Corporations like C-corps should file their previous year’s income tax returns to the IRS on or before April 18th, 2022, and pay the tax dues through their respective original tax forms. Or else, the IRS will charge penalties, interests, and late charges based on the due tax amount. So, the corporations should file their tax reports and pay the tax dues by the deadline of April 18th of this year.
April 18th is the deadline for business income tax extension applications.
If you are a part of a business corporation or its CPA, you should know that the deadline is approaching soon, and you have less than a month to pay and file your organization’s business income tax reports to the IRS for the previous year. If you cannot submit the tax reports within the deadline, you should file for a business income tax extension of time to the IRS within April 18th to get the additional extension time.
Applying for a business income tax extension is common among corporations because they can’t have all the documents and complete their accounting on time. However, the IRS expects everything to be in order at the time of auditing, so the CPAs must file the tax reports properly. To achieve this, IRS grants additional six months of extension time for the corporations to file the business income tax reports with all the proofs and supporting documents.
Form 7004 – Business Income Tax Extension Form
Corporations use the original form 1120 to file their tax returns, pay the tax dues to the IRS, and use form 7004 to apply for a business income tax extension. IRS usually doesn’t ask for any reasons for tax extension applications. You have to file the business income tax extension form 7004 to the IRS and get approval for the automatic six-month tax extension time.
You will get the extension until October 17th, 2022, to submit your tax reports after completing the accounting and formalities if you file form 7004 within April 18th, 2022. If not, the IRS will charge you with heavy penalties and interests based on the tax dues and time you missed out on paying taxes.
Also, you must understand that the extension time is only to submit your tax reports to the IRS. It is not applicable for tax payments. Therefore, you should estimate the tax amounts and pay them before the deadline and apply for the business tax extension. IRS will allow paying some left out dues through the business income tax extension form 7004.
ExtensionTax.com is the best way to e-file form 7004!
IRS encourages to use the taxpayers and extension applicants to use the e-filing method with IRS authorized service providers to make the process easy and effective. Extensiontax.com is one of the best extension tax application e-file platforms approved by the IRS. We offer convenient solutions to e-file your business income tax extension form 7004 online using your PCs and Smartphones.
You can get instant approval directly to your e-mail after successfully completing your e-file. Extensiontax.com offers Form 7004 e-filing at $14.99 per application, which is economical and budget-friendly. So don’t hustle and e-file your business income tax extension application form 7004 at Extensiontax.com now.
Personal or Individual Income Taxes also falls due on April 18, 2022 for personal taxpayers. Don’t just let your taxes take your time and pay more, apply for extension of time to put it right and then complete the tax return on time. Extension Tax will be for 6-months, from April 18, 2022 to October 17, 2022.
