The deadline to file your business income tax return has arrived. As you may know, many types of businesses must file their income tax returns by midnight tonight. Most common among these are partnerships filing Form 1065 and S-corporations filing Form 1120-S and operating on a calendar year.
If meeting this deadline today feels virtually impossible 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 a 7004 Extension?
If your business is struggling to meet your IRS filing deadline, 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 can 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?
Yes! When you file an extension with the IRS, this applies to your tax form itself, not your tax payment. You will need to make this payment today to ensure that your extension is accepted and you can avoid any late fees.
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, but we also offer our Express Guarantee.
This means we guarantee your IRS approval or your money back! If your extension is rejected as a duplicate filing, you will receive a refund. If the rejection is for any other reason, you can easily correct and retransmit your form at no additional cost.