The Extension Deadline For Forms 1120-S & 1065 is March 15th!
Warning! Tax deadlines are approaching! Are you ready to file? We hope so because failure to file in time will result in penalties, interest charges, fees, and more. But what happens if you simply need a little more time to file?! The answer to that question is easy, file an extension. Since the deadline for extension Form 7004 is on March 15th today we’ll go over exactly what it is.
Extension Form 7004
Business Tax Extension Form 7004 can quickly and easily be e-filed online with ExpressExtension in a matter of minutes. It’s basically an application for an extension of time to file certain business income tax and other information returns.
Businesses file IRS Form 7004 in order to request an automatic extension of up to 7 months to file business income taxes for 2016 based on business type and tax year period.
For those who need to file form 1120-S and Form 1065 the fact that Form 7004 is automatic is great news because this means that you don’t have to provide the IRS with a valid reason for needing an extension. All you have to do is correctly fill out the form and transmit it to the IRS by the March 15th deadline.
Keep in mind that Form 7004 only extends your time to file, not your time to pay your tax bill. When filing an extension be sure to pay your tentative tax the IRS by the March 15th deadline.
A tentative tax is an estimation of the amount you owe. Some businesses reference their tax bill from the previous year and match that number, however, businesses can change a lot over the duration of one year so the amount owed can fluctuate. Try to give the most accurate estimation as possible, or consult an accountant or tax professional if you need help.
As referenced above the length of your automatic extension is determined by your business type and tax year:
C Corporations with tax years ending on December 31st are granted a 6-month automatic extension.
Certain trusts and estates are granted an automatic 5 and ½ month extension.
Corporations whose tax years mustn’t end on either December 31st or June 30th are granted an automatic 6-month extension.
C Corporations with tax years ending on June 30th are granted an automatic 7-month extension.
E-Filing With ExpressExtension
With ExpressExtension you can easily file your Form 7004 in a matter of minutes. We even let you break free from your desk because you can use the ExpressExtension app on your iPad or Android tablet to file your Form 7004 from any location.
All you have to do is create your free ExpressExtension account to get started. We provide step by step instructions on how to fill out your form. We then scan it for any errors to catch any mistakes before your form is transmitted to the IRS.
Once you transmit your form you can view the status of it from your account dashboard. You’ll be able to see when your form reaches the IRS and when it’s approved. If you form is rejected you’ll be notified via email with instructions on how to correct your form. You can then make your corrections and resubmit your form the 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. If you have any questions please don’t hesitate to contact us via live chat, phone, or email.
