Spring is already here and so are the March tax deadlines for businesses. We can’t do much about allergy season, but business owners can push back their business income tax deadlines for 2023 Tax Year.
There are only a few days left to request an extension with Form 7004. Here’s everything you need to know about getting more time to file:
What is Form 7004?
Form 7004 is an IRS Extension Form that provides an automatic extension for a bunch of different business income tax returns. Businesses don’t have to state any reason for their extension, they can just file this form and get extra time. The IRS grants businesses who file Form 7004 up to six extra months to meet their income tax filing deadlines.
Form 7004 doesn’t extend payment deadlines, so businesses do still need to pay on time, but they have more time to file all the correct forms with the IRS.
Who Can Request An Extension With Form 7004?
Most businesses can request an extension with Form 7004. If your business is required to file and pay business income taxes, you are eligible to use IRS Form 7004. Form 7004 covers A Corporations, S Corporations, Partnerships, multiple-member LLCs, trusts, estates, and many others.
If your business operates in Texas, the IRS may have already extended your deadline. Click here for more on IRS tax relief in response to Texas winter storms. In other business news, visit this blog to find out the latest news on round two of the Paycheck Protection Program (PPP) for small businesses.
Which Deadlines Does Form 7004 Extend?
Businesses can E-File 7004 to extend the deadlines for 36 business income tax returns. The most common forms are Form 1120, 1120-S, and 1065, but chances are, if your business has an income tax return due on March 15, 2024, it is probably covered by Form 7004.
When is Form 7004 Due?
Business owners need to file Form 7004 on or before March 15, 2024 to receive an extension.
How to File Form 7004?
E-filing 7004 is always the IRS recommendation. When it comes to extending your deadlines, filing electronically is even more important. When you file Form 7004 online, your extension request reaches the IRS instantly, ensuring that your deadline will be extended and you’ll have enough time to meet your income tax due dates.
At ExpressEfile, we want to make sure your business has everything it needs to stay healthy and IRS compliant. Our sister product, ExpressExtension offers easy e-filing for IRS tax extension forms. You can file in minutes from any device and extend your deadline automatically.
File Form 7004 in 3 simple steps:
Step 1: Select Business entity & Form
Step 2: Select the tax year & payment details
Step 3: Transmit your form to the IRS
Visit an additional Form 7004 blog to know more.