Tag Archives: Tax 7004

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

Important Tips for E-Filing Extension Form 7004

Do you own a corporation but don’t think you’ll complete your 2015 corporate income tax return by the March 15 deadline? This article explains how to file an extension online without a hitch, giving you time till September 15 to file the return.

If your small business is a corporation, your 2015 corporate income tax return is due on Tuesday, March 15, 2016. Continue reading

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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Extensions for Individuals/Business Income Taxes…

What is Extension Tax?

If you are not able to file your federal individual or business income tax returns by the due date, you may be able to get an automatic 6 or 5 months extension of time to file.

Extensions for Individuals:

For Individual income tax payers, efile Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return by the due date for filing your calendar year return (usually April 15) or fiscal year return.

Extensions for Business Income Taxes for Corporations, Partnerships, etc.

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

Form 8868, Application for Extension of Time To File an Exempt Organization Return.

It’s Easy:
Doing an Extension Tax is always easy and simple. We have made it available to every tax payer anticipating to file any Extension Tax. File from anywhere and anytime in 3 simple steps. Choose your form, file in your Tax details and efile to IRS. It will take just minutes to get approved by IRS. Subscribe for TEXT Alert and get instant alert in your mobile.

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Due Date for Tax Extension (Form 4868):
Tax extensions are due on April 18 as well. If you attempted to e-file a tax extension on or before April 18 and were rejected by IRS, a grace-period is granted until April 22 in order to correct mistakes.

In addition, IRS will routinely (but is not required to) accept e-filed extensions until April 22 for taxpayers who did not file by April 18.

Due Dates for Taxpayers Living Abroad:
If you are a U.S. Citizen or resident and are out of the country on your tax return due date, you have an additional two months to file. You can use Form 4868 through June 15 to obtain an additional four months to file. In this case, you should mark the “out of the country” box near the bottom of your Form 4868 and mail it in (e-filing of Form 4868 after April 22 is not supported by IRS).

If file your Form 4868 by April 18, you will be granted an extension until October 17 without regard to your qualification as “out of the country”.

Due Date for Tax Extension (Form7004) & (Form 4868):

1120 for Corporation’s – Due by the 15th day of the third month after the end of the corporation’s tax year. For a corporation that uses the calendar year, the due date is March 15th.  Form 7004 is used to request a six month extension to file.  No additional extensions are granted.

1120S for Sub Chapter “S” Corporations – Due by the 15th day of the third month after the end of the corporation’s tax year. For a corporation that uses the calendar year, the due date is March 15th. Form 7004 is used to request a six month extension to file.  No additional extensions are granted.

1065 for Partnerships – due by the 15th day of the 4th month following the close of the tax year.  Most partnership has a year end of December 31, so the extension is due April 15.  However if the partnership has another year end or has ceased operations you must determine the due date. Form 7004 extends the due date six months.

1041 for Fiduciary – due by the 15th day of the 4th month following the close of the tax year. If the tax year end of the Fiduciary is December 31, an extension is due April 15.  If the Fiduciary has a different tax year end, you must determine the due date.  Form 7004 is used to extend estate tax returns.

990 for Non-Profit Organizations – due four months (120 days) after the end of the tax year. If the year end is December 31, the extension is due April 15.  If your non-profit or not-profit year ends on another date you must determine the extension due date.  Form 7004 is used to extend the due date for the 990 form.  If Gross Receipts are less than $25,000.00 per year, no return is required. A Non-Profit Organization MUST meet government guidelines and apply for a Tax-exempt status. Unrelated business income IS taxable and is reported on a 990T. The same extension rules apply. We advise extra caution if you must file a 990T.

709 for Gift taxes – due at the same time as your individual income taxes if gifts exceed $10,000.00 per year per individual. Form 4868 extends the due date to October 15.

1065 Limited Liability Company – due by the 15th day of the fourth month (120 days) following the close of the tax year. If the LLC year end is December 31, the due date is April 15. All limited liability companies must file a return, regardless of the amount of income or loss. Form 7004 extends the due date six months

What is Extension Tax?

If you are not able to fiWhat is Extension Tax?

If you are not able to file your federal individual or business income tax returns by the due date, you may be able to get an automatic 6 or 5 months extension of time to file.

Extensions for Individuals:

To do so, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return by the due date for filing your calendar year return (usually April 15) or fiscal year return.

Extensions for Business Income Taxes for Corporations, Partnerships, etc.

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

Form 8868, Application for Extension of Time To File an Exempt Organization Return.
le your federal individual or business income tax returns by the due date, you may be able to get an automatic 6 or 5 months extension of time to file.

Extensions for Individuals:

To do so, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return by the due date for filing your calendar year return (usually April 15) or fiscal year return.

Extensions for Business Income Taxes for Corporations, Partnerships, etc.

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

Form 8868, Application for Extension of Time To File an Exempt Organization Return.

E-file Federal IRS Tax Return Extension Online – Form 4868

The deadline to e-file a tax return is the same as to e-file a tax extension: April 18.

Know your Due Dates:

Tax Day Date Type of Income Tax Return Filing Deadline
April 18*, 2011 Due Date for Federal Income Tax Returns (and Tax Extension requests) – Tax Day  for Tax Year 2010 – Filing Deadline
April 15, 2011 Due Date for State Income Tax Returns – Tax Day for Tax Year 2010 – Filing Deadline

*The traditional tax return filing deadline is April 15 of each year, but the IRS has approved April 18, 2011 as the tax filing deadline for 2010 Tax Returns and extension requests in observation of Emancipation Day in the District of Columbia.

Tax Tip: No time to file your Tax returns!!! Then file an automatic extension for 5 or 6 months. IT is Simple and avoid additional penalty/late fees and interest.

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