Today is the Deadline for filing Forms 1120-S and 1065! File a Last-minute Extension
It’s that time of the year when the seasons are changing, the first quarter is coming to a close, and business income taxes are due.
For businesses that follow the calendar tax year, today is the deadline for filing their business income tax returns. This includes S-Corporations that file Form 1120-S and Partnerships that file Form 1065.
Is your business required to file either of these forms? If so, you may need some additional time to gather the information needed to complete them, and that’s when the extension comes into play. Here’s what you need to know about filing your business tax extension.
How to Apply for a Business Tax Extension?
In order to apply for a business tax extension, you must file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
If you choose to file an extension, it is crucial that you file it on or before the original due date of the form you wish to extend. Upon acceptance of your Form 7004, the IRS will grant you an extension of up to 6 months.
The IRS doesn’t even require a reason or explanation for your extension, it is automatically granted as long as your information is accurate and matches what is on file with the IRS.
It is also important to note that the extension does not apply to your tax payment if you have a balance due to the IRS. You must pay any taxes due within the original deadline, even if you file an extension.
Instructions to Complete Form 7004
Completing Form 7004 is not so complicated. It requires you to provide the basic details of your business, such as Name, EIN, and Address, at the top of the form.
Following that, it comprises 2 parts. The first part requires you to mention the type of business tax form for which you are filing an extension.
Whereas the second part requires you to provide details regarding your business type and taxes due
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Certain states require businesses to file separate extension forms, and today is the deadline for some of them as well. With ExpressExtension, you can complete and download your business tax extension forms for certain states with ease.
ExpressExtension also offers features for tax professionals that allow them to speed up the process and track the status of multiple extension requests at a glance.
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