Decoding Business Tax Extensions: How Partnerships Can Extend 1065 Deadline

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Tax deadlines can feel overwhelming, especially when you’re balancing multiple filings. However, extensions offer valuable relief by allowing you additional time to file without incurring penalties. It’s crucial to remember that the regulations and forms for extensions differ based on your business type.

This article explains how partnerships can extend their Form 1065 deadline. We’ll explain what partnerships need to know about Form 1065 and how they can easily request an extension using Form 7004. We’ll also show you how filing with ExpressExtension can streamline the entire process and save you time.

Partnerships and Their Tax Filing Requirements

A partnership is a business structure where two or more individuals share ownership and responsibility for managing the business. In a partnership, the business doesn’t pay income tax; the profits or losses are passed through to the partners, who report them on their personal tax returns. Each partner receives a Schedule K-1 detailing their share of the partnership’s income, deductions, and credits.

Every year, partnerships must file Form 1065 with the IRS to report their financial activities, including income, deductions, and any distributions to partners. This is essential to maintaining the partnership’s tax status and ensuring that the partners report all income properly.

When is the Deadline for Partnerships to File Form 1065?

Partnerships generally need to file Form 1065 by the 15th day of the third month following the end of their tax year. The deadline for most partnerships operating on a calendar year is March 15.

For the 2024 tax year, the deadline is March 17, 2025, since March 15 falls on a weekend. But if you need more time, you can apply for an extension to push the deadline further.

How does the Partnerships Business Apply for Extensions?

As we mentioned above, meeting filing deadlines is crucial at many times. This is when extensions play a major role! The IRS understands that preparing Form 1065 can be time-consuming and offers an extension process. By filing Form 7004, partnerships can automatically receive an additional six-month extension to file their tax return. This pushes the filing deadline from March 15 to September 15 (for calendar-year partnerships).

It’s important to note that while this extension gives you extra time to file, it does not extend the deadline to pay any taxes owed. Estimated tax payments must still be made by the original due date (March 15) to avoid interest and penalties.

What Information is Required to File Form 7004?

When filing Form 7004 for an extension, you’ll need to provide the following notable details:

• Business name, address, and EIN (Employer Identification Number)
• The beginning and end dates of the tax year
• The tax form you are requesting the extension for (Form 1065)
• The tentative total tax liability for the year
• Total payments made and credits applied during the year
• Any balance due for the tax year

Click here to learn more about the step-by-step instructions for filling out the Form 7004 without any missing or incorrect information.

How to File Form 7004?

The extension Form 7004 can be filed by paper or electronically to the IRS as long as it is submitted before the Form 1065 deadline. However, the IRS recommends you e-file Form 7004 for quicker and more efficient filing processing. When you e-file business tax extension Form 7004, you’ll receive an instant status notification from the IRS, whereas paper filing is not. If you opt for paper filing, you fill out all the necessary information on the form and mail it to the appropriate IRS address.

E-file Form 7004 in Minutes with ExpressExtension

Filing for an extension has never been easier with ExpressExtension! We offer a fast and simple process for filing Form 7004. With just a few clicks, you can get your automatic 6-month extension and peace of mind.

With ExpressExtension, you’ll receive updates immediately and can track your extension’s status. If your form is rejected, you can fix the issue and retransmit it to the IRS at no extra cost. You can also copy data from previous returns to make the process faster.

Avoid the stress of last-minute filings and ensure you meet the IRS deadline, e-file your Form 7004 today with ExpressExtension!