Don’t freak out, and if you’re already panicking, calm down. Here, at ExpressExtensions we can help by providing you with the Business Tax Extension Form 7004. All you have to do is spend a few minutes e-filing it by March 15th to automatically receive up to 7 extra months to file your return.
Just to be clear the IRS Form 7004 is the application for the extension of time to file certain business income tax and other information returns. It grants an automatic extension of up to 7 months to file income taxes for 2016 but differs based off your business type and tax year period.
For example, C Corporations with their tax years ending December 31st receive an automatic 6-month extension.
Certain Estates and Trusts receive an automatic 5 and ½ month extension.
Corporations whose tax years mustn't end on December 31st or June 30th receive an automatic 6-month extension.
C-Corporations with tax years ending on June 30th receive an automatic 7-month extension.
So be sure to know your business type and tax year information!
One of the best things about Form 7004, is that it’s automatic, meaning you don’t have to provide the IRS with a valid reason for needing an extension. As long as you have the form correctly filled out and transmitted to the IRS by the deadline A few other extensions require you to provide a reason that may be rejected.
Also, please be sure to remember that the Form 7004 only extends your time to file, it doesn’t extend the amount of time you have to pay your taxes. Failure to pay in time will result in fees, penalties, and interest.
This means that when you file your extension that you need to pay a tentative tax on it. A tentative tax is an estimation on the amount you owe. Some corporations base their tentative tax off of what they owed for the previous year, but as many changes happen during the year the number you owe could change greatly.
The information you need to file Form 7004 includes your business name, address, and either your Tax-ID or EIN. It’s important that this information matches what the IRS has on file. You can verify this by contacting the IRS directly by calling their number at 1-800-829-4933.
E-Filing With ExpressExtension
The best way to file Form 7004 is with ExpressExtensions. We provide the form as well as easy to follow instructions that will walk you through the process step by step. We even scan your form for mistakes before it’s transmitted to the IRS to catch any corrections that need to be made.
Once your form is transmitted to the IRS you can look at the status of it in your account to see when it reaches the IRS and when it gets approved! If your form gets rejected we will notify you via email with instructions on how to correct your form. You can then resubmit your form to the IRS as many times as necessary for free.
Plus, with ExpressExtension you’re never alone. Our dedicated support team is always standing by to help. Please don’t hesitate to contact us via phone, live chat, or email with any questions that you may have.