There are no extra extensions after tomorrow, so you’ll need to either file on time or as soon as possible to keep IRS penalties at a minimum. If you plan on filing an extension next year, here’s some valuable information about the business tax extension
IRS Form 7004
The tax extension, Form 7004, is used for Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts, and Estates. You are responsible for filing the form before the original IRS deadline of March 15. Based on your type of business, you can get approved for a 5 or 6-month extension – for example, specific partnerships, trusts, and estates are only eligible for extensions up to five months.
E-filing Form 7004
To successfully e-file your tax extension, you’ll need your business name, address, and tax identification number – this information should match what the IRS already has on file for your business.
If you think you owe the IRS money, you’ll also need to estimate what your tax payment will be for the filing year. You can typically use the amount you may have paid last year, but make your guess as accurate as possible.
Any attempts to e-file IRS Form 7004 after the March 15 deadline typically ends with rejection – not to mention the task of filing your tax return as quickly as you can or else pay the following late fees:
- 5% of your unpaid business taxes for each month or part of the month your return is late – up to 25% of unpaid taxes.
For returns that are more than 60 days late, the fee jumps to 100% of your unpaid taxes or a minimum charge of $135 each month or part of the month you have a late form.
With ExpressExtension.com, you can quickly and easily e-file your Form 7004 and get approved in minutes. We update you about your e-filing status every step of the way via real-time email notifications. If you receive a rejected extension because of an information error, you can make corrections and re-transmit your form at no extra charge.
E-filing extension forms are made simple with our services; however, feel free to contact our U.S. – based support team for questions or help with the process. You can call us at 803.514.5155, Monday through Friday from 9 a.m. to 6 p.m. EST or email us at support@ExpressExtension.com.