It’s that time of the year when one tax filing deadline is followed by another!
March is an important month for businesses in terms of tax filing, especially for S-Corporations and Partnerships that follow a calendar tax year.
Yes! The deadlines to file Form 1120-S, 1065, and certain other business tax returns are on March 15, 2023.
With just a week until these deadlines, filing an extension Form 7004 now will prevent the stress of last-minute filing and the risk of missing your original deadline.
The good news is that Form 7004 is a simple, straightforward form that can be easily filed by any business. Let’s take a closer look at this form.
Form 7004 – An Overview
Form 7004 is a tax extension form that you can use to request the IRS for an extension of time to file your business tax returns for the corresponding tax year.
Upon the approval of your Form 7004, the IRS will grant you an automatic extension of up to 6 months. “Automatic” means that you are not required to provide any explanation to the IRS for requesting an extension.
Form 7004 can be used by most types of businesses to request a tax extension. But, as mentioned earlier, this March 15 deadline is primarily for S-Corporations and Partnerships to file Form 1120-S and 1065, respectively.
Apart from these forms, March 15, 2023, is also the deadline for filing the following business tax forms.
Does Form 7004 Extend the deadline for Tax Payment?
No! It’s important to note that Form 7004 will provide you additional time only to file your business tax returns. You are still required to pay taxes due, if any, on or before the original filing deadline.
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In addition to IRS extensions, ExpressExtension also allows you to complete and download business tax extensions for certain states.
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