The IRS Form 7004 is the official document that businesses can file in order to receive an additional 5 to 6 months to file a tax return. This form can be used by many different business types such as: Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts, and Estates.

The quickest method of filing this form is by using ExpressExtension.com. The IRS has authorized ExpressExtension as an official E-File Provider for Forms 7004, 4868, & 8868. The E-File option for this form allows businesses to easily file this form in minutes from anywhere.

All that is needed to file this form is a basic knowledge of the business as well as its official tax status. Most of this information can be found on a previous year’s tax return as long as that information has not changed. Important data such as the official business type and also the specific IRS tax return type needs to be entered in this Form. If you are unsure of this information, please check a previous return or a tax professional.

An estimation of taxes is also required.  A Tax Extension only extends the amount of time to file a tax return with the IRS, not the tax payment itself. The IRS will still expect the full tax payment to be made by the traditional deadline. The tax estimation must also be accurate. The IRS may impose harsh penalties if the tax payment is significantly less than the actual amount due according to the final return.

When E-Filing this tax extension through Express Extension, there is an option to pay the estimated tax amount online through an Electronic Funds Withdrawal, or EFTPS (Electronic Federal Tax Payment System). Businesses are required to pay all of the taxes up front. The IRS will impose penalties and Interest on any business that pays less than the estimated tax amount.

ExpressExtension can also be used to file Personal Tax Extensions with Form 4868, and Non-Profit Tax Extensions with Form 8868. Express Extension lives up to its name in terms of speed; once a return is submitted, it is typically accepted within minutes of filing.

If you have any questions about filing Tax Extensions, you can contact the Tax Extension Experts from their US-based Customer Support Center at 803-514-5155 or send an email to support@ExpressExtension.com. They also offer online chat support during their live support hours from 8am – 6pm EST.

Basics of IRS Penalties

IRS Penalties and interest may be for a number of different occurrences. Some examples are: understating your tax liability, understating a reportable transaction, file an erroneous claim for a refund or credit, or file a frivolous tax submission. But the easiest way to receive a penalty is by filing late.  

When it comes to penalties and interest, the Internal Revenue Code may impose many different types of penalties. These can be as simple as a civil fine, or as harsh as imprisonment, depending on the particular scenario.

How IRS Penalties Are Calculated

Penalty for Filing Late:  If a return is not filed by the due date, you may have to pay a failure-to-file penalty.  This amount is typically 5% per month, but not greater than 25%. The penalty is based on the unpaid amount as of the due date.

Penalty for Paying Late:  The Failure-to-Pay Penalty of .5% of unpaid taxes per Month is incurred each month after taxes due are not paid.

NOTE: If there is no tax balance due (or you qualify for a refund) there will be no penalty for late filing.

Avoiding Penalties

Out of Country:  Individuals who live and work out of the country automatically receive a two month extension without filing a Form 4868. However, a return must be filed by October 15 at the latest.

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

Extend Your Deadline:  An individual or business may elect to file for an extension of up to 6 months. This is not an extension of time to pay; this is an extension of time to file.  

Obviously the best way to avoid penalties and interest is to simply file on time! However, sometimes this is easier said than done.  There are many different services available for use by individuals and businesses to extend filing deadlines. www.expressextension.com is a simple online tool that can help you avoid late penalties by filing for an extension.  Ironically, one of the easiest ways to incur a penalty is also very easy to avoid.

As this year’s tax deadlines are ominously approaching, many businesses and individuals are stress fully and hastily preparing to file their tax returns. But it doesn’t have to be that way! Each year, an increasing amount of forward thinking individuals are filing Tax Extensions with the IRS.  There are many different ways to file, but there is none simpler than Express Extension.

This Year, ExpressExtension has expanded their services to include the following:

*Business Tax Extensions – IRS Form 7004
*Personal Tax Extensions – IRS Form 4868
*Non-Profit Tax Extensions – IRS Form 8868

Although the IRS does not require a reason for filing a Tax Extension, there are many reasons that Express Extension may be beneficial.

1) Express Extension is an IRS authorized E-File Provider. The IRS has stated numerous times that E-Filing is the quickest and most secure way to file. Express Extension will send an email confirmation to the filing party as soon as the IRS processes the application.

2) Many Accountants and Tax Professionals are much busier in the spring than they are in the Fall. Filing for a Tax Extension makes it easier to get a proper amount of time with a Tax Professional.

3) Organizing all of the paperwork required for filing a tax return can be a daunting task. Extending the deadline for up to 6 months allows the taxpayer to organize all of their tax related documents so that they can better prepare returns and get the most credits and refunds as possible.

4) Self Employed Individuals funding a SEP IRA will also benefit from a Tax Extension because the deadline for funding this type of account is the tax due date.

With its streamlined design and user-friendly interface, Express Extension will walk 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, if assistance is needed, Express Extension’s dedicated team of customer service representatives will gladly answer any questions about the process via phone, email, or text chat. Express Extension is IRS authorized, safe, secure and encrypted.

Not only is the service of Express Extension beyond reproach, it is also much more affordable that its closest competitors. With prices starting at $9.95 and not exceeding $14.95, it is easily the best value of any Tax Extension Software on the market.

Express Extension is the safest, fastest, most efficient, and most affordable way to file a tax extension with the IRS.

Each Tax Return is unique to the person filing, and each year there seems to be more and more information to organize. Although your tax return may have been simple in previous years, it usually gets more and more detailed each year. For every major life event, taxes can get more complicated. For example, if you have a child, adopt a child, buy a house, pay for college, or start a business (these are just a fraction of the possibilities) your taxes become more complicated.

Due to the increased complications involved in filing a tax return, each year more and more people are filing Tax Extensions for their Personal, Business, or Non-Profit Tax Returns. The IRS accepts Personal Tax Extensions by filing a Form 4868. This allows individuals 6 additional months to file their tax return. Business Tax Extensions are filed with the IRS by using Form 7004. This allows businesses an additional 5-6 months to file their tax returns. Non-Profit organizations can also extend their tax deadline by filing an IRS Form 8868. This provides Non-Profit Organizations an automatic 3 Month Extension. They may then file for a Non-Automatic additional 3 month extension after that.

These fantastic options allow individuals and businesses to properly organize all of their necessary tax documents so that they can be sure that they are receiving the appropriate Tax Credits, and paying the right amount. Tax Professionals appreciate it when people file for an extension, rather than bombard an already busy person with much more work on the busiest week of their year. This is another incentive for individuals and organizations to file for a tax extension; accountants and tax professionals are less busy in the summer months than in April. Most tax preparers are neck deep in paperwork by the time the tax deadline rolls around.

Fortunately, these IRS Tax Extension Forms can also be E-Filed online. ExpressExtension.com allows Individuals, Businesses, and Non-Profit Organizations to file Tax Extensions with the IRS. The beauty of E-Filing is that there is no need to leave your home or office, buy postage, or risk it getting lost in the mail. According to the IRS, E-Filing is the easiest, fastest, and most secure way to file any IRS Form.

One of the greatest things about filing with Express Extension is their dedication to quality customer support. If you have any questions about the filing process or would like a little help along the way, you can call, email or chat online with their Tax Extension team anytime from their US-Based Customer Support Center in Rock Hill, South Carolina. You can email the team at support@expressextension.com or chat with them online from the website: ExpressExtension.com Overall, it is hard to go wrong with an easy-to-use system, a helpful team along the way, and affordable pricing options.

The deadline to file personal tax returns with the IRS for the 2012 Tax Season has been extended to Tuesday, April 17, 2012. The traditional deadline of April 15 falls on a Sunday this year. Since April 15th falls on a weekend, the official deadline had to be changed. It could not be the following Monday (April 16) either due to the fact that April 16th is Emancipation Day. Emancipation Day is considered to be a holiday for the District of Columbia, and Federal Law declares that agencies such as the IRS must observe such holidays of the District of Columbia.

This will be the second year in a row in which the deadline for most tax returns will not be on the traditional deadline of April 15. Tax returns were also later last year due to the Emancipation Day holiday.

The same deadline applies to anyone filing a Personal Tax Extension as well as a normal tax return. If a Tax Extension is applied for, this does not postpone the tax payment. It only extends the time in which to file the tax return itself with the IRS.

Any taxes due must still be paid by the traditional April 15 deadline, but with a tax extension, the completed return does not need to be filed until October 15. This 6 month extension allows tax preparers and others to get the most out of any credits and refunds.

One of the easiest ways to apply for a tax extension is through www.ExpressExtension.com  The Fast and Easy-To-use System makes tax extensions simple and easy.  The entire process takes only a few minutes to complete. If you have any questions about the process, you can contact the Tax Extension Team from their Rock Hill, SC Support Center at 704.234.6000 or send an email to support@expressextension.com.

One of the greatest things about filing with Express Extension is their dedication to quality customer support.  If you have any questions about the filing process or would like a little help along the way, you can call, email or chat online with their Tax Extension team anytime from their US-Based Customer Support Center in Rock Hill, South Carolina. You can email the team at support@expressextension.com or chat with them online from the website: ExpressExtension.com  Overall, it is hard to go wrong with an easy-to-use system, a helpful team along the way, and affordable pricing options.

It is becoming increasingly popular to file a tax extension in order to gain a little extra time to organize a tax return for businesses, nonprofit organizations, and personal returns.  Many CPAs and tax preparers make it a regular practice to automatically apply for tax extensions for their clients because it gives them more time to organize the tax returns and other accompanying documents.

One simple reason for the popularity of the tax extension is that it does not increase taxes due.  The IRS does not raise taxes or impose any penalties for a person or business that files for a tax extension.

Any taxes due must still be paid by the traditional April 15 deadline, but with a tax extension, the completed return does not need to be filed until October 15.  This 6 month extension allows tax preparers and others to get the most out of any credits and refunds.

One of the easiest ways to apply for a tax extension is through www.ExpressExtension.com.  The Fast and Easy-To-use System makes tax extensions simple and easy.  The entire process takes only a few minutes to complete.  If you have any questions about the process, you can contact the Tax Extension Team from their Rock Hill, SC Support Center at 704.234.6000 or send an email to support@expressextension.com