Blog

11/30/2015

The Family Business

Running your own business can be a beautiful thing. It can be an even better thing once you’ve witnessed your business grow and expand. With expansion, there comes greater accountability. All you want to do is run your business as efficiently as possible, and provide the best service for your consumers. While it can be done, you also have to make sure that your business remains compliant with tax regulations.

This is where we make things simpler. With ExpressExtension, you can quickly and easily e-file your business tax extension, Form 7004, and receive an automatic extension up to five or six months depending on your type of business. The following business types can e-file a Form 7004:
  • C-Corporations
  • Multi-Member LLCs
  • S-Corporations
  • Trusts and Estates
  • Partnerships

Tax extensions for businesses are due by March 15 each year; if that day happens to fall on the weekend, then it’ll be pushed back to the next business day. ExpressExtension offers amazing features that streamline the filing process making it fast and simple; all you need is your business name, address, and tax identification number, and you can transmit your extension to the IRS in minutes.

ExpressExtension takes care of your tax extension needs, but there are other tax obligations that businesses are responsible for. As of next year, businesses will have to file documents to the IRS reporting offered health insurance coverage and health care enrollment as well as provide the report to their recipients or full-time employees. This is known as Affordable Care Act (ACA) reporting.

Through our affiliate site, ExpressACAForms, you can create an account, choose the ACA form you need, enter the necessary details, review, and then print and mail, or electronically transmit, directly to the IRS. The information you’ll need to successfully file includes
  • Total employee count & Full time employee count
  • Employee ID, name, and address
  • Health coverage offered
  • Employee share of the monthly premium (for lowest-cost self-only minimum coverage)
  • Months the employee was enrolled in employer coverage
  • Affordability safe harbor information
  • If self-insured, information about covered individuals in plan

For more information about ACA forms, check out our blog:
Affordable Care Act Forms: An Overview

With tax extensions and ACA reporting, your business will have numerous dealings with the IRS, not to mention that you also have to file your 1099s and W-2s. But we have an affiliate site for that as well. ExpressIRSForms uses the simplified features from both ExpressExtension and ExpressACAForms, and applies them to e-filing your information returns. It also currently supports state filing for a number of different states.

Whatever it is that your business may need to file, your Express Tax Family will have you covered. Contact our live support in Rock Hill, South Carolina for any questions or assistance you may need with e-filing a tax extension. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST at (803) 514-5155. You can also reach us through 24/7 email at support@expressextension.com, or live chat with us at www.expressextension.com.







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11/25/2015

Happy Thanksgiving from ExpressExtension

At ExpressExtension, we would like to say “Thank You,” and wish all of our users a safe and happy Thanksgiving. We are thankful of each of you choosing to e-file your tax extensions with our services. Without your continued support, we wouldn’t be able to provide the incredible service that you all have come to expect from ExpressExtension. And it’s all because of you.

While we are all celebrating and enjoying Thanksgiving with family and friends, let’s not forget that though tax season may be a few months away, tax preparation can be anytime throughout the year. And with ExpressExtension, you don’t have to wait until a situation occurs to begin filing for an extension.

You can create a FREE account, and enter the necessary information at this very moment for FREE. And if that situation happens to arise, you can log in to your account with all your details still there, and transmit your extension to the IRS.

ExpressExtension supports the following tax extension forms:
For our business extension users, the upcoming year requires Affordable Care Act (ACA) reporting, which insurers and large employers file information returns with the IRS and give statements to recipients, or full-time employees, regarding offered health coverage and health care enrollment. You can complete and e-file your ACA reports quickly and easily with our affiliate site, ExpressACAForms.

And for our exempt organization users, you can e-file your extension followed by e-filing your tax return all in one place. ExpressTaxExempt is your #1 online solution for everything tax-exempt; it supports 990 forms, extensions, and soon you can even file for exempt recognition with our section 501(c)(3) applications.

The holidays are meant to be spent with the ones nearest and dearest to each of us. To respect that sentiment, our office will be closed on Thanksgiving Day, and on Friday, November 27, we will only offer email support at support@expressextension.com. We will be open today during the normal business hours of 9 a.m. to 6 p.m. EST, and will resume normal business hours on Monday, November 30. You can reach our live support team at (803) 514-5155.

Once again, we wish you all a Happy Thanksgiving, and thank you for choosing ExpressExtension for you tax extension e-filing.






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11/23/2015

Surviving Black Friday

Only in America can you have one of the biggest shopping events the very next day after one of the most prominent holidays in the nation. That’s right, the infamous Black Friday - the one day out the year where people literally go wild for some of the best annual consumer deals. Whether you’re shopping for yourself, or for someone else, one thing you can bet on is feeling the loss in your pocket. And though that money is gone once it’s spent, you can still have those purchases work in your favor around tax time.

Sales Tax Deductions
By keeping record of your Black Friday purchasing receipts, you can apply those to your deductions on your personal tax return. Whether you choose to itemize deductions or to use standard deductions is an important choice. Experts recommend to itemize your deductions; otherwise, you won’t be able to claim the sales tax you paid. Once your expenses have been itemized, you can choose whether you want to deduct it from sales tax or income tax. You should choose the one that gives you the biggest tax break.

How Much To Deduct
How much can you actually claim in sales tax? Well, as long as you have the documentation, there really is no limit. If, for some reason, you don’t have all your spending receipts, but you paid using credit or debit, you can get access to your statements online to get an accurate computation of the sales tax you’ve paid.

Hey! Big Spender!!
There’s no doubt that you’ll find some decent deals this Friday, but for the purposes of tax deductions, we’re talking about the really big purchases:
  • Vehicles
  • Expensive jewelry
  • Electronic equipment
  • Home furniture or appliances
If you’re attempting to deduct purchases under $500, you may find that the payout isn’t worth all the effort you invested. Deduction amounts can be based from taxpayers’ average consumption, account filing status, local and state adjusted gross income, and even the number of dependents. The IRS supports an online calculator for sales tax deductions, which you can use for your estimation.

Tax Professional
You should take advantage of having a certified tax professional in your corner because there are a number of variables that can keep you from receiving the biggest deduction possible. For instance, nontaxable income amounts should also be considered for sales tax deductions. If your total income is larger, your deduction will come out larger as well. A tax professional can expand on the more fine details of sales tax deductions.

With some Black Friday sales starting at midnight Friday morning, the experience can be fun, but also a little stressful with the long lines and erratic behavior from other shoppers. For helpful suggestions on experiencing a more enjoyable Black Friday, check out the following blog:
Holiday Shopping Tips & Tricks

Best of luck this Friday and be safe!

Don’t forget that if you need more time during tax season to get all your deductions in order, you can e-file a tax extension with ExpressExtension. Create a FREE account today and enter your information. If an extension becomes necessary, simply login to your account and transmit the information that’s already entered directly to the IRS.

Our live support team in Rock Hill, South Carolina is always in a festive mood to assist you - no matter the season. Connect with us Monday through Friday from 9 a.m. to 6 p.m., Eastern Standard Time at (803) 514-5155. Email support is 24/7 at support@expressextension.com, and you can live chat with us at www.expressextension.com.





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11/18/2015

3 Tax Tips to be Thankful for

Thanksgiving is roughly one week away. Many of you are probably making travel plans, or planning on what foods to prepare; others might be looking forward to the traditional football broadcast, or the day off from work. However you plan on celebrating the upcoming holiday, let us also not forget how this is the season for strategic financial planning. There are many things to be thankful for within each of our lives, but here are three tax benefits towards financial strength that deserve much thanks.

Charitable Contributions
While giving to the less fortunate can be done throughout the year, Thanksgiving seems to be one of the opportune times when you can donate to a charitable organization. Not only are there people who will be thankful for your generous gift, you can be thankful for the valuable tax benefit from giving to charity.

First, you should make sure that the charitable organization you’re donating to is recognized by the IRS. You can find out by searching the organization’s name through the IRS website. Second, your contributions must be itemized in order to properly deduct them on your tax return. You can only deduct up to 50% of your adjusted gross income (AGI) with charitable contributions; however, you could extend your limit with the help of a tax professional.

For more information, check out the following blog:
Year-End Gifts for Charity

Tax Harvesting
For those of you who are in the stock game, tax harvesting is selling a poor performing stock, which results in a net loss offsetting your tax liability in capital gains. With tax harvesting, you can decrease your overall tax liability.

Experts state that Thanksgiving is the best time to utilize this strategy since the IRS has a rule regarding selling stock or securities at a loss within 30 days before or after purchasing the same stock or securities. Check with your local tax professional for details.

401(K) Contributions
If you’re fortunate enough to have a company-sponsored 401(K) plan, along with an employer who matches contributions, this month is a great time to review your annual 401(K) contributions. You want to make sure you’re receiving the maximum amount of your company’s match; you’ll also want to contribute as much as you lawfully can.

Important: To take full advantage of these tax benefits, you have to make your contributions before December 31. If you need further assistance, you should consult your local tax professional.

But Wait! With everything there is to be thankful for, we’re thankful for the tax extensions for allowing more time to get all our tax information together. E-file for an extension quickly and easily with ExpressExtension. Being prepared for tax season is everything so create and enter your organization details right now for FREE, and then complete and transmit your extension when necessary.

Our die-hard team of e-filing professionals in Rock Hill, South Carolina are ready to lend you a helping hand. Get in touch with us Monday through Friday from 9 a.m. to 6 p.m. at (803) 514-5155, or email us 24/7 at support@expressextension.com






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11/16/2015

Final Call for Exempt Organizations

In the world of taxes, all who file for exempt organizations must have the best luck ever. After your tax end date, you have five months to file your tax return, or you can file an extension and receive three months of extra time, followed by the option of filing a second extension and getting another three months. 

In total, that’s 11 months to prepare for and file a tax return. Not that we’re saying filling out a tax-exempt return is a brisk, afternoon activity, trust us, we know. But 11 months is a fairly long time… Until time is up.

Unfortunately, that time is upon us as today is the final day of the year for exempt organizations to file their tax returns. Now when we say “final,” we’re speaking about organizations that meet these conditions:
  • Operate on a Calendar Tax Year
  • Required to file Form 990-EZ or Form 990 (Long)
  • Filed an Extension Form 8868 Part II this past August
With a Calendar Tax Year, your tax dates are from January 1. to December 31, which means your original due date to file a return was May 15. If you filed Extension Form 8868 Part I during that time, then your date was extended to August 15. At that time, you have the choice to file Extension Form 8868 Part II, and if accepted, your due date gets extended to November 15.

Luckily, or terribly if that’s how you see it, November 15 was this past Sunday. And the good ol’ folks at the IRS have a rule stating that any tax deadline falling on the weekend, or a national holiday, is pushed back to the next business day.

Filing the Form 990-EZ means that your exempt organization has gross receipts greater than $50,000, but less than $200,000, and total assets less than $500,000. For Form 990 (Long), your organization must have gross receipts greater than $200,000 and total assets greater than $500,000. Any exempt organization with less than $50,000 in gross receipts is required to e-file Form 990-N (e-Postcard).

Tax-exempt returns that are due today must be transmitted by Midnight local time so head on over to our affiliate site, ExpressTaxExempt, where all your exempt organization e-filing needs can be made easy. And if you use ExpressExtension strictly for exempt organization extensions, consider ExpressTaxExempt your new #1 home for everything tax exempt.

Keep your tax-exempt extensions and forms all under one account with ExpressTaxExempt, and still enjoy the same e-filing features you’ve come to trust with ExpressExtension. Our live support team in Rock Hill, South Carolina is at the edge of their seats waiting for any questions or concerns you may have about e-filing a tax extension. Contact us at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m., EST. We can also be reached 24/7 through support@expressextension.com, or chat with us live at www.expressextension.com.



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11/11/2015

November Tax Ballots

Along with the cooler weather and major seasonal traditions, November is also the month for voting. Every four years we get to choose our President of the United States and our state representatives; in the meantime, we vote for various legislation. This year certain states are deciding on some major tax initiatives that could be implemented within the upcoming 2016 year. 

According to ballot tracking, these votes could lead the electorate to effectively implement new laws and get rid of old ones based on the number of tallies. Other votes will have no tangible force, but will give insight on how voters feel about certain laws that have already been passed or are still in early stages.

Key State Tax Votes within the Nation:

Maine
  • The Question 1 tax initiative aims to increase the state’s funding for full public financing of its political candidates by 50%. If approved, the fund will pull from the $6 million invested in corporate tax breaks that were considered low-performing and unaccountable. 
Colorado
  • Colorado’s Proposition BB will let the state keep its excess of marijuana tax revenue instead of refunding it to taxpayers as its current Taxpayer Bill of Rights mandates. If passed, the $58 million excess will be distributed through various state-funded projects. If not, it’ll have to be refunded to each Colorado taxpayer, which breaks down to about $32 per citizen.

  • Similar to Proposition BB, Colorado’s capital, Denver, is voting to pass Measure 2B, which will grant the city rights to spend 2014’s sales tax money from marijuana rather than refund it to taxpayers. If rejected, the payout must be done by Dec 31.
Texas
  • State Prop 1 foresees tax relief for homeowners if it passes as a constitutional amendment increasing the residential homestead property tax exemption from $15,000 to $25,000. It could also see an estimated $1.2 billion loss in school investments, if passed.

  • A property tax exemption for homeowners that are surviving spouses of deceased, disabled veterans from 2009 and earlier could happen with the approval of State Prop 2. The initiative is projected to have little impact on the state’s budget simply because it would only apply to about 3,800 citizens.

  • State Prop 7 would send money collected from certain sales taxes to road construction and transportation debt. It’s considered an easy way for Texas to meet its underfunded roadway needs; however, many are hesitant because the proposal denies closing corporate tax loopholes or increasing fuel tax to assist transportation needs.
Washington
  • In the state of Washington, voters have a variety of ballots that will only give a consensus of laws that have already been established. Bankrate.com lists these as:
- Certain oil spill response and administration taxes (advisory vote No. 10)
- A marijuana excise tax on medical marijuana sales (advisory vote No. 11)
- A gas tax increase of 7 cents per gallon that took effect on Aug. 1 and an additional 4.9 cents per gallon scheduled to take effect on July 1, 2016 (advisory vote No. 12)
- The elimination of some tax preferences for certain manufacturers (advisory vote No. 13)

  • There is also Initiative 1366, which is directed to cut the state’s sales tax by a full one percent next year. However, if the state passes the most recent constitutional amendment proposal for a tax increase, the sales tax will remain as it currently is.
It’s tax laws, such as these, which change where money is collected from and how it is spent, and that change the amount of money you pay or receive from your tax return. E-filing a tax extension will grant you further time to file so you can figure out exactly how recent tax changes will affect your payment or refund.

E-file your extension with ExpressExtension today! There’s no waiting for a reply with any questions or assistance you may need. Our team of live experts are ready to help. Give us a call at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m., EST. We also answer emails 24/7 at support@expressextension.com, and offer live chat at www.expressextension.com.










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11/09/2015

Year-End Gifts for Charity

As the last two major holidays of the year loom over the horizon, ‘tis the season in which many of you probably give to charities. Now you might be giving just from the kindness of your heart with no expectation of anything in return, and that’s great. That’s completely awesome as a matter of fact. 

But don’t forget that you can claim tax deductions for those gifts. The goal here is to itemize each gift you plan to deduct. There are numerous tax regulations available for giving to charity, but here are the top six from the IRS you should get familiar with.

  1. Give to Qualified Charities - Only gifts given to qualified charities can be deducted. The IRS has a Select Check Tool you can use to verify if the charity is qualified. Regardless, any donations you give to churches, synagogues, temples, mosques, or government agencies can be deducted, even if it isn’t listed within the Select Check.
  2. Monetary Gifts - These include gifts of money in the form of cash, check, electronic funds transfer, credit card, or payroll deduction. To deduct any gift of money from your return, you must have a written statement or bank record from the charity - no matter how large or small the amount was. The statement has to show the name of the charity, the date the gift was given, and the amount. Bank records can include voided checks, or bank, credit card, or credit union statements. You can use a pay stub, a W-2, or other documents from your employer if you give through payroll deductions. Make sure the total amount withheld is shown along with the name of the charity.
  3. Donating Household Items - These items are generally furniture, clothing, furnishings, electronics, appliances, and linens that are in good, used condition. If an item has a deduction of $500 or more, it doesn’t necessarily need to be in good condition, but a qualified appraisal for the item should be included in your tax return.
  4. Proof of Giving - With each deductible monetary or property donation of $250 or more, you are required to get some sort of record acknowledgement from the charity. This recognition is in addition to the statement given for monetary gifts, though one statement with the required information can suffice.
  5. End-of-Year Gifts - It’s possible to deduct contributions within the same year you made them. If your gift was charged to a credit card right before the end of 2015, it can still be counted within the 2015 tax year even if you don’t get the bill until 2016. The same can be said for mailed checks as long as the postmark is within 2015.
  6. Special Rules - For those with the most generous of hearts donating various vehicles to charities, there are special regulations which can be found at the IRS website.


While giving to charities may put you on Santa’s nice list, your deductions aren’t going to do any good if they aren’t prepared around tax time. Give yourself the gift of extra time by e-filing a tax extension with ExpressExtension. Our live tech support in Rock Hill, South Carolina is ready to assist. Call us at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m., EST. We also offer 24/7 email support at support@expressextension, and live chat at www.expressextension.com.




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11/04/2015

Prepare for Next Season

With less than two months left within the year, most of you have already completed your tax filings with the IRS. If you haven’t yet, at the very least, you’ve taken the proper steps to extend your deadline to file. For those of you who are completely done, you can breathe a sigh of relief until next year… But why wait until next year?

Whether you’ve had an easy or difficult time this past tax season, you can experience an even better time filing your taxes with proper preparation. Being well prepared to file your taxes can include a number things such as having your records in order, using a certified accountant or tax professional, or even having the correct IRS forms you need to file.

One of the things you can do to be better prepared for the next tax season is to anticipate the steps you took filing this past tax season. For instance, if you had to file an extension this time around, why not go ahead and have extension complete and ready to go?

“How would I know if I need an extension so soon?”

The truth is that you really don’t know until that time comes, but you can still use that to your advantage. With ExpressExtension, you can create a FREE account, and with that account, you can enter all the necessary information needed for your extension, all for FREE. And then, you can leave it right there until you need to use it. You won’t be charged anything until you’re ready to transmit your extension to the IRS.

Because of ExpressExtension’s cloud computing feature, the information you enter stays within your account until you decide to change or delete it - no matter how many times you happen to log in or log out. And for tax professionals who need to file for multiple organizations, businesses, or individuals, you can add information for each all under one account.

So let’s say you go ahead a fill out everything needed to e-file your tax extension. The time comes to file your tax return, and you realize that you don’t need the tax extension you had in reserve. Great for you; nothing else is required from you as far as tax extensions go. But then, the following year comes around, and find yourself in need of an extension. Your details are still within your account from the previous year; all you need is to select the year you’re e-filing for and proceed to transmit to the IRS.

It’s so simple and there’s nothing wrong with being one step ahead. Get ready for the upcoming tax season with the following tax extension deadlines for 2016:


As you prepare for your next tax season, we’re prepared to lend you a helping hand. Our professional team of live experts, located in Rock Hill, South Carolina, are ready to answer any questions you might have, or to provide any needed assistance. Dial us up at (803) 514-5155; we’re available Monday through Friday, 9 a.m. to 6 p.m. EST. Or send us an email 24/7 at support@expressextension.com and live chat with us at www.expressextension.com.





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11/02/2015

Two Services, One Brand

If there’s one thing that we all appreciate in the society we live in it’s convenience. We live in a nation where if it can be done in one shot, then that’s the way to go. Remember, if you can, way back when you had to go to separate places to get clothing, groceries, or electronics? You can now get all of those things and more through your favorite franchise, supercenter store. How about remembering the days of rushing home to catch your favorite show, setting aside a day to go to the movies, or showing photos when a friend or relative came over? All of those things can now be accomplished whenever you want, in the palm of your hand, with video streaming and photo messaging, from even the most generic of smartphones.

Those were just a handful of examples; the list can go on and on. But in this life of convenience, why are you still e-filing an extension for an exempt organization on one site, just to go to a different site to e-file the actual exempt tax return?

Now we know that there are literally dozens of blogs on this site expressing the awesomeness of e-filing your exempt organization extension with ExpressExtension, trust us, we know. And while all that extreme awesomeness is true, our main goal here is to provide you with the quickest and easiest e-filing experience ever. And which would that be… Having to e-file through two websites? Or only one?

With that being said, it is with great pleasure we introduce our other IRS-authorized, e-filing product for exempt organizations, ExpressTaxExempt! Through ExpressTaxExempt, you can still e-file Part I and Part II of your Extension Form 8868 with all the same features you love with ExpressExtension:
  • Interview-style Format
  • Built-in Error Checks
  • Cloud Computing
  • Top-notch Security
  • Live, US-based Tech Support
The best part is that once your extension has been e-filed, you can come back later and e-file your appropriate 990 form all from the same ExpressTaxExempt account. Convenient? Believe it!

ExpressTaxExempt offers support for Form 990-N (e-Postcard), Form 990-EZ, and Form 990 (Long). And with everything ExpressTaxExempt does, why continue to use two different sites or use a site that doesn’t include everything? ExpressTaxExempt will certainly serve as your premier centerpiece for everything essential to exempt organizations and nonprofits.

Now don’t worry. ExpressExtension will still be here for personal and business tax extensions. And if you happen to need to e-file an exempt organization extension along with either one of those, you can do so while keeping all your extensions together in one account. But if you’re only filing extensions for exempt organizations, why not keep that together with the same tax return form you’ll eventually have to file? Sign up for your FREE account with ExpressTaxExempt today!!!

Our extension services aren’t going anywhere. So don’t hesitate to contact our live team of experts located in Rock Hill, South Carolina for any questions or assistance with e-filing your tax extension. We’re available Monday through Friday at (803) 514-5155 from 9 a.m. to 6 p.m. EST. We also offer email support through support@expressextension.com and live chat with www.expressextension.com.




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