have changed someone's entrepreneur journey for the better. The shortest quote listed has a big impact; "Hire slowly. Fire quickly." These are words to live by for business owners. Could you guess how old this article is? The advice given seems fresh and innovative, but this article was published in December of 2012 and is still relevant today. 

These three articles are just a minute sampling of the millions (261,000,000 to be exact) of business advice articles out there, but these three sum up the majority of the advice given. Great business advice doesn't have to be new for it to be useful to today's up and coming entrepreneur. What does matter is that you seek advice from those who have already succeeded. 


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6/18/2014

Tax Humor: Reasons To File A Tax Extension

Are you ready to laugh yourself right out of your office chair? ExpressExtension would love for you to join a game of naming the best reasons for a tax extension.

Let me be the first to welcome you to "What's Your Reason?" where everything is a possibility and the points clearly don't matter. A reason is never required to file an extension, but there are some interesting circumstances that come up in life that demand an extended deadline to file your taxes.

What is a good reason to file a tax extension? 

 - You bought or sold a house within the last year and the "tax box" has mysteriously relocated to the very back of the attic/storage space.

 - You believe your house is haunted because your tax documents are never where you left them, and Ghost Buster's haven't shown up yet.

 - Two-thirds of the U.S taxpayers file by the deadline, and you like to be different

 - Unemployment is harshing your mellow and your filing situation is in a suspended state of uncertainty

 - You are still getting over your ex breaking up with you on Valentine's Day and filing your taxes would remind you of that one time...

 - Your amazingly gifted child decided to paint you a beautiful picture...on your tax documents

 - Your accountant relocated and didn't leave you a reference

 - First it was the holidays, next the Superbowl, then - BAM - time to start spring cleaning, and that must be done before taxes.

 - Your secret joy in life is to watch everyone else stress out while you relax during the April deadline

 - You started doing your taxes the day before the deadline and realize why accountants are so important

 - You accountants rates go down after the deadline

 - It's your first time filing, so your going to hang back and see what it's all about

 - You forgot to inform your employer your address has changed when you moved out of your parents house

 - There is a Professional Bowling Tournament on, and Mike Fagan needs your support

 - You caught the flu and grown-up responsibilities are on hold until someone can bring you a bowl of chicken & stars soup

 - You booked a dream vacation to some tropical paradise and taxes don't exist until you get back

 - You are the Procrastination World Champion and it's your duty to defend your title

 - Because your accountant said to

 - An audit put you on the path of revenge and your evil plot is to file 6 months later...muahahaha

 - You just got married and your new spouse believes they are an honorary accountant

 - Long story short, what happens in Vegas, stays in Vegas

 - Your team lost the final game of March Madness and it's just too soon

There is an infinite list of reasons to file a tax extension, thank goodness a reason statement is not required by the IRS. Check out all the different extensions provided by ExpressExtension and spread the word that you don't have to be chained to a deadline.
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6/13/2014

Tax Extension For Taxpayers Living Abroad

If you are a US citizen living abroad, your income tax deadline is Monday, June 16th. If you need more time to prepare your tax return for the IRS, you can easily extend your filing deadline to October 15th with Form 4868. ExpressExtension.com provides quick e-filing of Form 4868.

What is Form 4868?
Form 4868 is an "Application for Automatic Extension of Time to file U.S. Individual Income Tax Return." It extends your time to file Form 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR, or 1040-SS. According to the IRS, to qualify for an extension of your U.S Individual Income Tax Return you must:

  1. Properly estimate your 2013 tax liability using the information available to you
  2. Enter your total tax liability 
  3. File Form 4868 by the due date of your return
Please note: An explanation of why you are asking for an extension is not required. Filing Form 4868 does not extend the time for payment of taxes,it's only an extension to file your return.

Advantages of E-filing
Number 1 advantage to e-filing is not having to deal with long paper forms. The electronic version of Form 4868 is much easier to understand so you are not putting information in the wrong section. IRS confirmation is received immediately. If your your return is rejected, we will notify you of the errors and you can correct & resubmit your return until it is accepted - at no additional cost. 

Another great advantage to e-filing with ExpressExtension.com is that we provide a mobile site - m.expressextension.com - so you can e-file from any location at any time. 

Extending your Individual Income Tax Return Deadline has never been easier with ExpressExtension.com. If you have any questions you can reach our ExpressExtension Support Team via phone: 803.514.5155 or 24/7 email: support@expressextension.com


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6/04/2014

Summer Time Tax Tips

The days are warm, the pools are open, and the beaches are glistening in the sun - it's Summer! The team at ExpressExtension.com realizes taxes may be the furthest thing from your mind, but there are a lot of summer activities that can affect your tax return. Let's go over some summer tax tips together and get your well prepared for tax season...

Summer Camp
Are your kids going to have a great summer because you are sending them to camp? You can qualify for a tax break of expenses used to pay someone to care for your children. Day care or Day camp expenses (overnight camps don't qualify) can be counted toward a Dependent and Child Care Credit.

You do need to meet a few requirements to qualify for this credit, including: you must be working or actively seeking employment, if married - both persons must be working or looking for work.

Summer Jobs
If you are earning a little extra income with a summer job, be sure to fill out a new Form W-4 for each job when hired. A W-4 will inform your employer on how much income tax to withhold from your paycheck. Here are some job-specific tips:
  • Babysitting, mowing lawns, and other odd jobs are considered as self-employment. The IRS requires you to pay self-employment taxes if your net income (income minus expenses) is $400 or more.
  • Any position where you would receive cash tips, your tips are considered part of your taxable income. The IRS requires you to report them if the tips from any one job are $20 or more.
  • Newspaper carriers and delivery people that are under the age of 18 are generally not subject to self-employment taxes, unless they are classified as "direct seller". 
  • Members of ROTC that attend summer advance camp, can receive active duty pay. You will need to note that your normal subsistence allowance is tax-free, active duty pay is taxable income.
  • If you are under the age of 18 and work for your parents, you can earn up to the amount of the standard deduction and owe no federal income tax. 
Tax Break for Employing Your Children
Did you know if you own a business and have children under the age of 18, you can hire them and deduct the wages you pay them from your own taxable income? And wait there's more, if you operate a sole proprietorship, you can employ your children without having to pay any Social Security or Medicare taxes on their wages. You will need to pay them an amount that is reasonable and based on the work they are performing. 

Summer Rental Income
You can rent out your summer home/vacation property for up to 15 days a year without paying taxes on the rental income. 

Enjoy the summer weather and contact your Tax Professional for more information on how your summer activities will affect your taxes. 


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5/28/2014

ExpressExtension Tax Challenge: Will You Be Victorious?

Obtaining tax knowledge is like an epic quest with difficult challenges and the adventure never ends. You have survived the past tax season and now it is time to prepare before the next one begins. To sharpen your tax skills, ExpressExtension challenges you to solve each riddle with the name of the correct tax extension. Will you be victorious and claim Tax Extension Glory, or will you be defeated?

First Riddle:
In my name the numbers are all even. The first number in my name is also the month I am due. I can be filed to extend the deadline for the 1040 series. The third number in my name is how many months you will receive an automatic extension for by filing me. You do not have to explain why you are filing me, but you are required to properly estimate your tax liability. What extension form am I?

Second Riddle:
You can divide my form number by 6 to get 1478. I have two parts and one is non-automatic. When filing Part I, the amount of months received for your extension is the 2nd prime number. My due date depends on your tax period. I am for Nonprofits, but I can not extend the 990-N. What extension form am I?

Third Riddle:
If you subtract the first and last number in my name, you get the month of my due date. C and S-corporations can file me to extend their tax deadline. Business is in my name and extending your deadline is my game. What extension form am I?

Have you claimed Tax Extension Glory? Check your answers:
First Riddle
Second Riddle
Third Riddle

Stay alert this summer, you never know where the quest to know IRS Tax Forms will take you next.
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5/15/2014

Surviving the Deadline: Form 8868

Form 8868, Exempt Organizations Tax ExtensionThis is your Survival Guide to make it through the Form 8868 Exempt Organizations Tax Extension DEADLINE.

If you can keep it together and follow our guide, you will survive the deadline and give yourself an additional 3-months to e-file your exempt organization's tax return.

Survival Tip 1: Don't Stress.
ExpressExtension.com has got your back and will be with you all the way to the end of Deadline Day, and beyond.

Survival Tip 2: Gather supplies.
To properly execute a correct transmission of your Form 8868 to the IRS you will need the following:  your business/organization name & address, EIN/FEIN, estimated amount of tax owed to the IRS (only if there is any), and the type of tax form that is normally filed for your organization - ex. 990, 990-EZ, 990-T.

Survival Tip 3: Log into your ExpressExtension account.
If you do not have an ExpressExtension.com account, no problem you will still get through this unscathed. Simply create an account, it will just take a second then continue to Survival Tip 4.

Survival Tip 4: Complete Form 8868 & Transmit to IRS
You've almost made it! Do you have the information from Survival Tip 2? Great. Now just select to e-file Form 8868 from your ExpressExtension.com homepage. Follow the steps to enter your business information. When the process is complete, select Transmit to quickly send your Form 8868 to the IRS.

Survival Tip 5: Relax, You survived the deadline.
Congratulations! Now all you have to do is sit back & relax. We will send you a confirmation e-mail verifying your From 8868 was accepted by the IRS. Just make sure to mark your calendar for the extended due date, if you miss the extended deadline you may incur hefty IRS penalties.

Warning: You cannot use Form 8868 to extend the due date of Form 990-N. 

In Case Of Emergency
If you need assistance when e-filing your Form 8868, our US-Based support team would be more than happy to help. You can contact us via phone: 803-514-5155 or email: support@expressextension.com. To guarantee your deadline survival, our ExpressExtension Support Team will be available 9-6 EST for phone and live chat support and 24/7 email support.



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5/02/2014

E-File An Exempt Organization Tax Extension Before The Deadline

The Exempt Organization Tax Deadline is *Thursday May 15th at midnight, according to your time zone. If you need more time to file your IRS Income Tax Return, you can extend your deadline for 3 months by e-filing an Exempt Organizations Tax Extension Form 8868 with ExpressExtension.com.


What is Form 8868?
Form 8868 is used by an exempt organization to request an automatic 3-month extension of time ( 6 months for a corporation required to file Form 990-T) to file. Form 8868 can also be e-file for an additional (not-automatic) 3-month extension of time to file. Exempt organizations extensions have 2 parts. Our site allows you to file either one. You can even e-file Part II through us, even if you didn't file Part I with us.

Part I: Automatic 3-Month Extension of Time
This will automatically extend the filing deadline for 3 months ( or 6 months for Form 990-T).

Part II: Additional (Not-Automatic) 3-Month Extension of Time
You would only file Part II if you have been granted an automatic 3-month extension on a previously filed Form 8868.

Note: You cannot use form 8868 to extend the due date of Form 990-N

Who is Form 8868 for?
  • Charitable Organizations
  • Churches & Religious Organizations
  • Private foundations
  • Other NonProfits
What will you need to file Form 8868?
Before e-filing your extension, you will need to have: your business/organization name & address, EIN/FEIN, estimated amount of tax owed to the IRS (if any), and the type of tax form you normally file your income tax returns on - ex. 990, 990-EZ, 990-T. It is very important that this information matches what the IRS has on record for your organization. If you are unsure of any of the information needed to file your extension, we recommend contacting the IRS Exempt Organizations Hotline at 1-877-829-5500.

Once you've got your information and estimation in hand, you can create an account with ExpressExtension and simply follow the directions to transmit your Form 8868.

* This deadline is for reporting period - January 1, 2013 - December 31, 2013. Find out your tax reporting period posted by the IRS.
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4/30/2014

Express Extension FAQs

Each year millions of individuals and businesses are opting to e-file tax extensions with the IRS. One of the easiest ways to file is through ExpressExtension.com. As an authorized e-file provider, ExpressExtension can securely send your tax information to the IRS instantly. Here are the most frequently asked questions about tax extensions:



How long does it take to file a tax extension?
With ExpressExtension.com the process only takes only a few minutes. The traditional paper-filing process could take days to mail the return, and even longer for the IRS to actually process it.

Do I need a reason to file a tax extension?
No, not at all. The IRS does not require any reason to file a tax extension. Just complete the appropriate tax extension form, and submit it by the filing deadline.

What IRS form do I need to file for a tax extension?
The form you file depends on the type of extension you need.

IRS Form 7004 - Business Tax Extension Form 7004 must be filed by March 15th, and once it is processed by the IRS, you will be granted an automatic 5 or 6 month tax extension depending on the business type. The IRS Form 7004, otherwise known as a Business Tax Extension can be used by Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships and Trusts.

IRS Form 4868 - "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return," is used to apply for an additional 6 months to file Form 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR or 1040-SS. When filing this extension, please note that you are still required to pay any tax due (if applicable) by the due date; Form 4868 does not extend the time to pay, just the time to file.

IRS Form 8868 - Exempt Organizations Tax Extension From 8868 can extend your IRS income tax deadline for your tax exempt or nonprofit organization. You would first file Part I, which will automatically extend the filing deadline for 3 months. If you need additional time you would e-file Part II; only file Part II if you have already been granted and automatic 3 month extension on a previously filed Form 8868. The deadline to file this extension is May 15th.

The next upcoming tax deadline is May 15th for Tax Exempt and Nonprofit organizations. If you need more time to file you can easily transmit IRS Form 8868 to the IRS through ExpressExtension.com. You can contact our US-based support team, located in Rock Hill, SC with any questions you may have about e-filing an extension via phone: 803.514.5155 or email: support@expressextension.com
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4/23/2014

IRS Form 8868: Exempt Organizations Tax Extension

Are you an exempt organization needing more time to file your IRS income taxes? The deadline is May 15th, but if you know that isn't enough time, you can e-file a tax extension with ExpressExtension.com. To be exact, you will e-file IRS Form 8868 - Exempt Organizations Tax Extension.



Exempt organization extensions have 2 parts. ExpressExtension.com allows you to file either one. You can even e-file Part II through us, even if you didn't file Part I with us.

Part I: Automatic 3-Month Extension of Time
Filing Part I will automatically extend the filing deadline for 3 months (or 6 months for From: 990-T)

Part II: Additional (Non-Automatic) Extension of Time
You would only e-file Part II if you have already been granted an automatic 3-month extension on a previously filed Form 8868.

Who can file Form 8868?
  • Charitable Organizations
  • Churches & Religious Organizations
  • Private Foundations
  • Other Non-Profits
What you will need to e-file Form 8868?
Before filing your extension, make sure to have your business/organization name, address, Employer Identification Number/(FEIN), estimated amount of tax owed to the IRS (if applicable), and the type of tax form that you normally file your income tax returns on (*ex. 990, 990 E-Z, 990-T, etc.) It is important that this information matches what the IRS has on record for you. If you are unsure of any of this information we recommend contacting the IRS Exempt organizations hotline at 1.877.829.5500.

Once you have everything you need and have created an account with ExpressExtension, all you have to do is follow the steps to e-file your extension with the IRS. If you need more information on tax-exempt returns, visit our sister product *Express990.com where you can quickly e-file the 990-N at no cost for the current tax year.
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4/15/2014

If You Need More Time - E-File A Tax Extension

This year is just flying by, it's already April and Today is the Deadline to file your Individual Tax Return. If you need more time and want to save yourself from a stress overload trying to get everything ready by midnight tonight (according to your time zone) you can e-file a tax extension; giving you 6 more months to prepare.


ExpressExtension.com provides IRS Form 4868, personal tax extension, that can be quickly e-filed, giving you more time to file your return. ExpressExtension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS.

Advantages of e-filing:
E-filing with ExpressExtension is the quickest way to file your tax extension. There is no explanation needed to file a personal tax extension, and the entire e-filing process only takes a few minutes. You can even e-file from any mobile device using - m.expressextension.com. IRS confirmation is received immediately and if it is rejected, you can correct the errors & resubmit until it has been accepted - at no additional cost.

More about IRS Form 4868:
Form 4868 is officially titled "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." It is used to apply for an additional 6 months to file Form 1040, 1040A, 1040EZ, 1040NR-EZ, 1040-PR, or 1040-SS.

please note: Although you do not need to explain why you are filing a Personal Tax Extension, you are required to properly estimate your 2013 tax liability when you e-file a tax extension by the April 15th deadline. Filing Form 4868 does not extend the time for payment of taxes, it's only an extension to file your return.

When e-filing, ExpressExtension provides easy-to-follow prompts to get you through the process, no confusing tax jargon. If you do have any questions about  e-filing your tax extension, just give us a call. You can contact our US-based support team via phone: 803.514.5155  email: support@expressextension.com.

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4/14/2014

File A Tax Extension With ExpressExtension

The IRS annual tax filing deadline is Tomorrow! 

The tax deadline doesn't come at the most convenient time of year, but there is an easy solution to give you more time, e-file a tax extension. If you need more time to file your Individual Tax Return with the IRS, you can extend your filing deadline for 6 months by e-filing a personal tax extension with ExpressExtension.com

What do you file to extend the filing deadline?
To extend your filing deadline for 6 months you can e-file Form 4868 - "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return."

E-filing with ExpressExtension is the quickest way to extend your filing deadline. There is no explanation needed to file a personal tax extension, and the entire process only takes a few minutes. The IRS confirmation is received immediately and if it is rejected (which does not happen often) you can correct the errors & resubmit until it has been accepted - at no additional cost. You can even e-file on the go using our mobile site: m.expressextension.com

Please note: Although you do not need to explain why you are filing a Personal Tax Extension, you are required to properly estimate your 2013 tax liability when you e-file a tax extension by the April 15th deadline (only if you owe tax). E-Filing Form 4868 does not extend the time for payment of taxes, it's only an extension to file your return.

Watch our video for more information on ExpressExtension.com:


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4/11/2014

What Is A Tax Extension?

Tax season doesn't come at the most convenient time of the year. If you need more time to file so you are not stressing about the deadline, you can e-file a tax extension. What is a tax extension, you ask? Well ExpressExtension has the perfect answer.

Tax Extensions
A tax extension extends the amount of time to prepare and file your tax return with the IRS. Awesome right?
You just have to remember that a tax extension only extends your time to file, so no waiting in endless lines at midnight, but it does not extend your time to pay (if you owe taxes). A great feature of tax extensions is they can be e-filed in a matter of minutes. ExpressExtensions.com provides the personal tax extension - Form 4868, that only takes a few minutes to e-file and transmit to the IRS. We even offer a mobile site: m.expressextension.com, so you can file an extension no matter where you are.


When are the e-filing deadlines?
The next upcoming deadlines are:

-April 15th - Person Tax Extension - which can be e-filed with IRS From 4868 for Individuals, 1099 Contractors, Sole Proprietors, and Single Member LLCs to extend time to file until October 15th

-May 15th - Non-Profit/Exempt Organization Tax Extension - can be e-filed with IRS form 8868 for Non-Profit & Exempt Organizations for an automatic extension of 3 months.

Who can e-file a tax extension?
Anyone can e-file a tax extension with the IRS, and you do not need to explain why. If you have any questions about e-filing a tax extension, all you have to do is call. Our US-based support team, located in Rock Hill, SC would be more than happy to help, you can contact us via phone: 803.541.5155 or email: support@expressextension.com


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4/09/2014

E-File A Personal Tax Extension By The Deadline

The deadline to file your Personal/Individual Tax Return is Tuesday, April 15. That's next week! If you still need more time, you can extend your filing deadline for 6 months by filing a personal tax extension - IRS Form 4868.

ExpressExtension.com makes tax extensions easy with their simple and secure e-filing process. ExpressExtension is an IRS Authorized E-File Provider, serving the entire country. You can e-file From 4868 in minutes and IRS confirmation is received immediately. With a streamlined design and user-friendly interface, ExpressExtension will walk you through each step of the process, and you can even file from any mobile device using our mobile site: m.expressextension.com



Here's How It Works:
  1. Create an account with ExpressExtension.com
  2. Input basic tax information into ExpressExtensions' easy-to-use program, filled with helpful windows and contextual support
  3. Follow the prompt to guide you through the e-filing process and we will check for errors along the way
  4. Transmit your tax extension to the IRS. It's that easy.
Please Note: Although you do not need to explain why you are filing a Personal Tax Extension, you are required to properly estimate your 2013 tax liability when you e-file a tax extension by the April 15th deadline. Filing Form 4868 does not extend the time for payment of taxes, it's only an extension to file you return.

Follow us on Twitter: @IRSTaxExtension for a chance to win 15% off your filing fee

If you have any questions about filing tax extension with the IRS, contact our ExpressExtension support team via phone: 803.514.5155 email: support@expressextension.com 
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4/04/2014

How To: E-Filing Form 4868

If you need more time to file your Individual Income Tax Return, you can easily e-file an extension and receive an additional 6 months to prepare. ExpressExtension provides IRS Form 4868 which is used to extend the time you have to file.

IRS Form 4868
Officially titled "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return," the Form 4868 is used to apply for and additional 6 months to file Form 1040, 1040A, 1040EZ, 1040NR-EZ, 1040-PR or 1040-SS. To file a personal extension, you do not need to explain why you are asking for the extension, but you are required to properly estimate your 2013 tax liability and file Form 4868 by April 15.

Please note that you are still required to pay any tax due by the due date; the Form 4868 does not extend the time to pay.

The ExpressExtension Process to E-File Form 4868
Before you begin you want to make sure you everything you need to file. Gather the personal data the IRS requires for you to file a tax extension Form 4868: your name, address, social security number. If you're married and filing jointly, you'll need the same information for your spouse. Make sure the information you have matches what the IRS has on record. You can verify your information with them by calling 1-800-829-1040.

E-Filing Personal Tax Extension:
First you need to create your ExpressExtension account and click Create Personal Tax Extension on your account Dashboard. You'll need to estimate the total income tax payment for the filing year (only if you owe money). Try to give as accurate an estimation as possible.

Once you've got your information and estimation in hand, simply follow the directions, fill out the Form 4868 online, and we'll do the rest. Make sure to type carefully and accurately - you do not want to get rejected for typos.

What We'll Do After You E-Filed Form 4868:
First we'll check over your Form 4868, making sure it's clear of basic errors. After that, we'll submit your tax extension electronically to the IRS. We're an authorized IRS e-file provider and our site operates on a secure network, so your information is safe.

Depending on volume of forms being processed, you could hear back form the IRS in less than an hour. We'll keep you updated with any new information from the IRS via email. If your From 4868 is rejected (not many are), we'll tell you why, and we will help you sort out the problem. Then you can resubmit the form for free. Don't let that worry you though, most requests come back approved. As the final step, remember to file your Individual Income Tax Return by the extended deadline - October 15th.

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3/27/2014

Be Prepared To File Your Taxes With The Top 10 Tips From AICPA

The American Institute of Certified Public Accountants (AICPA) have put together the top 10 tax tips for individual taxpayers. Aren't they sweet.

Every year more and more people take on the exciting task of filing their taxes on their own, and the AICPA want to help you file like the experts, their top 10 tips are:

1. Get Organized.
If you don't have your W-2 and 1099 forms, you can't do your taxes. Put them where you can find them. And keep good records of your deductions. If you keep good records, you won't overpay, and you'll be able to answer any question from the Internal Revenue Service easily.

2.Don't be late.
Your federal tax return must be filed before midnight on Tuesday, April 15. You can get an extension through our sister product ExpressExtension by filing an IRS Form 4868 by April 15th, but you still have to pay your taxes by April 15 to avoid penalties and interest. And check the filing deadline for your state: It may be different than the Federal deadline.

3. Protect your ID.
Your records include important identification information, and identity thieves would love to have that. Got an e-mail from the IRS requesting personal or financial information? It's bogus.

4. Investigate the details if you are filing as a legally married same-sex couple
. Legally married same-sex couples do not have to reside in the state in which they were legally married to qualify. But the new IRS rules do not apply to domestic partnerships or civil unions. Because state income tax laws vary, same-sex couples may want to get help from a local CPA.

5. Prepare and hold.
It's not unusual for taxpayers to receive corrected 1099 forms late in the tax filing season. If you have investments, prepare your tax return now and then delay filing it electronically until just before the April 15 deadline. You can take your time preparing your return and make last-minute changes without filing an amended return.

"If you're going to have a large balance due on April 15, you want to find out now,' says Melissa Labant, director of tax advocacy for the AICPA. "That's much better than a surprise at the last minute."

6. Check your tax breaks.
Just because you got certain exemptions and deductions last year, don't assume you can claim the same ones this year. New rules have kicked in phasing out exemptions at certain income levels and imposing new limits on deductions. For example, medical and dental deductions must exceed 10% of your adjusted gross income, unless you or your spouse is 65 or older and then it's still 7.5%.

7. Review. Review. Review.
Two of the most common mistakes made by taxpayers:
  • Incorrect Social Security number
  • Incorrect math calculations
significantly slow down the refund process... They're also the easiest to correct. Slow down and double-check your return before it's filed. "It's a common mistake to get the numbers transposed - sometimes for a number of years," Labant says. It's a headache that can be eliminated in a few minutes of review.

8. Use Direct Deposit.
The fastest way to get a refund is to have it deposited directly into your bank account.

9. File Electronically. E-filing is the easiest way to file a tax return. You'll avoid the long lines at the post office, save on postage -- and get your return faster.

10. Don't be shy. What you don't know can cost you - Don't Guess. your local CPA can help you determine how the tax law applies to your specific situation, including whether you qualify for one or more of the special provisions in the tax code. The official IRS website has answers to typical questions or the AICPA's 360 degrees of financial Literacy website has information on a variety of tax topics.

Make sure you have everything you need to file before the April 15 deadline coming up. If you know already you will need more time to file, you can quickly transmit an IRS Form 4868 - Personal Tax Extension with our sister product ExpressExtension.
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3/24/2014

E-File An Extension For The Individual Tax Return Before The Deadline

The individual tax return deadline is Tuesday April, 15. If you know you need more time, ExpressExtension provides Form 4868 - Personal Tax Extension, to extend your time to file. You do not need to explain why you are asking for the extension, but you are required to properly estimate your 2013 tax liability and file Form 4868 by the April 15th deadline.

What is a Form 4868?

IRS Form 4868 - “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return,” is used to apply for an additional 6 months to file Form 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR or 1040-SS.

Who is Form 4868 for?
  • All 1040 Personal Federal Returns
  • Sole Proprietorships 
    • A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities.
  • Single Member LLC
    •  a limited liability company that has only one member.
What you will need to file?

Gather the personal data the IRS requires for you to file a tax extension Form 4868: your name, address, social security number. If you’re married and filing jointly, you’ll need the same information for your spouse. Make sure the information you have matches what the IRS has on record. You can verify your information with them by calling 1.800.829.1040.

Once you’ve got your information and estimation in hand, you can create an account with ExpressExtension and simply follow the directions to transmit your Form 4868 to the IRS. Check out this great video for more information on filing a Personal Tax Extension:


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3/20/2014

ThrowBack Thursday: Historical Highlights of the IRS

Are you ready to learn important dates in IRS History? There is a lot more to IRS history than most people realize. Now it might not sound exciting but some of these historical highlights helped shape the United States of America in to what it is today. Everything from famous gangsters like Al Capone, legendary Presidents, and the recognition of the computer age grace the IRS history.

1909 - President Taft recommended Congress propose a constitutional amendment that would give the government the power to tax incomes without apportioning the burden among the states in line with population. Congress also levied a 1 percent tax on net corporate incomes of more than $5,000.

1918 - The Revenue Act of 1918 raised even greater sums for the World War I effort. It codified all existing tax laws and imposed a progressive income-tax rate structure of up to 77 percent.

1919 - The states ratified the 18th Amendment, barring the manufacture, sale or transport of intoxicating beverages. Congress passed the Volstead Act, which gave the Commissioner of Internal Revenue the primary responsibility for enforcement of Prohibition. Eleven years later, the Department of Justice assumed primary prohibition enforcement duties.

1931 - The IRS Intelligence Unit used an undercover agent to gather evidence against gangster Al Capone. Capone was convicted of tax evasion and sentenced to 11 years.

1933 - Prohibition repealed. IRS again assumed responsibility for alcohol taxation the following year and for administering the National Firearms Act. Later, tobacco tax enforcement was added.

1942
- The Revenue Act of 1942, hailed by President Roosevelt as "the greatest tax bill in American history," passed Congress. It increased taxes and the number of Americans subject to the income tax. It also created deductions for medical and investment expenses.

1943 - Congress passed the Current Tax Payment Act, which required employers to withhold taxes from employees' wages and remit them quarterly.

1944 - Congress passed the Individual Income Tax Act, which created the standard deductions on Form 1040.

1952 - President Truman proposed his Reorganization Plan No. 1, which replaced the patronage system at the IRS with a career civil service system. It also decentralized service to taxpayers and sought to restore public confidence in the agency.

1953 - President Eisenhower endorsed Truman's reorganization plan and changed the name of the agency from the Bureau of Internal Revenue to the Internal Revenue Service.

1961 - The Computer Age began at IRS with the dedication of the National Computer Center at Martinsburg, W.Va.

1986 - Limited electronic filing began. President Reagan signed the Tax Reform Act, the most significant piece of tax legislation in 30 years. It contained 300 provisions and took three years to implement. The Act codified the federal tax laws for the third time since the Revenue Act of 1918.

1992
- Taxpayers who owed money were allowed to file returns electronically.

1998 - Congress passed the IRS Restructuring and Reform Act, which expanded taxpayer rights and called for reorganizing the agency into four operating divisions aligned according to taxpayer needs.

2000 - IRS enacted reforms, ending its geographic-based structure and instituting four major operating divisions: Wage and Investment, Small Business/Self-Employed, Large and Mid-Size Business and Tax Exempt and Government Entities. It was the most sweeping change at the IRS since the 1953 reorganization.

2003
- IRS administered another mid-year refund program, this time providing an advance payment of an increase in the Child Tax Credit. Electronic filing reached a new high - 52.9 million tax returns, more than 40 percent of all individual returns.

For a full list of the IRS historical highlights visit http://www.irs.gov/uac/Historical-Highlights-of-the-IRS
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3/17/2014

Tax Deadline: Today Is The Deadline To File Your Business Tax Returns or File A Business Tax Extension


The Business Tax Filing deadline is Today at midnight according to your time zone. If you need more time to file your business tax return with the IRS, you can extend your filing deadline up to 5 or 6 months by filing a Business Tax Extension through ExpressExtension.com


More About Form 7004:

Form 7004 - “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” will automatically extend the filing deadline for 32 different IRS returns. The IRS typically grants automatic extensions of five (5) or six (6) months, depending on the return for which the extension is filed. IRS Form 7004 can be used by Multi-Memember LLCs, C-Corporations, S-Corporations, Partnerships, Trusts and Estates.



  • Please note: IRS Form 7004 does not extend the time for payment of taxes, it’s only an extension to file your return. Generally, payment of any estimated taxes is due at the time of filing the extension.

Steps to E-File From 7004 with ExpressExtension:
  1. Create an Express Extension Account
  2. Estimate the total income tax payment for the filing year - if you owe money that is.
  3. Click Create New Extension on the Dashboard page and follow the steps to transmit your return to the IRS
ExpressExtension will walk you through each step of the process in less than 10 minutes. Everything is spelled out in easy to read instructions, not confusing tax jargon. However, should you have any questions about E-Filing Tax Extensions, you can call, email or chat online with the Express Tax Support Center in Rock Hill, SC at 803-514-5155
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3/12/2014

IRS Tax Deadline: File Form 7004 By March 17th

Business Extension Form 7004 is due next Monday March 17th. If you are not fully prepared to file your business taxes, you can quickly and easily file a business extension with ExpressExtension in just a few minutes.

More About Form 7004:
The official title of Form 7004 is Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. Try saying that 3 times fast. Filing a business extensions automatically extends your filing deadline up to 5 or 6 months. This form can be used by:
  • Multi-Member LLCs
  • C-Corporations
  • S-Corporations
  • Partnerships
  • Trusts & Estates  
Note filing this type of extension does not extend your time to pay the taxes due.  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.

Why Should I Use ExpressExtension To File Form 7004?
ExpressExtension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS. The best part is...with its streamlined design and user-friendly system, ExpressExtension will walk you through each step of the process in less than 10 minutes. Everything is spelled out in easy to read instructions, not confusing tax jargon.

For more info on the Benefits of using ExpressExtension and From 7004, check out:
 Due March 17th - Form 7004: Business Tax Extension

Video: E-File Your Tax Extension With ExpressExtension

Reasons To File A Tax Extension

Contact our Express Tax Support Center via phone: 803.514.5155 or email: support@expressextension.com with any questions you may have about filing a Form 7004 Business Tax Extension.


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3/10/2014

IRS Penalties: Failure to File vs. Failure to Pay



Failure-To-File and Failure-To-Pay are two separate penalties the IRS can charge you with. The law provides that the IRS can assess a penalty on either or both instances, should they occur.

First let's discuss what Failure-To-File means:
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 a tax extension. ExpressExtension provides the correct forms you will need to extend the filing deadline, and avoid this penalty:
  • The Failure-To-File penalty is generally 5% of the unpaid taxes for each month or part of the month it is late, up to 25% of your unpaid tax.
  • If the return is more than 60 days late, the minimum penalty is $135 or 100% of the unpaid tax, whichever is smaller.
Now let's get into Failure-To-Pay:
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 that is due.
  • Generally there is a penalty of 1/2 to 1% of your unpaid taxes for each month or part of the 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 least 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. For any questions you have pertaining tax laws or tax advice make sure to contact your tax professional.

If you have any questions about filing a tax extension, contact our Express Tax Support Center via phone: 704.839.2270 or email: support@expresstaxfilings.com.

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