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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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