Form 4868 Vs 7004: Key Differences Between the Two Extension Forms

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When tax deadlines loom, both individuals and businesses may need extra time to prepare their returns. Fortunately, the IRS provides extension forms that grant additional time to file. But which one should you use? The answer depends on whether you’re filing personal or business taxes.

Two common tax extension forms—Form 7004 and Form 4868—serve distinct purposes. Form 7004 is used by businesses to request more time to file business tax returns, while Form 4868 applies to individuals who need an extension for their personal tax returns. While both forms provide an extension to file, they do not extend the deadline to pay any taxes owed.

This guide breaks down the key differences between these two forms, ensuring you select the right one for your tax situation. Plus, we’ll show you how ExpressExtension simplifies the filing process, making it easier than ever to request an extension with the IRS.

Overview of Business and Individual Tax Extension Forms

Form 7004: Automatic Extension of Time To File Certain Business Income Tax Returns

Form 7004 allows businesses to request an automatic extension to file various business-related tax returns, such as:

• Corporations (C-Corporations and S-Corporations)
• Partnerships
• Single or multi-member LLCs (treated as Corporations)
• Multi-member LLCs (treated as a partnerships or Corporations)
• Trusts and estates

Key Details of Form 7004:

• Extension Period: 6 months (some exceptions apply)
• Tax Payment: The extension does not delay tax payments; businesses must pay any taxes owed by the original deadline.
• Common Forms Covered: Form 1120-S (S-Corporations), Form 1065 (Partnerships), and various other business tax returns.
• Deadline for 2024 Tax Year: March 17, 2025 (since March 15 falls on a weekend) for certain business income tax returns such as 1120-S, 1065, & more and April 15, 2025 for certain business income tax returns such as 1120, 1041, & more.

Form 4868: Automatic Extension of Time To File U.S. Individual Income Tax Return 

Form 4868 is used by individuals who need extra time to file their personal income tax returns. This includes:

• U.S. Individuals
• Sole Proprietors
• Single-member LLCs (treated as sole proprietors or disregarded entities)

Key Details of Form 4868:

• Extension Period: 6 months
• Tax Payment: The extension applies only to the filing deadline, not tax payments. Individuals must pay their estimated taxes by the original due date.
• Common Forms Covered: Form 1040, Form 1040-NR, Form 1040-SR, and Form 1040-SS.
• Deadline for 2024 Tax Year: April 15, 2025.

Key Differences: Form 7004 vs 4868

Now that we’ve covered the basics, let’s dive into the specific differences between these two forms:

 Common Mistakes to Avoid When Filing an Extension

To ensure your extension request is processed smoothly, avoid these common pitfalls:

1. Thinking an Extension Gives More Time to Pay Taxes – Extensions only grant additional time to file your return, not to pay taxes owed. Payments must be made by the original deadline to avoid penalties.
2. Failing to Estimate and Pay Taxes Owed – If you owe taxes, you must estimate your tax liability and make a payment with your extension request.
3. Providing Incorrect Information – Errors such as entering the wrong tax year, business name, or TIN can lead to rejection by the IRS.
4. Not Keeping Proof of Submission – Always save your e-file confirmation or mailing receipt as proof of submission in case the IRS has questions.

Easily File Form 7004 and 4868 with ExpressExtension

ExpressExtension, an IRS-authorized e-file service provider, offers an easy and secure way to e-file your business and personal tax extension with the IRS. Our step-by-step filing process with clear instructions will help you easily file Form 7004 and 4868 with the IRS.

Our software, which has a user-friendly interface, ensures a streamlined, secure, and accurate filing experience for tax extensions. With Express Guarantee, you get a full refund of your filing fees if the IRS rejects Form 7004 or 4868 due to duplicate filings.

Submitting Form 7004 and Form 4868 through ExpressExtension requires only a few minutes. Start your extension form filings today.