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12/17/2014

Tax Chat: Form 7004

You know, it may be the magical holiday season right now, but those tax deadlines will be here before you know it. So I thought, we should take a moment and slow life down for just a second and sit down for a chat. I think we deserve a little break to think about the future every now and then. Grab a cup a tea, coffee, or some delicious hot chocolate and join me for a little discussion.

I'm new to the world of grown-up responsibilites, and can I just say that time moves so fast in this new world. I mean, I constantly lose track of time and what day it is. I start work on Monday and in a blink of an eye it's Friday. When this happens my inner child perks up and wishes Super Man's time travel powers could be used in real life. I tell you this because tax deadlines always seem to just sneak right up on us all and then we are under a lot of pressure to to get forms and information to the IRS, so we are not hit with crazy-expensive fines.

So thinking about this philosophy of time moving faster as we take on more grown-up responsibilites brings me to my main point of tax extensions. Tax extensions not only can save you from late penalties and all that stress, but they are super simple to complete and transmit to the IRS.

ExpressExtension.com provides many different tax extensions. The first tax extension deadline is in March for Form 7004, which extends your deadline to file your business tax returns. There are also ones due in April and May, but we will cover them in the next tax chat.

Form 7004
Are you ready for the complete title of this form....wait for it... "Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns". It's a long title, but this nifty little form has a lot of power. Form 7004 will automatically extend the filing deadline for 32 different IRS returns. The automatic extension can be five (5) or six (6) months, depending on the return for which the extions is filed. This form can be used by Multi-Member LLCs, C-Corporations S-Corporations, Partnerships, Trusts and Estates.

Once you create your accout, the program will walk you through the entire process. It's super simple, easy and will give you a bit more time in this fast paced world we have found ourselves in as we reach our "wiser" years. If you ever have any questions about the filing process, the ExpressExtension customer service team is amazing. For one, they are nice when helping you. I couldn't tell you how many times I call a customer service number and the people (if I ever reach one) are rude and not helpful at all. You will never run into that problem with this team. And two, they are U.S based in Rock Hill, SC and can be reached via phone: 803-514-5155 or email: support@expressextension.com
Alright, I think it is time to get back to work, come back next chat and we will discuss tax extension Form 4868 for your individual income tax returns - so exciting!
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