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4/30/2015

How To E-file Form 8868

If you need more time to file your Exempt Organization's tax return, you can easily e-file Form 8868 to extend your deadline. ExpressExtension.com makes e-filing Form 8868 quick and easy.

IRS Form 8868
Officially titled "Application for Extension of Time To File an Exempt Organization Return," Form 8868 consists of two parts. Part I is used to file the initial extension that will automatically extend the filing deadline for 3 months (or 6 months for Form 990-T). Part II is used if you have already been granted the initial 3 month extension and need an additional 3 months to file; Part II is not automatic.

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

The E-filing Process
Before e-filing your extension, make sure you have the following information: business/organization name, address, EIN/FEIN, estimated amount of tax owed to the IRS (if any), and the type of tax form that you normally file your income tax returns on (ex. 990, 990-EZ, 990-T, etc.). It is very important that the information matches what the IRS has on record for you. If you are unsure of any of the information, we recommend contacting the IRS exempt organizations hotline at 1-877-829-5500.

How You E-file Form 8868


After creating your ExpressExtension account, you will click Create New Extension on your account dashboard. Our system will walk you through each step of the extension filing process, all the way through transmitting the return to the IRS. After you have transmitted your tax extension form to the IRS, kick back and relax while we take care of the rest. 

What We'll Do When You E-file Form 8868
Before you transmit your return we will provide error checks to make sure that you're not missing any required information. After your form has been transmitted to the IRS we will e-mail you as soon as your extension form has been accepted. This e-mail normally comes back to you within minutes of transmitting your extension. If for any reason your form is rejected by the IRS, we will send you notification with the reason for rejection so you can correct errors and retransmit at no cost. 

If you have any questions about e-filing Form 8868 with ExpressExtension.com, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com 
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4/28/2015

Form 8868 Extension | The Who, What, When, Where, Why & How

Do you need more time to file your Exempt Organization Income Tax Return? Don't worry, ExpressExtension.com has exactly what you need - Form 8868.

What
Form 8868 is a tax extension that when accepted by the IRS, you are provided an additional 3 months to file. There are two parts to this form; the first part is filed for the initial extension time of 3 months and if you need additional time, the second part can be filed for an added extension of 3 months. You must file Part I to receive the Part II extension. Find out more

Who
Charitable organizations, churches & religious organizations, private foundations, and other nonprofits can e-file Form 8868. Any tax exempt organization can e-file Form 8868, except organizations e-filing Form 990-N. Form 8868 will not extend the due date of Form 990-N. 

When
The deadline of forms in the 990 series is explained to be the 15th day of the 5th month after the organization's accounting period ends. So it would be May 15th for calendar-year filers.  So Form 8868 is due before the deadline of your 990 form. 

Where
You can e-file Form 8868 with ExpressExtension.com. The entire process is really simple and there are helpful prompts to guide your from start to finish. You can also e-file Form 8868 and even your Form 990, 990-EZ, and 990-N with our partners at Express990.com. E-filing the 990 form is so much easier than dealing with all that paper. Head on over the Express990.com and check it out. 

Why
This question is probably stirring in that intelligent mind of yours - Why should I e-file with ExpressExtension.com? Well, the simple answer is because it is the most efficient and easy program to use to transmit your extensions to the IRS. ExpressExtension is and IRS Authorized E-file Provider and has worked closely with the IRS to provide the best e-filing experience available. And if you ever have a question about e-filing with ExpressExtension.com, we have an amazing support team ready to assist you. All of their contact information is listed at the end of this blog. 

How
How do you e-file Form 8868? It really is easy. You will need some information, including; your business/organization name, address, EIN/FEIN, estimated amount of tax owed to the IRS (if any) and the type of exempt tax form you normally file (Form 990, 990-EZ, 990-PF, etc.).  Here is a great video showing the ExpressExtension in action:


If you have any questions about e-filing with ExpressExtension.com, contact our Support Team via phone: 803-514-5155 or email: support@expressextension.com 

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4/23/2015

Form 8868 Tax Exempt Extension | Why E-file with ExpressExtension



If you need more time to file your Exempt Organization Income Tax Return, you can easily e-file Form 8868 with ExpressExtension.com for an additional 3 months to file.

ExpressExtension.com provides a streamlined process to efficiently e-file Form 8868 in minutes. Form 8868 is a tax extension specifically for Tax-Exempt Organizations. The IRS urges charities and non-profits to e-file with an "Authorized IRS E-File Provider" (which ExpressExtension.com is) and explains:


Electronic filing provides fast acknowledgement that the IRS has received the return and reduces normal processing time, making compliance with reporting and disclosure requirements easier.

Form 8868 allows tax-exempt organizations to request an automatic 3-month extension (Part I) of time to file its return. If additional time is needed to file, a second extension (Part II) may be e-filed using Form 8868. ExpressExtension provides both Part I and Part II of Form 8868. If you need to e-file Part II of Form 8868, you must have been previously granted an automatic 3-month extension, which is Part I. For a closer look at Form 8868, check out our video:


E-Filing Your Form 990, 990-EZ, and 990-N
If more time is not what you need, but instead a secure e-filing option for your Exempt Organization Income Tax Return, we have the solution. Our partners, Express990.com, provide secure e-filing of Form 990-EZ, 990-N and available in May - Form 990. You can even e-file your Form 990-N from any location with the Express990 app - available on App Store and Google Play

If you have any questions about e-filing an extension with ExpressExtension.com, contact our Support Team via phone: 803-514-5155 or email: support@expressextension.com

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4/21/2015

File Form 8868 To Extend Your Exempt Organization Tax Deadline

May 15th will be the deadline for many Tax Exempt Organizations to file their Form 990, 990-N, 990-EZ, and other forms from the series with the IRS. If you need more time to file, you can actually e-file a tax extension, Form 8868, with ExpressExtension.com. The entire e-filing process is pretty simple, but before we get into how it all works, let's discuss Form 8868.

Form 8868
Form 8868 is a two part IRS tax extension form that you can e-file via ExpressExtension.com and receive an automatic 3 month extension of time to file your Exempt Organization Tax Return (aka return from the Form 990 series). If the initial 3 month extension is not enough time, you can file Part II of Form 8868 for an additional 3 month extension.
  • Part I - Automatic 3 Month Extension of Time
    • The first time you e-file Form 8868 you will receive an automatic extension of time to file once your return is accepted. If you are filing for an extension for Form 990-T, you will receive an automatic extension of 6 months. 
  • Part II - Additional (non-automatic) 3 Month Extension of Time 
    • You will only file Part II if you file Part I and still need additional time to file.
E-filing Form 8868 with ExpressExtension.com 


The actual e-filing process is simple and there are helpful prompts to guide you. It will save you time if you have everything you need before you file, including:
  • Business/organization name
  • Address
  • EIN/FEIN
  • Estimated amount of tax owed t the IRS (if any)
  • The name of the form you use to file your Exempt Orgnization Income Tax Return (990, 990-EZ, 990-T, etc.)
Once you have all the information together and you're signed into your ExpressExtension account, just choose to e-file Form 8868. Our guided prompts show you where to input all your information. 

If you have any questions about e-filing Form 8868 with ExpressExtension.com, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com
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4/16/2015

What To Do If You Missed The Tax Deadline

Let me first relieve a few tax filers from panic; if you are owed a refund, the IRS doesn't asses penalties when a taxpayer is owed a refund. Also, the taxpayer won't necessarily lose their potential refund since they actually have until April 15 2018 to claim back tax refunds for the 2014 tax year.

If you do owe additional taxes, the best advice is to file your federal 1040 and state returns as soon as you can; even if you can't pay your tax bill right away. The late-filing penalty is up to 10 times higher than the late payment penalty, and the longer you wait the worse it gets.

Penalties for Filing Late
- There is no penalty if you're getting a refund, provided you file within the allotted 3 year time frame.
- After 3 years, the "penalty" is forfeiture of your tax refund.
- There is no penalty if you filed an extension and paid any additional taxes owed by April 15th
- A late filing penalty applies if you owe taxes and didn't file your return or extension by April 15th
- This penalty also applies if you owe taxes, filed an extension, but didn't file your return by October 15th
- The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up the a maximum of 25%
- A late payment penalty applies if you didn't pay additional taxes owed by April 15th, whether you filed an extension or not
- The late payment penalty is 0.5% of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%

For more information on Penalties, check out my blog - IRS Penalties for Filing Past The Income Tax Return Deadline

Risks of Not Filing At All
Taxpayers who fail to file will likely receive a letter from the IRS reminding them, especially if they are a wage earner who receives a Form W-3 or a contractor who receives Form 1099, because these are reported to the IRS by employers and businesses.

Special Situations
U.S. citizens and resident aliens who are out of the country on the April filing deadline are automatically given two extra months to file a return and pay any taxes due without incurring the late-filing or late-payment penalty.

The ExpressExtension team would highly recommend contacting the IRS with any questions you have about filing past the deadline, and try to be kind when calling the IRS. People are much more willing to help you out when you treat them like you would like to be treated.

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4/15/2015

E-file Form 4868 & Extend Your Tax Deadline

The deadline is finally here and I bet no one is rejoicing. Hopefully you're not stressing out trying to file by midnight (according to your time zone) and if you are, I have the perfect solution to keep you calm - E-file Form 4868 with ExpressExtension.com to extend your deadline 6 months.


I know it probably sounds too go to be true, but it is completely legit and Form 4868 only takes a few minutes to file. You only need some basic information, including your name, address and social security number to file. The entire e-filing process consists of only 4 steps:


Step 1
 - Create an account with ExpressExtension.com

Step 2 - Choose the extension you want to e-file (in this case it would be Form 4868)

Step 3 - Enter the required information. Before you reach the final step our system will run a quick Audit Check to make sure there isn't any required information missing. 

Step 4 - Pay and Transmit. You will be able to review your return before you pay and transmit to the IRS. Then you will pay a low filing fee and transmit your Form 4868 to the IRS. You will receive instant notification as soon as your form is accepted by the IRS (usually within the hour)

More About IRS Form 4868
IRS Form 4868 - Application for Automatic Extension of Time to File U.S. Individual Tax Return - can be transmitted to the IRS to receive an additional 6 months to file your Individual Tax Return. You do not need to provide a reason for why you are requesting an extension; you only need to e-file before the end of the deadline. Do note that this extension is only an extension of time to file, not an extension of time to pay any taxes due. 

E-file Using the Express4868 App
If you don't have access to a computer, don't worry. You can e-file on your smart phone or tablet with the Express4868 App. It is free to download and available on App Store and Google Play

If you have any questions about e-filing Form 4868 with ExpressExtension to extend your deadline, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com.

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4/14/2015

How To Extend Your Individual Tax Return Deadline

The Individual Tax Return Deadline is Tomorrow! If you haven't filed, don't stress yourself trying to have everything prepared and filed by midnight tomorrow. Instead, save yourself from a stress-attack and file a tax extension with ExpressExtension.com. IRS Form 4868 is a tax extension to extend your Individual Tax Return Deadline 6 months and it only takes a few minutes to file.

Form 4868
Officially titled, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return," IRS Form 4868 provides an automatic 6 month extension of time to file your tax return. This form can be used for extending the deadline of the following forms: 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR, 1040-SS.

When e-filing Form 4868 you will not need to provide a reason for extending your deadline. You will only need to enter some basic information, including your name, address, and social security number. If you are filing jointly you will need the same information for your spouse.

Form 4868 is due by midnight on April 15th and it will extend your deadline to October 15th.

E-filing Form 4868
ExpressExtension has made e-filing Form 4868 as simple as possible. There are prompts to guide you and our customer servicer team is standing by to assist you if you have any questions. Here is a quick video that shows all the steps:



The Express4868 App
If a computer isn't always in your reach, you can e-file Form 4868 on your smartphone or tablet. ExpressExtension released the Express4868 App - free download available on App Store and Google Play - to make e-filing an extension possible from any location. 

If you have any questions about e-filing Form 4868, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com.

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4/13/2015

Need More Time To File Your Tax Return? Use Form 4868

The Personal Income Tax Deadline is only a few days away! Have you filed already? If you haven't, let me recommend extending your deadline 6 months by e-filing Form 4868 with ExpressExtension.com. Don't risk IRS penalties by waiting until the last minute to file. ExpressExtension provides everything you need to quickly e-file an extension and be stress-free as the deadline passes you by.

Reasons To E-file A Tax Extension
One of the main reasons to e-file a tax extension is because you are waiting on corrected information. The other is because you are out of the country. Honestly, you don't need a specific reason to e-file Form 4868 with the IRS to extend your deadline because you don't have to provide one on the form. If you want to know more information about extending your return due to traveling, scheduling, or missing information, read - Reasons to File Personal Tax Extension Form 4868.

How To E-file with ExpressExtension.com
If you are not familiar with e-filing tax extensions, it's actually really simple. ExpressExtension has made the e-filing process as simple as possible and it only takes a few minutes to complete and transmit your Form 4868 to the IRS. You can find out more on my blog - How To E-file Form 4868 | Personal Tax Extension. Before e-filing make sure you have all the required information, including your name, address, social security number and tax liability (if any).

How To E-file Form 4868 From Any Location
Not everyone has access to a computer all the time so we created the Express4868 App to allow you to e-file an extension no matter where you are. You can download the Express4868 App for free on App Store or Google Play for your phone or tablet. Here is a great video demonstrating how to use the Express4868 App to e-file your Form 4868...


You can find out more information about Form 4868 and how to e-file using ExpressExtension.com by contacting the ExpressExtension Support Team. We are located in Rock Hill, SC and can be reached via phone: 803-514-5155 or email: support@expressextension.com

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4/09/2015

Express4868 App | Advantages of E-filing Form 4868

Back in the "olden" days of tax filings, it was all done on paper and there was no other option to transmit your return to the IRS. I'm a bit of a tree-hugger and paper filing just seem extremely harmful to the environment. It took a while for technology to catch up to tax filings and not that it has there are many different electronic options to file your tax returns. And the IRS actually prefers electronic filing and requires it when filing 250 or more returns. Now, eventhough e-filing is quick and simple, you still might need more time to file your Individual Tax Return that is due April 15th. Let's talk about how you can extend your deadline...

IRS Form 4868
ExpressExtension.com supports e-filing of tax extensions for different IRS tax returns. One of the most popular extensions filed through ExpressExtension.com is IRS Form 4868. The form is titled "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return," and is used to apply for an automatic 6 month extension to file your return. When e-filing, you do not need to provide a reason for requesting an extension and you only need to enter basic information, including your name, address, and social security number. 

Express4868 App
ExpressExtension.com provides a few different options to transmit your form because not everyone will have access to a computer. People are busy so we wanted to develop an app to make e-filing Form 4868 more convenient. The Express4868 App is free to download on App Store and Google Play and can be used on any mobile device. The app is very easy to use and it only takes a few minutes to complete and transmit your return.


Other than ease and convenience, advantages include:
  • User friendly interface with guided prompts
  • Diagnostic check to make sure required information is not missing
  • Tax professional discounts for CPAs
  • Instant notification of IRS acceptance
For more information on e-filing Form 4868 with ExpressExtension.com, I recommend checking these out:



If you have any questions about e-filing Form 4868 with ExpressExtension.com, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com 


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4/07/2015

Top 5 Questions About Personal Tax Extensions

If you are researching tax extensions, you probably have a few questions, right? It's not the easiest task to learn about tax extensions from the IRS; they really enjoy using the most legal diction possible. You can take a break from your search and let me answer a few of the most common questions about IRS Form 4868 - Personal Tax Extension.

1. Do I need to file an extension if I'm getting a refund?
If you know beyond a shadow of a doubt that you will be getting a refund, then the answer is technically no you won't need to file an extension; at least when it comes to your federal return. There would be no way for the IRS to calculate late-filing penalties if there is no tax owed.

The answer could also be yes, for 3 reasons:
 - An extension protects you from a late filing penalty if you do indeed end up owing taxes to the IRS.
 - Certain states you to e-file a federal tax extension to receive a state extension
 - ExpressExtension makes e-filing Form 4868 easy and it only takes a few minutes.

2. When is IRS Form 4868 due?
The e-file deadline of Form 4868 is April 15th. Technically Form 4868 must be filed by midnight according to your time zone, but it is best to e-file by 3 pm to ensure acceptance by the IRS in time.

3. Can I file an extension after April 15th? 
You can only file a personal tax extension after the April 15th deadline if you are a U.S citizen or resident alien who were out of the country on April 15th. You will need to file Form 4868 by June 15th.

4. What do I do if I miss the April 15th deadline?
If you are due a refund then you don't need to stress yourself out about it. 2014 tax returns that are due a refund have until April 15, 2018 to be filed with the IRS.

If you owe taxes and miss the deadline to file an extension, file your return as soon as possible. The late-filing and late-payment penalties are no joke and increase the longer you wait. Contact the IRS for more information if you file past the deadline.

5. Where do I file Form 4868 to extend my personal tax deadline?
You can e-file Form 4868 with ExpressExtension in a matter of minutes. You only need to enter some basic information and transmit to the IRS. There is even an app - Express4868 - so you can file from any location on your tablet or smartphone. For more information on e-filing with ExpressExtension, check out - How To E-file Form 4868 | Personal Tax Extension.

If you have any questions about e-filing Form 4868 with ExpressExtension.com, contact our Support Team via phone: 803-514-5155 or email: support@expressextensin.com
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4/02/2015

IRS Penalties for Filing Past The Income Tax Return Deadline

If you need more time to file your Personal Income Tax Return, IRS Form 4868 can extend your deadline for 6 months. You can easily e-file IRS Form 4868 (Personal Tax Extension) with ExpressExtension.com and let all the stress of tax season melt away. If you do not extend your deadline with IRS Form 4868 or consult the IRS on needing more time, you may be hit with costly penalties.

How Does The IRS Calculate Penalties?
First, there are 2 types of penalties -Failure to File and Failure to Pay. These are two separate penalties the IRS can charge you. The law provides that the IRS can assess a penalty on either or both instances; should they occur. Let's go over the different between these two penalties...

Failure to File occurs if you do not file by the tax deadline (obviously, right?). This penalty is generally more than the failure-to-pay 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. 
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. 
NOTE: If there is no tax balance due (or you qualify for a refund) there will be no penalty for late filing. for individuals who live and work out of the country, a 2 month extension is received automatically without having to file Form 4868 - however, a return must be file by October 15th at the latest. 

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. 

What Is Considered 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 more a subjective reason to be reserved for the most extreme circumstances, and to be determined by the IRS. 

You can easily avoid these penalties by filing on time, or by e-filing IRS Form 4868 with ExpressExtension to extend your deadline 6 months. If you have any questions about e-filing a Personal Tax Extension, contact the ExpressExtension Support Team via phone: 803-514-5155 or email: support@expressextension.com
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