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S-Corporations and Partnerships Need to Know This About Form 7004

There are several reasons why it may be necessary to request a business tax extension with the IRS using Form 7004. You might require additional time to manage your business affairs during the busy tax season or find yourself lacking the necessary documentation by your original due date. A tax extension can provide the extra time needed to properly prepare and file your tax returns.

Why is filing an extension a better option?

Getting an extension is a good idea for a couple of reasons. First, it lets you take your time preparing your business tax returns. If you rush, you might make mistakes.

Second, getting an extension helps you avoid extra fees for filing late. Instead of missing the deadline and getting penalties, you can submit Form 7004 to the IRS. This gives you an additional six months to finish your tax return without facing any penalties.

The best part is that getting an extension is easy—you don't have to give a specific reason. Make sure to file accurately and before the original deadline, and you're basically all set.

What is Form 7004?

Form 7004, also known as the "Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns," allows businesses to obtain an automatic extension from the IRS of up to six months to file their specific tax returns.

It is crucial to remember that submitting Form 7004 only extends the date for completing the tax return, not the time for paying any outstanding taxes.

What are the Qualifying Factors for Form 7004 Filing?

In order to be eligible to submit Form 7004, a business must complete the form before the original due date of the tax return. Upon receiving a timely filed Form 7004 with the accurate information required for the extension request, the IRS automatically grants an extension of time to file the tax return.

What Information Is Required to File Form 7004?

Filing Form 7004 is quite simple, requiring only a little information. You'll need the following details:

  • Your business structure (partnership, S-corporation, etc.)
  • Your primary business details, such as name, EIN, and address.
  • The beginning and ending dates of the tax year
  • The tax form for which you're asking for an extended deadline
  • Your estimated tax payment, if applicable

When is the Deadline for Filing Form 7004?

The deadline for filing Form 7004 varies depending on the type of tax return being extended. In most cases, the filing deadline for Form 7004 aligns with the original tax return due date. Below is a table outlining the deadlines for filing Form 7004:

Type of Tax Return

Original Due Date

S Corporation (Form 1120-S)

March 15

Partnership (Form 1065)

March 15

Does filing Form 7004 allow you more time to pay your taxes?

Filing Form 7004 does not provide an extension of time to pay your taxes. It is a vital document for an automatic extension of time to file certain business income tax, information, and other returns. While Form 7004 gives you more time to complete and submit your tax return, it does not extend the deadline for paying any taxes owed. Pay taxes on time to avoid late payment penalties and interest charges.

How to File Form 7004?

IRS Form 7004 can be submitted on paper or electronically with the IRS as long as it is received before the deadlines. When you file Form 7004 online, you will receive IRS status alerts; if you file on paper, you will not. As a result, the IRS encourages filing 7004 online for secure and tax-compliant filing.

File Form 7004 in Minutes with ExpressExtension!

ExpressExtension allows you to file your Form 7004 fast and effortlessly! We provide a quick and easy filing procedure and updates on your extension status with the IRS.

If the IRS rejects your 7004 form as a duplicate filing, you are eligible for immediate payment through Express Guarantee.

Additionally, ExpressExtension makes completing your extension while filing your taxes simple. You have two ways to pay your IRS taxes: the Electronic Federal Tax Payment System (EFTPS) or Electronic Funds Withdrawal (EFW).

Not only can you file a federal extension, but you can also complete and download business tax extension forms for specific states. To avoid IRS penalties and have a stress-free filing experience, E-file Form 7004 with ExpressExtension now!

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