Tag Archives: efile extension tax forms

Form 7004: Extension on Business Tax Returns

ExtensionIRS Form 7004, officially known as the “Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” is a request for an automatic extension of time to file certain business tax returns. The deadline to file a Business Tax Extension is March 15th. The extension will be granted by the IRS if the business:

 

 

 

  1. Complete IRS Form 7004 properly
  2. Make a proper estimate of the tax (if applicable)
  3. File the form by the due date of the return to which the Form 7004 applies,
  4. Pay any tax that is due.

An IRS Form 7004 can be submitted to automatically extend the filing deadline for 32 different IRS returns. The IRS grants automatic extensions of six (6) months, on the return for which the extension is filed. The eligible returns and length of automatic extensions are listed below: Continue reading

Business Tax Deadlines are Right around the corner

The deadlines for businesses are coming up really soon, and if you still need to get all your information together, you should invest in a business tax extension and receive more time to file. A filing extension is automatic – you get it simply by asking the IRS for it.

But you must file the request for an extension by the deadline you’re expected to meet for filing your return – not to mention that different types of businesses have different due dates and extension periods. Check the following to see which deadline applies to you. Continue reading

Form 7004: Extension of time to file Business Tax Returns

IRS Form 7004, officially known as the “Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” is a request for an automatic extension of time to file certain business tax returns. The deadline to file a Business Tax Extension is March 15th. The extension will be granted by the IRS if the business:

  1. Complete IRS Form 7004 properly
  2. Make a proper estimate of the tax (if applicable)
  3. File the form by the due date of the return to which the Form 7004 applies,
  4. Pay any tax that is due.

An IRS Form 7004 can be submitted to automatically extend the filing deadline for 32 different IRS returns. The IRS typically grants automatic extensions of five (5) or six (6) months, depending on the return for which the extension is filed. The eligible returns and length of automatic extensions are listed below: Continue reading

Delight in extension without filing any form!!

It is well-known that filing Form 4868 lets you to have spare time for filing your extension tax returns. But many of us are unaware of automatic 2-month extension of time to file and pay our income tax returns.

You are eligible to have an automatic extension of time if,

  • You are an U.S citizen or resident, but from outland.
  • At present, you are living outside of U.S or Puerto Rico and your place of business or duty is outside of U.S and Puerto Rico(even if you are physically present in the United States or Puerto Rico on the regular due date of the return)
  • You are in military or naval service on duty, outside the United States and Puerto Rico (or)
  • If you are serving in a combat zone or any dangerous duty area, you can know your extension deadlines at  IRS Armed Forces Tax Guide

If your situation applies to any of the guidelines above, then you are fit to benefit the choice of automatic 2-month extension of time to file your return and pay any federal income tax that is due. For example, if the regular due date for your return falls on April 15, your automatic extended due date would end by June 15.

How to use this extension?

To use this automatic 2-month extension, you have to enclose a statement on your returning, briefing about your situation (One of the above) that hinders you from filing your tax return.

Want more time to file your return even after automatic 2-months extension?

If you couldn’t file your tax returns within the automatic 2-months period, you will get additional 4 months to file your return (totally 6 months like default). You can wait without requesting for additional 4 months, till IRS issues the new due date, which is allowed by automatic 2-month extension. To benefit the additional 4 month extension file Form 4868 as usual. A noteworthy info here is, you will not get additional time to pay (unlike automatic extension), other than time to file.

Tips by Extensiontax.com, your matchless E-file mate is always present to alert you and make you aware of unknown facts. File your taxes with satisfaction, we deserve it. For support or queries, get in touch with us at 1-866-245-3918 or email us to support@extensiontax.com.

Important Tax Law Changes for 2010

Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return.

Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011.

Health Insurance Deduction Reduces Self Employment Tax In 2010, eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax.

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