Time flies between your IRS filing deadlines! Today is the IRS deadline for businesses that operate on a calendar tax year to file certain business tax returns with the IRS.
Most common are the deadlines for S-Corporations that file Form 1120-S and Partnerships that file Form 1065.
Completing and filing your business tax returns can be complicated, especially if you’re in a rush to meet the deadline. That’s why we want to remind you that there is always an option to apply for a business tax extension by filing Form 7004.
Filing an extension is a far better alternative to filing late, or failing to file altogether.
Here’s what you need to know if your business is considering filing an extension with the IRS today.
Form 7004 – A Quick Overview
Form 7004 is an IRS tax extension form that businesses must file to request an extension of time to file business tax returns with the IRS.
Upon IRS approval of Form 7004, your business will be granted 6 months of additional time to file its tax returns without the risk of penalties.
This extension is automatic, which means, the IRS doesn’t expect or require any explanation, just timely and accurate filing.
As long as you file Form 7004 with accurate information before the original deadline of the form that you want an extension for, your extension will likely be approved instantly.
What information is required to File Form 7004?
To complete your Form 7004, you should have the following information available:
Your business type (S-corporation, partnership, etc.)
Your basic business information, such as Name, EIN, and Address
The start and end date of the business’s tax year
The tax form for which you are requesting an extension
Your estimated tax payment, if any
Does Form 7004 Extend the Deadline to Pay Taxes Due?
No! The extension applies only to tax filing, and the deadline to pay taxes due (if any) is still the same.
You must pay any taxes due for the 2022 tax year to the IRS, even if you file an extension.
If you fail to make tax payments within the original deadline, you may be subject to unwanted penalties.
Get Started with ExpressExtension to E-file Form 7004 in Minutes!
The actual process of filing your Form 7004 is pretty simple, especially when you e-file this form. The IRS recommends that you e-file, and so do we!
Our sister product ExpressExtension is designed to help you file your extension accurately and in minutes!
ExpressExtension is a leading IRS-authorized e-file provider that makes your extension filing easier and hassle-free with various helpful features.
Here are some of the exclusive features that ExpressExtension for simplifying your 7004 filing:
Express Guarantee – Get an automatic refund if your 7004 form gets rejected by the IRS as duplicate filing.
Note: If your Form 7004 is rejected for any other reason, you can fix the error and retransmit it for Free.
Supports State Tax Extensions – Complete and download business tax extension forms for certain states. Today is also the deadline for filing business tax returns with certain states.
Instant Status Updates – Once your Form 7004 is transmitted, you will be updated with the IRS status of your forms instantly.
Option to Pay Tax Dues – You have the option to pay your taxes due via EFW or EFTPS while filing your extension.
You’re just a step away from extending your IRS business tax return deadline with the IRS. Create your free ExpressExtension account today using your TaxBandits credentials! Simply click the TaxBandits icon on the ExpressExtension sign-in page.