What You Need To Know To File A Tax Extension For An LLC

Tax Extension for LLC

So, you’re an LLC and you need some extra time to file your business income taxes for tax year 2019. Maybe you’re not quite sure how to file an extension or you’re wondering if there will be any negative repercussions to filing one. Don’t worry, you absolutely can file an extension. To learn more, just keep reading!

What Is An LLC.?

An LLC is a limited liability company. This means that the business is not personally responsible for any debts or liabilities. 

How Does The IRS Treat LLCs?

An LLC with one member is treated as a sole proprietor and will file their business income information on their own personal tax returns. An LLC with two or more members is treated as a partnership by the IRS.  

What Tax Form Does A Partnership Need To File?

Partnerships are required by the IRS to file Form 1065. The official name of this form is the U.S. Return of Partnership Income. This form reports all income, losses, gains, deductions and more. 

The deadline to file your Form is based upon how the businesses’ tax year runs. Here is the general rule…

  • If your business runs on a fiscal year, you must file your Form 1065 on the 15th day of the third month after the close of your tax year.
  • If your business runs on a calendar year, your deadline is March 16, 2020. 

If your business is unable to meet the required deadline, the IRS allows a 6-month extension for your business income taxes. 

What Extension Does An LLC Need To File?

The extension form that applies to your Form 1065 is Form 7004

IMPORTANT: Form 7004 will extend your information return but you still must make your estimated tax payment on the original deadline.

How Do I Get My Extension?

There are many misconceptions about filing tax extensions with the IRS. Many of these are old school myths that you don’t actually need to worry about. For example, you don’t have to have any explanation prepared when you apply for an extension. Form 7004 is automatic, so the IRS doesn’t care why you are applying for an extension, as long as you follow it properly. 

There is also a misconception that you have to paper file an extension and await IRS approval by mail. Not anymore! The future of the extension has arrived, and it’s called ExpressExtension. You can simply create a free account, you don’t have to enter any payment information until your extension is IRS ready. 

Our interview-style process allows you to complete your extension easily and accurately. 

When you file with ExpressExtension you can receive instant approval from the IRS, this will give you peace of mind and an additional up to seven months to file! Get started today!

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