BUSINESS TAX EXTENSION
If your business is doing well in this economy, you cannot afford to let your focus stray from your income producing activities. This logic can be applied to distractions of many kinds. If you put forth a
considerable amount of time and effort into preparing your tax returns for your business during this time of year, you can easily put that off for up to 6 months by e-filing 7004
Form for a Business Tax Extension.
Business Tax Extension can be used by Multi-Member LLCs, C-Corporations, S-Corporations, Partnerships, Trusts and Estates. Certain Partnerships, Trusts, and Estates are only able to apply for a 5 month tax extension; this is determined by which tax form they would be filing for their return. Due date for filing business tax extensions form 7004 is March 16.
Filing this form does not mean that taxes do not need to be paid for 5-6 months. Taxes will still be due on the traditional deadline, but the tax return does not need to be organized and submitted until the later deadline.
This allows for more time to organize all the necessary paperwork and it also gives you and your accountant more time to make sure that you get the most out of your credits or refunds.
All that is needed to e-file form 7004
online is a basic understanding of your business, as well as a Tax-ID or EIN (Employer Identification Number). As long as your information matches what the IRS has on file, and there are no obvious errors, the application should be accepted within minutes.