“Only The Facts” Business Tax Extensions

Reminder: The business tax deadline for this year is on Tuesday, March 15, 2016.

If you’re still deciding whether or not you want to file an extension, these 10 facts could help with your decision:

Fact #1 – Inactive corporations still need to file.
The only exception is if your corporation is exempt under Section 501(c)(3). Otherwise, you must file a tax return, or an extension, whether your business has taxable income or not – this also goes for corporations in bankruptcy.

Fact #2 – Only basic information is required.
All you need is your EIN/Federal ID number, basic business details, contact information, and an estimated tax amount that is due.

Fact #3 – No reason is needed to file an extension.
Short, sweet, and to the point – there’s no reason needed for a business tax extension.

Fact #4 – Form 7004 is for a business tax extension.
With ExpressExtension, we have three extension forms available:

• Business Tax Extension – Form 7004
• Personal Tax Extension – Form 4868
• Exempt Organization Extension – Form 8868

Fact #5 – A federal extension may also be accepted by the state.
Of course, state requirements may vary for extensions – some are automatic, while others aren’t even needed, but some may need to be filled specifically with the state.

Fact #6 – ExpressExtension offers extensions for state returns.
Currently, we support extensions for five states: Florida, North Carolina, Illinois, Michigan, and South Carolina – more information for each state can be found on our State Tax Extension page.

Fact #7 – Other extensions aren’t necessary.
If you choose to extend your business tax deadline, that does not mean you have to extend your personal tax deadline too – unless you want to. But if you know you’re going to need more time, it’s always better to be safe than sorry.

Fact #8 – You can re-transmit a rejected extension.
With ExpressExtension, if your extension form comes back rejected, our service pinpoints the error, allows you to make corrections, and resend to the IRS at no extra charge.

Fact #9 – You can receive up to six months of extra time.
Depending on your type of business, Form 7004 can automatically extend your tax deadline up to six months – five months for certain partnerships, estates, or trusts.

Important: Tax extensions are meant to extend your time to file only, not time to pay. You must still pay any taxes owed by your original tax deadline.

Fact #10 – Instant acceptance of extension form.
Soon after you have e-filed your form with ExpressExtension, you’ll receive an e-mail once it has been accepted by the IRS. Typically, it takes just a few moments – a lot quicker than mailing or processing a paper form.

Still don’t know if you should e-file or not? How about receiving assistance from the best e-filing professionals in the industry – our live support team in Rock Hill, South Carolina is available for any questions or help you may need. Call us Monday through Friday at (803) 514-5155 – our office hours are from 9 a.m. to 6 p.m. EST, and we accept emails 24/7 at [email protected].