Time can get away from the best of us, especially when we’re dealing with complicated things like taxes.
If you still need to file your business taxes for 2019 and don’t know when you’re going to find the time to pull together all your information and documents, you’ve got options.
If you file Form 7004 by March 16, 2020, you can get an automatic extension of up to 7 months.
Don’t believe us? Let’s cover how business tax extensions work.
What is IRS Form 7004?
IRS Form 7004 is most often used by businesses, estates and trusts to request an automatic 6-month extension to file certain business income taxes.
The filing process for Form 7004 is super quick. You just have to provide your business information and your estimated tax due, and you’re good to go.
You don’t even have to offer an explanation to the IRS. Simply saying that you need more time is enough.
You will only use Form 7004 for business taxes. If you need an extension on your personal taxes, you can use Form 4868.
Which return deadlines does Form 7004 extend?
Form 7004 grants extensions for 33 IRS.
The following forms get 6-month extensions only if your tax year ends during any other period besides July 2 and December 31st:
- Form 1120
- Form 1120-C
- Form 1120-F
- Form 1120-FSC
- Form 1120-H
- Form 1120-L
- Form 1120-ND
- Form 1120-PC
- Form 1120-POL
- Form 1120-REIT
- Form 1120-RIC
- Form 1120S
- Form 1120-SF
The following forms get a 6-month extension regardless of tax period:
- Form 706-GS (D)
- Form 706-GS (T)
- Form 1041 (bankruptcy estate only)
- Form 1041-N
- Form 1041-QFT
- Form 1042
- Form 1065
- Form 1065-B
- Form 1066
- Form 1120S
- Form 3520-A
- Form 8612
- Form 8613
- Form 8725
- Form 8804
- Form 8831
- Form 8876
- Form 8924
- Form 8928
The following Certain Trust and Entities qualify for an automatic 5 1/2 -month extension:
- Form 1041 (estate)
- Form 1041 (trust)
How do you file a business tax extension Form 7004?
- Log in to your account and click on the ‘Create Business Tax Extension’ button on the dashboard.
- Enter the business and contact details. Click Next.
- Select the type of your business entity and the tax form for which you want to file an extension.
- Select the Tax Year – calendar or fiscal year- and enter the tax estimates along with the payment you want to make.
- Choose the payment option EFW or EFTPS to pay the IRS.
- Review the form and transmit it.
Get a tax extension today!
Use ExpressExtension! It’s super easy, super convenient, super accurate, and super affordable. File your Form 7004 today!
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