This is a guest post by Allison Barfield; ExpressExtension is an IRS authorized e-file tax extension solution.
Due to recent economic turbulence businesses have found themselves to be pretty busy. So busy, in fact, that they might not have time to file their business tax returns by the March 15th deadline. However, don’t let the deadline sneak up on you. You won’t want to deal with the penalties and fees for not paying. Need more time file your Business Tax Return? File extension Form 7004 by March 15th with ExpressExtension!
IRS Form 7004 or Business Tax Extension Form 7004 is the application for an extension of time to file certain business income tax and other information returns. If Form 7004 is correctly filled out and submitted to the IRS by the March 15th deadline you’ll receive an automatic extension of up to 7 months to file your taxes. Now that’s a lot of extra time to gather all of your information to file!
Anyone can apply for an extension on their business tax returns or other information returns with Form 7004 as long as their business entity is one of the following:
- Multi-Member LLC
Form 7004 is now automatic, meaning you don’t have to provide the IRS with a valid reason for needing an extension and it no longer requires a signature. You can complete the form online in a matter of minutes, without having to mail anything to the IRS and your extension will automatically be approved.
Now the length of extension that you receive depends on your business type and tax year. For example:
C-Corporations with tax years ending on December 31st will receive an automatic 6-month extension.
Certain estates and trusts will receive an automatic 5 ½ month extension.
C-Corporations whose tax years don’t end on December 31st or June 30th will receive an automatic 6-month extension.
C-Corporations with tax years ending on June 30th will receive an automatic 7-month extension.
How To E-File Form 7004
Filing Form 7004 is a quick and simple process. All you have to do is create a free ExpressExtension account and click ‘Create Form’ to get started. ExpressExtension is an IRS authorized e-file provider with a safe and secure website that’s encrypted.
When you start the filing process make sure you have the necessary information gathered to complete Form 7004 such as your business name, address, and Tax-ID. Then ExpressExtension will provide you with step-by-step instructions that explain how to correctly fill out Form 7004 to make the process fast and easy.
If applicable, you’ll need to pay the tax owed to the IRS. The tentative tax is basically an estimation of the amount you’ll owe the IRS. Some businesses refer to the amount that they owed the previous year, but with economic turbulence that option may not apply. Try to make the estimation as accurate as possible. Refer to a local CPA or tax professional if you’d like assistance with your tentative tax.
Before you submit Form 7004 to the IRS, our all-inclusive internal audit will check for any errors. This way you can correct any typos or mistakes before your form. Be sure to carefully review your forms, to avoid rejection over a silly mistake such as the wrong year or a misspelled name.
If (in the rare case) your form is rejected, we will notify you immediately via email. We will provide instructions and assistance while correcting your form. You can then re-submit your form to the IRS as many times as necessary for free.
If you have any questions, please don’t hesitate to contact our dedicated support team here at ExpressExtension. We’re available via live chat, phone, and email.
Additional ExpressExtension Resources:
- You Need to Know the Best Way to Avoid Massive IRS Penalties
- Upcoming IRS Tax Deadline for Employers
- Need More Time to File ACA Forms? We Can Help
Allison Barfield is a Content Marketing Manager for SPAN Enterprises, parent company to ExpressExtension, a leader in software solutions specific to IRS tax extension e-filing.