It’s today! The deadline to file your business income tax return is finally here. As you may know, many types of businesses must file their income tax returns by midnight. Most common among these are partnerships filing Form 1065 and S-corporations filing Form 1120-S.
If meeting this deadline today feels like a long shot for your business, don’t worry, it’s not too late to file a Form 7004 extension. This is an automatic extension, meaning the IRS doesn’t require any explanation, just an accurate form filed by your original deadline (today!).
Why File an Extension?
While the IRS has not extended any of the March 15, 2021 deadlines, many businesses may need some additional time to file. If your business is struggling with the continued effects of COVID-19, you may need some extra time to gather the information needed to complete your tax return. That’s completely understandable and the IRS will not hold this against you…as long as you file an extension and make your estimated tax payment today.
By filing an extension with the IRS you are able to avoid unwanted penalties that will begin to pile up if you fail to file your tax return on time. These penalty rates will vary depending on which form the IRS requires you to file.
How to File Form 7004
Filing Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returnsis surprisingly simple! Here is the information you will need to file:
Your business type (S-corporation, partnership, etc.)
Your basic business information like your name EIN, and address (remember, for approval this information must match what the IRS has on file)
Which tax form you are requesting an extension for
The start and end date of your tax year, do you operate on a calendar year?
Your estimated tax payment
For a line by line guide to filing the Form 7004, check out this blog post.
What about Tax Payments?
When you file an extension with the IRS, this applies to your tax form itself not your tax payment. Mailing your extension form in with a check or money order just isn’t secure enough.
Did you know that ExpressExtension allows you to easily make a tax payment while completing your extension? You are not required to make a payment during the e-filing process, but you can choose to do so using our easy and fast payment options.
You can submit your payment via Electronic Funds Withdrawal (EFW) or the Electronic Federal Tax Payment System (EFTPS). Both are secure and ensure that your payment is submitted directly to the IRS along with your extension.
Get Started with ExpressExtension
So, are you ready to start filing your Form 7004 now with ExpressExtension? Not only do we offer a fast and easy filing process, we also offer our Express Guarantee. This means we guarantee your IRS approval or your money back! For the ultimate stress-free filing experience, avoid IRS penalties today by filing Form 7004 with ExpressExtension.