What Is The Purpose Of Form 7004?

As a business owner, there may be a tax year when you are unable to file your business income taxes on time. When this happens, there is no need to worry, just file an extension. 

Form 7004 provides an automatic extension to business owners for up to seven months. Let’s talk a bit more in depth about this form. 

The Form 7004 is a simple form with a simple purpose that applies to many much more complicated forms and situations. Here’s what you need to know to file your Form 7004 like a pro. 

Who Can File A Form 7004?

The Form 7004 applies to business entities that are required to pay business income taxes and file an information return to the IRS. Some of these entities include…

  • Corporation
  • S Corporation
  • Partnership
  • Multiple-member LLC

What Forms Does The 7004 Apply To?

The Form 7004 can be applied to a variety of tax forms, but here are a few of the most common ones…

  • 1120
  • 1120-S
  • 1065
  • 1041

What Is The Length of The Extension?

The typical extension length that is granted is six months. If you have an April deadline, an extension will give you until October to submit your tax forms. 

C corporations with a tax year ending in June are eligible for a seven month extension. 

When Do I Pay?

So, there is a downside to the extension…you still have to make your estimated tax payments by the original deadline. 

All tax extensions, including the Form 7004, apply only to the information return itself. The IRS still requires that you make your estimated payment to avoid any penalties. 

What Information Do In Need To File Form 7004?

Filing this form is actually pretty simple! You only need your basic business information to complete this form and get your extension. Be sure to have the following information handy when you sit down to file…

  • Your legal name
  • The name of your business
  • The  EIN
  • The business address
  • Your estimated tax payment

All of this information must match what the IRS has on file. If your business has moved since the last time you filed with the IRS, you will need to file a change of address form as well. 

How Can I File Form 7004?

Form 7004 can be either paper filed or electronically filed. Let’s be honest, filing this form electronically is the better option. 

It is both easier and more reliable. The IRS won’t let you know if they didn’t get your Form 7004 by mail. Plus you won’t get an instant filing status if you paper file this form.

The ExpressExtension Solution

ExpressExtension makes filing this form as simple as possible. Our streamlined, interview style process ensures that your filing is accurate and timely. Short on time? You can download our app and file anytime from any device!

If your Form 7004 has errors, ExpressExtension Support allows you to address and resolve them quickly. You will know as soon as you transmit to the IRS that your automatic extension has been granted. 

Create a free ExpressExtension account today and get your extension out of the way!

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