What You Need to Know About IRS Tax Extensions
First, you need to determine which Form you are required to file for the extension.
- 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 and is due by March 15, 2013.
- 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 and is due by April 15, 2013.
- 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 and is due by May 15, 2013.
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.)
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.
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.
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.
If you have any questions about filing Tax Extensions, you can contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email [email protected].
