So, let’s get down to business here…TODAY is the last day to file an Extension Form 7004. If you haven’t prepared and filed your Form 1120-S or Form 1065, or any of the less common Forms that are due to the IRS today, you probably need an extension.
You don’t want to risk any IRS penalties by failing to file your tax return on time or filing a Form that is riddled with mistakes. This is why the experts at ExpressExtension are here to give you the last minute advice that you need to complete your extension Form 7004.
Don’t Be Afraid Of Filing An Extension!
We come across a lot of clients that are just plain afraid of filing an extension, there are a lot of myths about extensions out there, so let’s bust them!
This one may sound irrational, but it is a common misconception. There is nothing WRONG with filing an extension, you are not admitting defeat! The IRS will not place you on a watchlist and they will not flag you as a “tax form trouble maker”.
The truth is that the IRS lets you file an extension for your business income tax return without even asking you to provide a reason! Not only that but the extension is automatic, all you have to do is file it correctly and before your deadline.
Another myth is that you have to paper file your extension and send it off by mail in hopes that it will reach the IRS. This is the way of the past! The IRS actually prefers that you e-file Form 7004. It is easier for you and it is easier for them.
When you file with ExpressExtension, you can have total peace of mind! Our easy, step by step interview process allows you to accurately know within just a few minutes. We facilitate your IRS tax payment as well, so it really is your one-stop shop. Once you transmit your form to the IRS, you will get instant approval.
See, no reason to fear extensions. They are not frowned upon by the IRS at all.
Know How Your Extension Works
Now that we have established that the Form 7004 extension is nothing to be scared of, let’s cover how it actually works.
You apply for the extension, following the IRS rules of course, then you get approved for an additional 6 months to file. It sounds very simple because it really is a straightforward process. However, there is one thing that you must always remember.
Your extension ONLY applies to your tax return, not your tax payment. You will need to make your estimated tax payment to the IRS on the original deadline whether or not you have an extension. If you don’t make your tax payment on time you will still be penalized.
So, the takeaway is that when you file your extension, you must make a tax payment as well. ExpressExtension makes it impossible to make this mistake as we provide you with the option to make your payment via Electronic Funds Withdrawal (EFW) or the Electronic Federal Tax Payment System (EFTPS).
Know What Information You Will Need
When you sit down to file your Form 7004 (today, before midnight), there is some information that you will need to have at your disposal…
Your basic business details (legal name, EIN, address)
Your business type (Corporation, Partnership, estates, etc.)
The type of Form that you are filing the extension for (1120-S, 1065, etc.)
Your estimated tax payment
Whether your business operates on a fiscal or calendar year
If All Else Fails, Give Us A Call!
At ExpressExtension, one of our greatest assets is our 100% U.S.based support team! If you have any questions about the filing process, you can reach out to us via phone, email, or chat at any time. We know that taxes can be tough and extensions can be intimidating, so we are here to make sure that your filing is easy and accurate!