Although filing a Tax Extension with ExpressExtension.com is typically a very quick process, one must be familiar with all the general information about their business in order to file any type of tax extension. There are different types of Tax Extensions that the IRS offers, and each is different. The IRS form 7004 is used for businesses to file tax extensions. The IRS Form 4868 is used for individuals to file personal tax extensions.

A common question that businesses may have is in regard to different types of LLCs.  When filing a business Tax Extension, it is necessary to know what type of LLC the business is. There are 3 primary types: Single Member LLC, Multi Member LLC, and Multi Member LLC (setup as a corporation).  A Single Member LLC would not need to file a Business Tax Extension, because its information would be included in its personal tax return. The two types of Multi Member LLCs are different in that one is incorporated, while the other is not. A standard LLC is not incorporated unless it has gone through the additional requirements and processes to become a corporation.

There are also small differences between different Corporation Types.  C Corporations and S Corporations have some similarities and differences, but it is important to know the differences and your specific type when filing a tax return.  The primary difference between C Corporations and S Corporations is that C Corps, which are standard corporations, are separately taxable entities. S Corporations are considered to be pass-through entities in which the profits and losses are passed through to the owners’ tax returns.

An IRS tax extension is meant to extend the amount of time that a person has to file a return.  It does not extend the amount of time to pay the taxes due. The IRS will still expect to receive the estimated tax amount upon the deadline.  Businesses are required to pay the full tax amount at the due date.  Individuals, however, are allowed to pay less than the total amount due. An installment plan can be setup with the IRS, and/ or penalties and interest depending on the exact situation.  Please consult with the IRS directly in this type of situation.

For any questions regarding the process to E-File a Tax Extension, the customer support staff at ExpressExtension would be glad to speak to you either by live chat, email, or phone support.

A personal tax extension uses Form 4868, officially called an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The key word here is Automatic. If you don’t think you’ll be able to hit that dreaded April 15 deadline, you can get an extension easily by e-filing Form 4868. The IRS will grant you an extra six months to file; your new deadline will be October 15.

Remember, this doesn’t extend the time for payment if you owe anything to the IRS.