Today is the Deadline to File Business and Personal Tax Extensions with the IRS!
Tax day is here again! It may feel hard to believe that it has been a year since we filed our taxes, but here we are again! The deadline is just hours away!
There are some major deadlines today, this includes Form 1040 for personal tax returns and Forms 1120 and 1041 for C corporations and trusts, which are business tax returns.
Do you need more time to file these forms? Here is what you need to know to successfully file an extension with the IRS.
E-filing Extension Form 4868
Form 4868 is a fairly easy form to file as long as you have all the necessary information. You must complete your request for an extension and submit it to the IRS on or before the original deadline of your form (tonight at midnight).
Generally filing an extension 4868 successfully will provide you with an additional 6 months to file your return, taking your new deadline out to October 15, 2022.
To complete your Form 4868 extension, you will need to provide your basic information such as your legal name, address, and SSN. Be sure that this information matches the IRS records.
It is important to note that extending the deadline to file your tax return is not the same as extending the deadline to pay taxes. Any balance due to the IRS must be paid on the original filing deadline to avoid penalties and interest.
E-filing Extension Form 7004
Form 7004 provides an automatic extension for business income tax returns for up to six months when filed properly, extending the deadline until October 15, 2022. If you are extending the deadline to file Forms 1120 or 1041, this is the form for you!
The good news is that Form 7004 is a straightforward form with a simple purpose.
Once you have the information needed to file, you’ll be surprised to find that completing Form 7004 is pretty easy! You will need to know:
- Your business type (estate, trust, C corporation, etc)
- The business’ basic information, like the 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.
Businesses can’t extend the time to pay taxes due to the IRS by filing an extension. Any outstanding balance should be paid when filing the extension to avoid any unwanted penalties.
How Should I E-File my Extension?
If you need to file an extension before midnight, ExpressExtension has you covered!
Did you know that you can file in minutes and get instant updates on the status of your extension form?
There are multiple easy options for paying your balance due to the IRS if you have one.
Avoid any unnecessary penalties from the IRS by filing an IRS tax extension Form 7004 or 4868 for your business or personal tax returns.