An Easy Guide to Filing Form 7004 for your Business
Running your business is no small feat, you probably wear many different hats and hold several titles at once. At ExpressExtension, we understand how taxing it can be to own and operate your business, whether it is a small start-up or you are building an empire.
One thing that doesn’t have to be “taxing” is your timeline to complete your business income tax returns. While the deadlines to file in March and April may seem far off and low on your ever-growing to-do list, they will be here before you know it!
One way to alleviate the stress of filing is to give yourself more time by filing an extension.
Did you know that Form 7004 provides an automatic extension to business owners for up to seven months?
Keep reading to learn the big benefits of filing this small form!
Businesses Types that can file Form 7004
Form 7004 applies to business entities that are required to pay business income taxes and file an information return to the IRS. Some of these business types include:
What Business Tax Forms can be Extended?
Form 7004 can be applied to many different tax forms, but here are a few of the most common ones:
How Long Does an Extension Last?
The typical extension length that is granted is six months. If you have a March or April deadline, an extension will give you until September or October to complete and file your business tax return.
C-Corporations with a tax year ending in June are eligible for a seven-month extension.
What about Tax Payments?
While an extension gives you more time to file, it doesn’t provide more time to pay. You still have to make your estimated tax payments by your original deadline, even if you have filed an extension.
Failing to make your tax payments to the IRS can result in penalties, but there is no need to worry, when you file your extension with ExpressExtension, you can make your estimated tax payments at the time you file! We offer options for EFW (electronic funds withdrawal) and the EFTPS (electronic federal tax payment system).
What information do I need to file Form 7004?
Filing Form 7004 is pretty simple! You only need your basic business information to complete this form and get your extension. Be sure to have the following information available when you sit down to file:
- Your legal name
- The name of your business
- The EIN
- The business address
- Your estimated tax payment
All of this information must match what the IRS has on file. If your business has moved since the last time you filed with the IRS, you will need to file a change of address form as well. Visit https://www.expressextension.com/form-7004-instructions/ to know more about 7004 instructions.
Check out this video to see just how easy it is to file!
ExpressExtension Offers Easy and Accurate Form 7004 E-filing
ExpressExtension makes filing 7004 form as easy as possible. Our streamlined e-filing process ensures that your filing is accurate and timely.
If your IRS Form 7004 has errors, ExpressExtension allows you to address and resolve them quickly. You will know as soon as you transmit to the IRS that your automatic extension has been granted.
If your form is rejected as a duplicate filing, you will receive a full refund, that’s our Express Guarantee!
Create a free ExpressExtension account today and get your extension out of the way!