Filing a Business Tax Extension

Are you about to run behind tax deadline for your company? Before it hits the deadline and causes you a trouble, don’t forget to extend the due date. Let’s us guide you how to file a business tax extension. It’s easier than it sounds.

 

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First, download the right form.

For automatic extension if you have a Partnership, an LLC filling as a Partnership, a corporation (“C Corp”), or an S corporation (“S Corp”), download S Form 7004

For individual tax returns and if you’re a sole proprietorship, download Form 4868.

Find out what type your business your’e running.

 

Second, determine the deadline.

The due date for filing the tax extension can vary for different entities.

  • For Partnerships and S Corps, it’s usually due on March 15.
  • C Corps, usually a month after, which is due on April 15. Deadline is two days after the due date, April 17

 

Third, be Aware of return due dates.

The extension only allows you six months. Meaning, Partnerships and S Corps must have file completed business tax returns by September 15C Corps have until October 15.

So don’t get too lazy on catching up the second deadline you asked for. 😉 

 

Forth, Review for Filing Instructions.

To file the Form 7004, you may want to follow the instruction on the IRS website. You need to preprare extra documents to fill.

Partnerships:  Form 1065

S Corps: Form 1120-S

C Corps:  Form 1120.

For the previous fiscal year, estimate the tentative total tax and deduct any credits or payments.

 

 

 

Fifth, make sure to file by the due date

To electronically fill extensions, there is a variety of free services available to use. Find them from the IRS.

 

 

 

Need more help on it?

Ring the IRS  or make an appointment at your local Taxpayer Assistance Center to talk to a tax professional.

 

Remember! Extending your tax won’t grant you an extension to pay. Plan to pay the estimated amount of tax when filing the Form 7004 or Form 4868..

 

 

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