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1/12/2017

Remember, Form 7004 Comes With Tentative Taxes



Hey business owners, don’t stress out, but tax time is here again! We know, it always seems like there is something due right around the corner, especially when you’re at your busiest time of year. If you don't have all of your receipts, records in order, or just generally find yourself too busy to file taxes right now, you’re in luck because we can help you file a Form 7004.

Form 7004


Form 7004 is an IRS tax form for the application of the automatic extension for filing certain business income tax, information, and other returns. It can be filed for businesses, corporations, certain trusts, and partnerships.

Since the form is automatic then the form is automatically accepted. This is a relief because other nonautomatic forms require you to give a valid reason for your extension that has to be approved by the IRS. You won’t hear from the IRS if your extension is approved.

However, even though the form is automatically accepted by the IRS they reserve the right to terminate your extension at any time. If they choose to terminate your extension you, the person, or the entity that filed for the extension for your business will be notified via mail. The notice will be mailed out at least 10 days prior to the termination date given.

- To file for a five-month extension file form 1a.
- To file for a six-month extension file form 1b.

Remember, your form 7004 must be filed by the time that your business tax return is due. For example, form 1120 is due by March 15th, so to get an extension on it you’ll need to file your form 7004 by March 15th. Otherwise, you may face fines and penalties.

PLEASE NOTE: Now we can’t stress this enough, it’s extremely important to remember that the 7004 only gives you an extension on filing your taxes, not paying for them. You have to pay a tentative tax by March 15th.

A tentative tax is an estimate of the amount of that your tax bill will be. It could end up being more or less. Tentative taxes are calculated before credits are taken into account which could increase or decrease the amount owed. Most people just use the same amount that they paid last year. 

Filing Your Form 7004 With ExpressExtensions


It’s extremely easy to file your form 7004 electronically with ExpressExtensions. We make the process headache free, and it can be completed in a matter of minutes after you create your ExpressExtensions account.

Once you select “Create New Extension” You can follow simple instructions to fill out your form 7004. All you’ll need is your:

- Business Name
- Address
- Tax-ID/EIN
- And Tentative tax.

Once that information is correctly filled in we will handle the rest. Although, you do need to make sure that your information matches what the IRS has and you can do that by contacting the IRS at 1-800-829-4933.

Click submit and you’re done. If the IRS rejects your form for any reason we will email you with instructions on how to correct the issue then you can resubmit your form for free, as many times as you need.

Contact Us With Your Questions


We know that taxes can be confusing with numbers, letters, due dates, and more. Luckily for you, we’re tax pros, and will be more than happy to answer any of your questions over the phone Monday - Friday 9 AM to 6 PM EST at 803.514.5155. We also offer 24/7 email support at support@expressextensions.com.

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