Every corporate business, partnerships, and certain trusts are mandate to file and pay tax through the applicable form. However, due to the time constraint and the workload, IRS has considered this and provided taxpayers with extra time to file your tax return if they file an extension.

What Is Form 7004?

This is an application for Automatic Extension of Time to File Business Income Tax, Information, and other returns, allowing you to gain extra time to report IRS with the required documents if you don’t have them handy. The due date to file form 7004 falls on 15^th of March and it is liable to file the extension by the due date if you wish to gain extra time to report IRS with your business income tax.

However, this year 2015, March 15^th is falling on a weekend, and thus, 16^th of march would be the due date to file and report form 7004. Do note, extension would be granted only if proper estimation is made and file by the actual return date for, which this extension applies.

The form is divided into 3 different parts. Part I is for filers who are filing for 5 months extension and part II is for 6 months extension filers. However, part-III is mandatory for filers to file and submit, which contains details about your organization, amount due and balance to be paid to IRS. This form should be mailed to IRS on or before the due date. If you’re efiling withExtensionTax.com, the whole procedure is simplified and converted into one application. Key in your information, the application would take care of the rest.

Depending upon the form, you can gain 5 months and 6 months of extension. You are mandate to file your tax return by the end of the extended time i.e. 15^th of October.

Check the forms and their extension period below:

Income Tax Forms eligible to gain 5 months extension to file their return the IRS:

Income Tax Form that is eligible to get 6 months extension to file their return the IRS.

These extensions do not extend your date of payment. While you are filing the extension, it is mandatory to efile the tax amount as per the calculation to the IRS with the form. This extension holds as an extension to file not to pay.

IRS would not notify you if the extension is accepted. Notifications would be sent only if the extension is rejected. Also, if you have more than one extension to be filed, you need to report separate application for each tax form.

When we talk about the methods of filing, there are two major techniques to file and report your extension to IRS. One is the traditional method, paper filing and the other is efiling.

Filing the return – Paper filing Vs. Efiling:

This is the most traditional method followed by IRS. When taxes were introduced, paper filing was the method applicable. Here, everything is done manually, from printing the form to filing, from calculations to error check. You have to wait near IRS office to submit your form and wait till you receive your acknowledged receipt. Whereas, when we talk about efiling, this method is known to cut short the hassled process we face during paper filing. It serves you with the freedom to file from anywhere, anytime, and pay online. You don’t have to wait for the time to arrive, or to submit. Efiling do not follow any restricted process, it is all up to your convenience.

Other than that, online filing does not add on more burdensome to you. As and when you type your tax, we calculate it for you. And if you are skeptical about rejection, our application would do the error check for you on the information provided. If there are any errors found, you can always go behind and make amends before transmitting the return to IRS.

Tax7004.com, (a product of ThinkTrade Inc.) has always indulged in the welfare of our audience, we advice all our customers to e-file their extension and pay their dues on time, knocking off the penalties. For more assistance, we’re one call away. Call us at1-866-245-3918 or speak via online chat, or get 24/7 email support at support@taxexcise.com.