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9/29/2015

Recap of the ExpressExtension Forms

It’s never too early to think about next year’s taxes. And while that might not sound entirely accurate or like a very fun way to start a blog, I’m here to tell you that it is. Accurate, I mean. I can’t really tell you what you find fun, you’re the authority on that.

It’s only the end of September, but it seems like some days all you have to do is blink and a month goes by. Then, before you know it, it’s the beginning of a new year and you have tax forms that you have to send to the IRS and other recipients within a matter of weeks (or days if your procrastination habits are anything like mine).

So how do you avoid getting to this point? Well, if you start thinking about next year’s taxes now, you can prepare yourself and avoid any last minute filing headaches. One of the best ways to prepare yourself is to submit an extension form to the IRS as soon as you realize you might need more time to file. You can submit one even if you don’t think you’ll need more time just in case.

And extension forms don’t have to be complicated at all. One of the quickest and easiest ways to submit an extension form is with ExpressExtension.com. We offer extension forms for personal, business, and exempt organization income tax filers. Just read on to find out a little about each form and what it can do for you.

Form 4868
Form 4868 is a personal tax extension form. It’s used for 1040 Federal Income Tax Returns and by 1099 Independent Contractors, Sole Proprietorships (Schedule C), and Single-Member LLCs. Form 4868 is due by April 15 and extends your filing deadline six months to October 15. You do not need to explain why you are asking for an extension; you will only need your personal data (name, address, SS#) and to state whether or not you’re filing jointly.

Form 7004
Form 7004 is a business tax extension form for C-Corporations, Multi-Member LLCs, S-Corporations, Trusts and Estates, and Partnerships. It must be filed by March 15, and once it’s processed by the IRS, you’ll be granted an automatic 5 or 6 month extension (certain Partnerships, Trusts, and Estates can only apply for a 5 month extension). You’ll need your business’s data (name, address, Tax-ID/EIN) when filling out Form 7004.

Form 8868
Form 8868 is an extension form for exempt organizations that include Charitable Organizations, Churches and Religious Organizations, Private Foundations, and other nonprofits. Exempt organization extension forms have two parts: Part I allows for an automatic 3-month extension and Part II allows for an additional, non-automatic 3-month extension. Please note that you can only file Part II if you’ve filed Part I. To file either form, you’ll need your business or organization’s information (name, address, EIN/FEIN) and to identify the type of tax form that you normally file (990, 990-EZ, 990-T, etc.).

It’s important to remember that, with any of these forms, you must have your income taxes paid by the original filing date; these forms are not extending your time to pay, they’re extending your time to file.

Your tax extension form couldn’t be handled better than it is with our IRS-authorized e-filing service ExpressExtension. After you breeze your way through the online form, we’ll check it over to make sure it’s free of basic errors. Then we’ll send it straight to the IRS in an encrypted format so all of your information is safe. After it’s been accepted (usually within an hour), we’ll send you an email confirming your extension.

With that sort of guaranteed peace of mind, why wouldn’t you file an extension form with us?

And since we can’t do enough for you, our friendly USA-based support team is available by phone (803-514-5155) or live chat (www.ExpressExtension.com) Monday through Friday from 9 a.m. to 6 p.m. EST. We also offer 24/7 email support through support@ExpressExtension.com for any questions or assistance you may need.



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9/22/2015

ExpressExtension Presents: This Day in History

Time is an interesting concept.

Some say it’s linear; some theorize that it’s a tenseless illusion; some think it’s more cyclical in nature; and others sum it up as a ball of wibbly wobbly timey wimey stuff.

Whatever your take on it, the general consensus seems to be that there’s just not enough, which is why ExpressExtension is here to help buy you a little more of it, so to speak.








With ExpressExtension, e-filing your income tax extension is easy as


One: 






































Two:


Three:



And so long as you don’t have any errors, you’ve just gotten yourself an extra six months to file your taxes. Keep in mind that you will still have to pay any taxes owed to the IRS by your original filing due date. But then think of all the things you can do in six months! You can have a fun-filled summer, take an art class, or even get to work on that return and get yourself a few more deductions while you’re at it. Voilà!

So, since you’ve got a little time and I’ve got cyclical time on the brain, here are a few interesting events that took place on this day in history:
  • 1789 - The office of United States Postmaster General is established.
  • 1862 - A preliminary version of the Emancipation Proclamation is released, setting a date for the freedom of more than 3 million slaves in the United States.
  • 1888 - The first issue of National Geographic Magazine is published.
  • 1919 - The steel strike of 1919, led by the Amalgamated Association of Iron and Steel Workers, begins in Pennsylvania before spreading across the United States.
  • 1949 - The American Business Women’s Association is founded.
  • 1958 - Joan Jett, American singer-songwriter (The Runaways), guitarist, producer, and actress is born.
  • 1961 - President John F. Kennedy signs legislation establishing the Peace Corps as a permanent government agency.
  • 1965 - The Indo-Pakistani War of 1965 (also known as the Second Kashmir War) ends after the UN calls for a ceasefire.
  • 1980 - Iraq invades Iran.
  • 1987 - Tom Felton, English actor (Harry Potter series), director, and singer is born.
  • 1991 - The Dead Sea Scrolls are made available to the public for the first time by the Huntington Library.
  • 1994 - The television sitcom Friends debuts on NBC.
  • In addition to all of this, September 22 is observed as American Business Women’s Day (US), Independence Day (Bulgaria, Mali), and Hobbit Day.
And a very special event that took place on this day in history (so special it gets its own paragraph): Agie Sundaram, fearless leader of ExpressExtension's parent company SPAN Enterprises and pilot extraordinaire, was born!

So what’ll YOU do to make this September 22 memorable? Tell us about it in the comments!

And remember: the ExpressExtension team is here for your extension e-filing needs just about every day of the year! Give us a call (803-514-5155) or drop us a live chat (www.expressextension.com) Monday - Friday, 9 a.m. - 6 p.m. EST, or email us 24/7 at support@expressextension.com.




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9/17/2015

Comprehensive Guide to Tax Deductions


We’re less than one week away from the start of Autumn. It’s just about time for flannel sheets, cool weather, colorful leaves, caramel apples, and all the other endless associations with Fall. But before we embrace the upcoming season, let’s reflect a little about this past Summer. Throughout the season, we’ve spoken about tax deductions and how you could use the extra time from your tax extension to find even more deductions you could qualify for.

These discussions on tax deductions are scattered throughout our ExpressExtension and ExpressTaxFilings websites. But we’ve gathered them all together to present to you a comprehensive guide to tax deductions. With these blogs, you can get a better understanding of the possible deductions you could take advantage of, and why filing a tax extension can still benefit you even if you have your tax information already prepared.

1. Maximizing Your Deductions
Here are ten of the most common tax credits and deductions that you most likely are eligible for during your next tax season. For more details on these deductions visit the IRS website or your local tax professional.

2. Personal Tax Tips: Job Hunt Expenses
One category you can look into for further deductions is employment. There are many reasons why people leave and seek new employment. By looking for a new job in the same line of work, you may be eligible to deduct some of the costs from your job hunt.

3. Moving Deductions
If you moved your home in order to start a new job, or to continue your current job at a new location, you can deduct certain moving expenses. However, there are a few rules from the IRS that apply to deducting your moving costs.

4. Tracking Your Tax Deductions
As stated by the IRS, miscellaneous deductions can cut through your taxes. These deductions can be a number of things like expenses you pay for in your line of work. To claim these costs, you have to itemize your deductions.

While each blog gives a general overview, you may want to consult a tax professional for any specific situations. Even if you’re ready to file your tax return, a second look may yield some extra money for you. And with ExpressExtension, you can automatically extend your tax deadline up to six months. We offer tax extensions for personal, business, tax-exempt returns. You can also e-file from wherever you may be with our mobile apps for Business Form 7004 (iOS/Android), Personal Form 4868 (iOS/Android), and mobile website for Tax-Exempt Form 8868.


For any questions or assistance with e-filing your extension, live professionals are available at our Rock Hill, South Carolina office. Feel free to call (803.514.5155, Monday - Friday, 9 a.m. - 6 p.m. EST), e-mail (support@expressextension.com), or chat with us (www.expressextension.com)













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9/15/2015

The Taxpayer Bill of Rights

“You have the right to remain silent; anything you say can and will be used against you in a court of law; you have the right to an attorney…” You hardly have to have a police badge to know these rights by heart. But, did you know that, as a taxpayer, you have tax-specific rights with which the IRS must legally comply? In order to follow these laws, the IRS has taken the multiple existing rights embedded in the tax code and grouped them into ten broad categories known as Publication 1 or the Taxpayer Bill of Rights:

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and the obligations in place to protect them.
  1. The Right to be Informed: You have the right to know anything about the laws and procedures the IRS must follow when it comes to your taxes.
  2. The Right to Quality Service: You have the right to receive prompt, courteous, and professional assistance when you deal with the IRS.
  3. The Right to Pay No More than the Correct Amount of Tax: You are only required to pay the amount of tax legally due (this does include interest and penalties), and the IRS must apply your tax payments properly.
  4. The Right to Challenge the IRS’s Position and Be Heard: If you feel that your taxes haven’t been handled properly, you have the right to raise objections, which the IRS must consider and respond to promptly and fairly.
  5. The Right to Appeal an IRS Decision in an Independent Forum: If you make an appeal with the IRS, you have the right to have your case reviewed and handled by a separate IRS Office of Appeals than the one that initially reviewed your case. You also have the right to take your case to court if needed.
  6. The Right to Finality: So that everything is handled in a timely manner, the IRS must inform you of the maximum amount of time any tax situation might take (including audits and collection deadlines).
  7. The Right to Privacy: If you become subject to an IRS inquiry, examination, or enforcement action, the IRS can be no more intrusive than legally necessary to protect your right to privacy.
  8. The Right to Confidentiality: Your rights protect your personal information, so the IRS cannot disclose any of it unless authorized by you or by the law.
  9. The Right to Retain Representation: You have the right to an authorized representative of your choice when dealing with the IRS and, if you cannot afford it, assistance will be provided from a Low Income Taxpayer Clinic.
  10. The Right to a Fair and Just Tax System: You have the right to expect that the tax system will consider facts and circumstances that might affect your underlying liabilities and ability to pay or provide information timely. The Taxpayer Advocate Service will assist you if you’re going through some financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels.
Now… Do you understand these rights as I have read them to you? By making information about these rights available to taxpayers (there are even Spanish, Chinese, Korean, Russian, and Vietnamese versions), the IRS hopes to increase the number of Americans who know and understand their rights under the tax law. After all, as Amendment One says: You have the right to be informed.

We at ExpressExtension know and respect your rights, and we’re here to help you exercise your right to more time! Okay, so that’s not really what the amendment says, but we do support e-filing of extensions for individuals, businesses, and exempt organizations to help get you up to 6 months extra to file your taxes.

For any questions or further assistance with extensions or e-filing, contact our live, friendly support team by phone at (803) 514-5155 (Monday - Friday, 9 a.m. - 6 p.m. EST), email at support@expressextension.com, or live chat at www.expressextension.com.



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9/10/2015

Tracking Your Tax Deductions




Tax extensions can be more than just a last minute save option. You’re familiar with the fact if something were to unexpectedly happen before your tax deadline, you can e-file an extension for up to six months of extra time. You also know that if you complete your tax form before the extended date, you can file as soon as you like. But how about using your tax extension strategically? With all that extra time, another way to use it could be to discover new deductions you qualify for.

As stated by the IRS, miscellaneous deductions can cut through your taxes. These deductions can be a number of things like expenses you pay for in your line of work. To claim these costs, you have to itemize your deductions; this is a bit different from claiming standard deductions. And it’s possible to pay less taxes if you itemize.

Here are some tax tips from the IRS about deductions that can help reduce your taxes:

Deductions With Limits
Most miscellaneous costs can only be deducted if the sum is greater than two percent of your adjusted gross income (AGI). These expenses can include
  • Job search expenses
  • Dues paid towards a Union
  • Certain work clothes or uniforms
  • Travel and transportation for work
  • Job expenses that aren’t reimbursed
  • Costs paid to prepare a tax return, which can either be fees for tax preparation software or fees for e-filing 
Deductions Without Limits
There are some costs that don’t have to be more than two percent of your AGI in order to deduct.
  • Losses from fraudulent investments such as a Ponzi-type scheme.
  • Losses from gambling - only up to the amount you’ve won from gambling.
  • Losses in theft or an assured casualty. Typically, this applies to stolen or damaged property you were holding for investment like stocks, bonds, or works of art.
And then there expenses that you simply can’t deduct like personal living or family costs. The miscellaneous deductions that you can claim are usually reported on your Schedule A, Itemized Deductions. For more information about tax deductions, be sure to check out the following blogs:

Maximizing Your Deductions

Personal Tax Tips: Job Hunt Expenses

Finding more deductions you qualify for only puts more money in your pocket from your tax return. So why not allow yourself more time to locate these deductions by e-filing a tax extension with ExpressExtension? We support Form 4868, personal tax extension, and offer the utmost level of quality service for the best value-based pricing within the industry. You won’t find amazing service coupled with quality support anywhere else.

Expert assistance is available at our Rock Hill, South Carolina office. Feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also either e-mail us at support@expressextensions.com or chat with us at www.expressextensions.com for any further assistance e-filing your extension forms.






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9/08/2015

Tax Humor: Quotes to Help You Bounce Back from Labor Day Weekend


Another year, another Labor Day Weekend come and gone. Despite the lingering heat outside the ExpressExtension office (we are in South Carolina, after all), the feeling of summer has drifted from the air, and with it, a certain carefree feeling that probably resides in pastel-colored clothing and ocean air.

For most, Labor Day marks the end of the summer. And every year since the late 1800’s, the federal government has recognized Labor Day as a national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country. Of course, jumping straight back into work after you’ve had a day off to celebrate all the work you’ve already done is about as exciting as paying next year’s taxes the day after you've paid last year’s. So, to ease you back into your much-appreciated workflow, here are a few funny tax quotes to brighten your day:

“We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. ‘At least,’ as one man said, ‘there’s one advantage about death; it doesn’t get worse every time Congress meets.” -Erwin Griswold

“I’m proud to be paying taxes in the United States. The only thing is, I could be just as proud for half the money.” -Arthur Godfrey

“If Patrick Henry thought that taxation without representation was bad, he should see how bad it is with representation.” -Farmer’s Almanac

“Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?” -Peg Bracken

“Isn’t it appropriate that the month of the tax begins with April Fool’s Day and ends with cries of ‘May Day!’?” -Rob Knauerhas

“I wonder if I can claim the federal government as a dependent on my tax return this year.” -Tax Day Ecard

“The Taxpayer’s Prayer: Oh Mighty Internal Revenue Service, who turneth the labor of man to ashes, we thank thee for the multitude of thy forms which thou hast set before us and for the infinite confusion of thy commandments, which multiplyth the fortunes of lawyer and accountant alike.” -Russell Baker

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” -Jimmy Kimmel

“It is a good thing that we do not get as much government as we pay for.” -Will Rogers

“This is too difficult for a mathematician. It takes a philosopher.” -Albert Einstein, on filing for tax returns

Hopefully this little selection of quotes has been able to bring at least a smirk to your face as you take on the rest of your four day week. And keep in mind that the humor in these quotes derives largely from taxes and tax laws being more convoluted than necessary. So if at any point in your tax filing process you feel you need more time to get the intricacies just right, we at ExpressExtension are here for you: we offer e-filing of extension forms for individual, business, and exempt organization taxpayers. Within minutes you can have up to six additional months to file your tax return in addition to some peace of mind.

For any questions or further assistance with e-filing, contact our live, expert professionals by phone at (803) 514-5155 (Monday - Friday, 9am - 6pm EST), email at support@expressextension.com, or live chat at www.expressextension.com.



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9/01/2015

Personal Tax Tips: Job Hunt Expenses


If you e-file a Form 4868, Personal Tax Extension, you can automatically extend your tax deadline by six months. With six months of extra time, you can do whatever you want to make sure that your taxes are in order for your new deadline. You may decide to take your tax forms to a paid preparer, or you may need the time to wait for the appropriate tax forms to arrive. How about using that extra time to find even more deductions that you could qualify for?

One category you can look into for further deductions is employment. There are many reasons why people leave and seek new work. By looking for a new job in the same line of work, you may be eligible to deduct some of the costs from your job hunt. If you’re currently looking for a new job, here are some tax tips from the IRS.

New Job/Same Position
To qualify for any job search deductions, you have to be looking for a job within the same line of work as your last job. If you’re searching for an entirely new occupation, you can’t deduct any job hunt expenses.

Résumés
Keep those receipts because it’s possible for you to deduct the costs of preparing and sending your résumé to employers.

On-The-Road Expenses
If your job search has you racking up the miles, you can deduct the cost of the road trip. The only catch is that the main reason for your trip was to look for a job.

Job Agency
If you’re paying fees to a job placement agency to help you look for a job, you can deduct those expenses as well.

Schedule A
Normally, you deduct your job search expenses with your Schedule A, Itemized Deductions. Your deductions will be classified as “Miscellaneous Deductions,” and you can deduct the ones that are more than two percent of your adjusted gross income (AGI).

Premium Tax Credit/Health Marketplace
Be sure to report any changes, due to your new employment, to your Health Insurance. If you’re getting advance payments from the Premium Tax Credit, a change of income or eligibility of coverage could assist you in receiving the right type and amount of monetary help.

While deducting costs from job hunting can be helpful, there are some circumstances in which you can’t deduct any search expenses.

Initial Job
If you’re looking for employment for the very first time, you won’t be able to deduct anything.

Sizable Job Break
Don’t expect much in deductions, if none at all, if there was a significant amount of time between you leaving your last job, and you finding your next job. You simply can’t deduct expenses with such a long break.

Reimbursed Costs
Any expenses that have been reimbursed are not deductible.

Give yourself more time to discover what else you could deduct by e-filing a personal tax extension with ExpressExtension. Within minutes, you can get an automatic 6-month extension to file your tax return. You can also e-file on-the-go with our FREE Express 4868 App download for iOS and Android devices.


For any questions or further assistance with e-filing, contact our live, expert professionals by phone at (803) 514-5155 (Monday - Friday, 9am - 6pm EST), email at support@expressextension.com, or live chat at www.expressextension.com.





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