The time to file your business income tax return is here! Are you ready to file? Do you have all of the information necessary to file gathered? We hope so because the failure to file will result in penalties and interest from the IRS! However, you could also avoid penalties and put off filing a little later by e-filing Business Tax Extension Form 7004 with ExpressExtension.
File IRS Form 7004 Today!
Business Tax Extension Form 7004 is the application for the extension of time to file business income tax and other information returns. As long as businesses correctly fill out this form and transmit to the IRS up until midnight the day of the March 15th deadline in their local time zone they’ll receive an automatic extension of up to 7 months to file.
The great this about IRS Form 7004 is the fact that it is automatic. This means that the filing process to get your extension approved only takes a few minutes because you don’t have to provide the IRS with a valid reason for needing your extension. You simply have to submit it by the deadline. However, the earlier you file Form 7004 the better, for peace of mind.
Form 7004 is used as a way to give yourself more time to file if you need more time to gather information or if you’re just too busy to file right now. Plus, this extension will allow you to file later
The penalties for failing to file differ based off of what type of business entity your business is. However, each of the penalties do grow larger on a monthly basis until you file.
Also, the length of the extension you receive varies based off of your business type and tax year. For example:
- C-Corporations with tax years ending on December 31st receive an automatic 6-month extension.
- 5 ½ month extensions are given to certain estates and trusts.
- 6-month extension for forms in Part I and IV whose tax year doesn't end on December 31 or June 30, as well as other forms.
- C-Corporations with tax years ending on June 30th receive an automatic 7-month extension.
Important: Form 7004 doesn’t extend the amount of time you have to pay your taxes. Any amount owed to the IRS must be paid in full by the original tax deadline.
How to E-File With ExpressExtension
ExpressExtension is an IRS authorized e-file provider that’s safe and secure. Plus, they’ve streamlined the process to make e-filing Form 7004 and getting your extension instantly approved quick and easy.
All you have to do is create your free ExpressExtension account to get started. Then click “Create Business Tax Extension.
First, you’ll be asked to enter your basic business details, such as the business name, address, Tax-ID/EIN, and primary contact information. Make sure this information matches what the IRS has on file. You can do so by contacting the IRS directly at 1-800-829-4933.
Next, you’ll select your business entity type and select the IRS form you need an extension on. Then
you will select the tax year and select the option if your organization is a holding company.
After that you’ll be asked to make any payment owed to the IRS is applicable. This payment is an estimation of the amount you owe. Some businesses refer to the amount they owed last year, but due to economic turbulence, this option may not apply. Try to make your estimation as accurate as possible.
Then your information will be displayed so you can carefully review your form for errors. After that ExpressExtension will perform a quick audit check to catch any mistakes. Once any corrections that need to be made have been completed you can pay ExpressExtension and transmit your form to the IRS.
Note: You’ll only be asked for payment when you transmit your form to the IRS.
If you have any questions please don’t hesitate to contact the dedicated ExpressExtension support team via live chat, phone, or email. They’ll provide extended hours to be of service during the March 15th deadline.