The 2014 Tax Season has begun, but it does not have to affect your business if you are not quite ready to file your return. Filing an IRS Form 7004 for a Business Tax Extension will allow additional time to file. One of the best parts about it is that the IRS does not require a reason to file a Tax Extension.
A Corporate Tax Extension must be filed by March 15 each year, but since March 15th falls on a Saturday this year, the deadline is March 17th. Once they are processed by the IRS, you will be granted an automatic 5 or 6 month tax extension, depending on your business type.
The Form 7004, otherwise known as a Business Tax Extension can be used by Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts and Estates. Certain Partnerships, Trusts, and Estates are only able to apply for a tax extension of 5 months instead of the 6 month extension; this is determined by which tax form they would be filing for their return.
It is important to remember that filing this form does not mean that taxes do not need to be paid for 5-6 months. Taxes will still be due on the traditional deadline, but the tax return does not need to be organized and submitted until the later deadline. This allows for more time to organize all the necessary paperwork and it also gives you and your accountant more time to make sure that you get the most out of your credits or refunds.
The best way to process this form is through ExpressExtension.com. Express Extension is an IRS Authorized E-File provider and takes the IRS Form 7004 and breaks it down into a series of simple questions.
If you have any questions about filing Tax Extensions, you can call, email or chat online with 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]. We have Spanish Support too!