E-Filing An Extension For Corporate Or Partnership Taxes
Ah, spring is near. The days are growing longer and the air is starting to fill with the sweet scent of blooming flowers and fresh dew on the grass. However, this relaxing picture is often ruined if you listen closely and hear someone panicking in the distance because another thing that comes with the spring weather is tax time.
The deadlines for your business income tax returns are approaching, so if you need more time to file use ExpressExtension to quickly and easily fill out business tax extension Form 7004.
Form 7004
Business Tax Extension Form 7004 is used when businesses need more time to file their income taxes. By correctly filling out the form by the dead they will be granted an automatic 7-month extension on the time they have to file.
Since the extension is automatic they don’t have to provide the IRS with a valid reason for needing an extension.
It’s important to remember that the extension is only for the amount of time you have to file your taxes, you still have to pay the estimated amount that you owe to the IRS by the deadline.
The estimated amount you owe or the tentative tax must be as accurate as possible. You can base your tentative tax off of the amount you owed last year or contact a tax professional or CPA to calculate it.
Now some states don’t even have income taxes, so if you’re in:
Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming
New Hampshire
Don’t worry about completing this extension form in time…or at all.
Now the deadlines for business income tax returns are different based off of what type of business you have.
For example, partnerships or multiple member LLC’s need to have their Form 7004 or business tax return completed by March 15th. The old deadline used to be April 15th, so please be aware of the change!
Corporations need to pay their taxes and either file form 7004 or their income taxes by the 15th day of the 4th month at the end of the company’s fiscal or financial year. Most corporations have their fiscal year end on December 31st, so their deadline is April 15th.
The tax deadline for S-Corporations is due on March 15th.
Now that you know when the business tax deadlines are due you know when to file your Extension Form 7004 by.
E-Filing With ExpressExtension
ExpressExtension takes the headache out of filing by providing quality service and step by step instructions on how to fill out your form. We’ve simplified the process so that it only takes a few minutes to get your extension approved.
Before your file is transmitted to the IRS we run an audit check on it to see if you need to make any corrections. Trust us, it’s better to catch mistakes early so you won’t have to e-file corrections later.
Once you transmit your form you can see the status of it in your dashboard. You’ll be able to see when the IRS accepts and approves your extension. If your form is rejected you’ll be notified via email with instructions on how to make your corrections.
Please, don’t worry if you need to make a correction! ExpressExtension has made this process incredibly simple. All you have to do is log on to your free account and file your correction. This process can be completed in a matter of minutes and you can resubmit your form as many times as necessary for free.
Best of all, we’re here to help. If you have any questions please don’t hesitate to contact our dedicated support team via live chat, phone, or email.
