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ExpressTaxExempt Blog

Preparing For Your Tax Exempt Filing Deadline

If you follow a calendar tax year, then your Tax Exempt Filing Deadline is coming up on May 15th. Express990.com supports e-filing for forms in the 990 series so you can ditch that old paper method and save yourself a lot of time.

What You Need To File
Form 990-N
Form 990-N is the much shorter version of the Form 990 and is used by small organizations and charities that have gross receipts of $50,000 or less in a year. This form only takes a few minutes to e-file and you will need to have the following information: EIN/TIN, tax year, legal name and address, different names the organization uses (if any), website (if you have one), name and address of principal officer, confirmation of gross receipts of $50,000 or less, and a state the organization is going out of business (if applicable). 

File Your 990-N with the Express990 App
If you don't have constant access to a computer to e-file your 990-N, Express990 has released an app that allows you to e-file from any location. The Express990 App is available for free download on App Store and Google Play

Form 990-EZ
Form 990-EZ is used by tax exempt organizations with gross receipts of less than $200,000 or total assets of less than $500,000. This form has multiple schedules that need to be completed. The 990-EZ is a bit more time consuming than the shorter 990-N, but when you e-file you can enter information at your own pace. The information required to e-file Form 990-EZ include:
- Gross income
- Expenses incurred within the last year
- Disbursements within the year that are the reason the organization is exempt
- Balance sheet showing assets, liabilities, and net worth
- Total of the contributions and gifts received during the year and the names and addresses of all substantial contributors
- Names and addresses of the foundation's managers and highly-compensated employees
- Compensation and other payments made during the year
- Lobbying expenditures and nontaxable amounts
- Direct or indirect transfers and relationships with other organizations of the same type
- Respective amounts of the taxes imposed on the organization or any manager of the organization
- Amounts of reimbursements paid by the organization during the taxable year for any taxes imposed
- Information on any excess benefit transaction
- Information on any disqualified persons
- Information on disaster relief activities

For more information on the different schedules associated with the Form 990-EZ, check out my blogs:

How To Extend Your Deadline
If you need more time to file your Exempt Organization Income Tax Return, you can easily extend your deadline with by e-filing Form 8868. Express990.com provides e-filing of Form 8868 to automatically extend your deadline 3 months. If the initial 3 months is still not enough time, you can e-file Part II of Form 8868 for an additional 3 months to file. 

If you have any questions about e-filing your 990-N or 990-EZ with Express990.com, contact the Express990 Support Team via phone: 704-839-2321 or email: support@expresstaxexempt.com

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Things To Know Before Deducting Charitable Contributions

When you make a contribution to charity, it not only helps those in need but it also provides you benefits at tax time. It is the gift that keeps on giving. The Express990 team would like to go over a few things to know before deducting your charitable contributions...

Qualified Charities
To deduct a contribution, you must donate to a qualified charity. You will not be able to deduct gifts to individuals, political organizations, or candidates. You can easily check the status of a charity via the IRS Select Check tool.

Itemized Deduction
You will need to file Form 1040 and itemize your deductions to deduct your contributions.

Benefit in Return
Your deduction is limited when you receive something in return for your donation. You will only be able to deduct the amount of your gift that is more than the value of what you got in return.

Donated Property
For property donated, the deduction is usually the item's fair market value. If you sold the property on the open market, the price you would get would be your fair market value.

Donations of $250 or more
You will need a written statement from the charity you contributed to stating the donated cash or goods of $250 or more. On the statement, it must show the amount of the donation and/or a description of any property donated. If you were provided any goods or services in exchange for your donation, the statement will need that description as well.

Form 8283
If your deduction for all noncash gifts is more the $500 for the year, you will need to file Form 8283 - Noncash Charitable Contributions.

Records to keep
To prove the amount of contributions you made during the year, you must keep proper records. The IRS doesn't exactly give a clear explanation of this other than, "the kind of records you must keep depends on the amount and type of your donation." For more information on this particular subject, you should contact the IRS directly.

Always consult with your tax professional and/or the IRS when deducting charitable contributions.


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Form 990 Series

There are many different versions of Form 990 and each one is for a different type of organization based on their gross receipts. Express990 provides e-filing for forms in the 990 series that makes life so much easier for tax exempt and nonprofit organizations. Let's go over the different types of forms...

Form 990
Form 990 is the Original Gangster, an OG if you will, of tax exempt and nonprofit informational returns. It is very long and can be a bit intense the first time around. This form is used by organizations that have gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year. Some organizations that meet the requirements for this form don't have to file it, including: small nonprofits, faith-based organizations, subsidiaries of other nonprofits, religious schools, missions, state institutions, and government corporations. The deadline for Form 990 is the same all other forms in the series: the 15th day of the 5th month after the organization's accounting period.

Form 990-EZ
Form 990-EZ is like the Underboss to Form 990 (can you tell I'm a big fan of mafia/gangster movies). This form is used by organizations with gross receipts of less than $200,000 or total assets of less than $500,000. Form 990-EZ is made up different sections called schedules that allow a tax-exempt organization to go into great detail about their income tax. You want to give yourself plenty of time to file Form 990-EZ because there is a lot of information you will need to enter. Express990 provides e-filing of this form to make your life so much easier and to cut all that paper out of the filing process; so easy to go green. For more information on the different 990-EZ schedules, check out my blogs:


Form 990-N
Since I did a fun reference for the previous 990 forms, I have to do one for Form 990-N too. Form 990-N is like Rocco from Boondock Saints - it's simple, easy, and doesn't require extensive training to complete. This is your go to form to get your filing done quick, fast, and without having to ask any questions. Form 990-N is the shortest form in the series and can be filed by organizations that make $50,000 or lease in gross receipts for the year. It requires minimal information and can be e-filed for free with Express990. You can even e-file this form from any location using our 990-N App; available on App Store and Google Play

There are more forms included in the Form 990 Series, but these three are the most filed. E-filing for these forms is only a recent advancement and Express990 is the premier provider of this service. If you have any questions about e-filing your 990 form, contact the Express990 Support Team via phone: 704-839-2321 or email: support@expresstaxexempt.com 

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IRS Tax Deadlines and How To Extend Them

April is National Stress Awareness Month for good reason. Now, I'm not exactly sure it is because of the major tax deadline, but I feel like it is. The April 15th deadline to have your personal income tax return file causes a lot of stress. For nonprofit/tax exempt organizations, there is also the "15th day of the 5th month after the last day of your tax year" deadline for your Form 990. If you need more time to file your personal income tax return or your nonprofit/tax exempt tax return, you can easily extend the deadline with these IRS forms...

Personal Tax Extension Form 4868
If you need more time to file your personal tax return, you can easily e-file IRS Form 4868 with our partners ExpressExtension.com. It only takes a few minutes to e-file Form 4868 and you do not need to provide any reason to why you are requesting an extension. You just need to enter some basic information, including your name, address, and social security number. Once your form has been accepted by the IRS, you will receive an automatic 6 month extension of time to file your Personal Income Tax Return. ExpressExtension even provides the e-filing app Express4868 - available on App Store and Google Play - so you can e-file an extension from any location on your tablet or smartphone.

 

Exempt Organization Tax Return Extension Form 8868
IRS Form 990, 990-EZ, and 990-PF require you to input a lot of information and take up a lot of time to complete. If you need more time to file your tax exempt organization return, you can automatically extend your deadline for 3 months with Form 8868 - and even request for an additional 3 months if you need to. Charitable organizations, churches & religious organizations, private foundations, and other non-profits can e-file Form 8868 to extend their deadline with Express990.com.  

For more information on e-filing extensions with the IRS, contact the Express990 Support Team via phone: 704-839-2321 or email: support@expresstaxexempt.com

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Frequently Asked Questions

Find answers related to e-filing IRS Form 990, 990-EZ, 990-PF, 990-N (e-Postcard), Form 1120-POL and Extension Form 8868 with our Frequently Asked Questions.

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