Do you need more time to file? Well luckily, you have a few extra days to file your business income tax returns. Due to the recent winter storm Stella, the IRS has extended business tax return deadline to March 20th. This gives businesses 5 extra days to file after the original March 15th deadline. You can also gain even more time to file by filing Business Tax Extension Form 7004 with ExpressExtension for an automatic extension of up to 7 months to file.
Business Tax Extension Form 7004
IRS Form 7004
is the application for the extension of time to file business income tax and other information returns. As long as businesses correctly fill out this form and transmit to the IRS up until midnight on the day of the extended March 20th deadline in their local time zone they’ll receive an automatic extension of up to 7 months to file.
Keep in mind that IRS Form 7004 is automatic, this means that the filing process to get your extension approved only takes a few minutes because you don’t have to provide the IRS with a valid reason for needing your extension. You simply have to submit it by the deadline. However, the earlier you file Form 7004 the better, for peace of mind, knowing that your extension has been approved.
If you just don’t have your information ready or you’re too busy to file you can use Form 7004 to avoid the IRS penalties to come with the failure to file by the deadline.
Remember: Form 7004 doesn’t extend the amount of time you have to pay your taxes. Any amount owed to the IRS must be paid in full by the original tax deadline.
It’s important to know that the length of the extension you receive varies based off of your business type and tax year. For example:
– C-Corporations with tax years ending on December 31st receive an automatic 6-month extension.
– 5 ½ month extensions are given to certain estates and trusts.
– 6-month extension for forms in Part I and IV whose tax year doesn’t end on December 31 or June 30, as well as other forms.
– C-Corporations with tax years ending on June 30th receive an automatic 7-month extension.
How to E-File With ExpressExtension
ExpressExtension is an IRS authorized e-file provider that’s safe and secure. Plus, they’ve streamlined the process to make e-filing Form 7004 and getting your extension instantly approved quick and easy.
All you have to do is create your free ExpressExtension account to get started. Then click “Create Business Tax Extension.
First, you’ll be asked to enter your basic business details, such as the business name, address, Tax-ID/EIN, and primary contact information. Make sure this information matches what the IRS has on file. You can do so by contacting the IRS directly at 1-800-829-4933.
Next, you’ll select your business entity type and select the IRS form you need an extension on. Then
you will select the tax year and select the option if your organization is a holding company.
After that you’ll be asked to make any payment owed to the IRS is applicable. This payment is an estimation of the amount you owe. Some businesses refer to the amount they owed last year, but due to economic turbulence, this option may not apply. Try to make your estimation as accurate as possible.
Then your information will be displayed so you can carefully review your form for errors. After that ExpressExtension will perform a quick audit check to catch any mistakes. Once any corrections that need to be made have been completed you can pay ExpressExtension and transmit your form to the IRS.
Note: You’ll only be asked for payment when you transmit your form to the IRS.
If you have any questions please don’t hesitate to contact the dedicated ExpressExtension support team via live chat, phone, or email. They’ll provide extended hours to be of service during the new March 20th deadline.