What you need to know about Tax Extensions?
Filing a Tax Extension is very easy to do when you use ExpressExtension.com. All that is needed to file this is a basic
knowledge of your business. Here is a recap of what the IRS requires to submit a Tax Extension for a Business, Individual, or Nonprofit Organization.
IRS Form 7004: This form is used by businesses such as Multi-Member LLCs, C Corporations, S Corporations, Partnerships, Trusts, and Estates. This is commonly referred to as a form for Business Tax Extensions. This IRS Form gives a Tax Extension of 5 – 6 months.
IRS Form 4868: This IRS form is used for filing Individual or Personal Tax Extensions. This can be used to extend the tax deadline by 6 months for personal returns, 1099 Contractors, Sole Proprietorships, and Single-Member LLCs.
IRS Form 8868: Non-Profit and Exempt Organizations can use the Form 8868 to apply for an automatic 3 month tax extension or a non-automatic additional 3 month extension.
Tax Extensions: Filing a Tax Extension with the IRS extends the amount of time to file a Tax Return. It does not extend the amount of time to pay taxes. The IRS will still expect a tax payment to be made by the traditional filing deadlines, but the tax return itself is not required until the extended deadline.
Filing Status: If you are filing a business or nonprofit tax extension, it is required to list your business or organization type and the specific tax return form that will be filed. Likewise, if a person is filing an individual tax extension, it is required to list your filing status (married filing jointly, single, married filing separately, etc.)
Business Tax Year: Although it is common to use the calendar year as the business tax year, that is not always the case. If a business follows a different tax period, that will need to be specified. Also if a business was started or ended during the year, its tax period may be shorter than a full year.
Estimated Tax Amount: A Tax Extension extends the amount of time to file a tax return. It does not extend the amount of time to pay taxes. Therefore, the IRS will still expect the full tax payment at the traditional deadline.
If you have any questions about filing Tax Extensions, you can contact the Tax Extension Experts from their US-based Customer Support Center at 803-514-5155 or send an email to support@ExpressExtension.com. They also offer online chat support during their live support hours from 8am – 6pm EST.