Form 7004 Business Income Tax Extension – A Complete Overview

Filing for business extension tax is essential for all businesses when they cannot complete their tax reports on time. Because businesses face many challenges while filing their tax reports perfectly with the IRS, the time constraint is the major challenge. And the deadline is nearby to pay and file your complete business income tax returns. Every year IRS keeps the deadline on the 15th of the third month, which is March 15, 2022 (for S-Corp, LLC’s etc), for few business owners to file their business income taxes, others it is April 18,2022 (for Corporates etc). For the businesses that cannot submit the tax returns on time, IRS gives an automatic tax extension time to complete all the formalities and submit the tax reports properly. 

Business Income Tax Extension Time Limit

As the deadline approaches on March 15, 2022, IRS will charge penalties, interests, and late charges for the businesses that don’t pay and report the taxes on time. Therefore, it is time for the business owners and their CPAs to apply for business tax extensions if they cannot file their business tax reports on time. IRS will give an automatic extension of six months to submit the tax returns completely. Hence, the time limit will extend till September 15, 2022, to file your tax reports to the IRS. But the extension time is not applicable for the entire tax payment. If you are filing the business income tax, you should estimate and pay the whole tax amount within the actual deadline of March 15. IRS only gives an extension to get all your tax information and documents ready and report your entire business income tax for the year. 

Form 7004 – Business Tax Extension Form

Business owners and CPAs file for a business tax extension to the IRS using form 7004 to get the automatic six-month tax extension. The IRS form 7004 is common for business tax extension applications for all types of businesses and their associated original tax forms. You should check out the eligible form number of your business in form 7004 and apply for the business tax extension of the IRS. You can also file form 7004 If you are reporting for the short tax year or your company is operating out of the United States, and it doesn’t have an office or any other place inside the U.S. Please remember that, IRS doesn’t not give extension time for tax payment, you should pay the tax dues fully by March 15th and apply for extensions to just submit your tax returns using the form 7004.

Business income tax returns that are due by March 15, 2022.

Form 1120-S
Form 1065
Form 1042
Form 1065-B
Form 3520-A
Form 8612
Form 8613
Form 8804
Form 1066

Common Businesses that file Form 7004

Though form 7004 covers almost all types of businesses and organizations operating in the United States and are liable to pay business income taxes to the IRS, there are certain major business types who make use of form 7004 business tax extension the most. They are, 

Limited Liability Companies or LLCs
Partnership Firms
Corporations
S-Corporations 
Trusts, Charitable Institutions, Estates etc.

And their original forms will be form 1120, 1120S, 1041, 1065, etc. There are 33 original/parent business tax forms in which you can apply for a tax extension using form 7004. Among the 33 forms, you can only paper-file (not e-file) form 7704 if your original/parent form is 8612, 8613, 8725, 8831, 8876, or 706-GS(D). You can paper file form 7004 extension directly at the IRS counter or mail your form to the IRS.

Please note that you can e-file form 7004 for only one original tax form by checking the appropriate option. If you apply form 7004 business tax extension for more than one original tax form, you have to file form 7004 separately for each original form. 

E-file your Form 7004 at ExtensionTax.com now!

You can easily apply for your automatic six-month business tax returns with form 7004 to the IRS electronically at Extensiontax.com. We are IRS approved modernized e-file service provider for business tax application form 7004 exclusively. You must keep the following information ready to successfully e-file your form 7004 tax extension, 

Name of the taxpayer
The legal/official name of the business or organization 
EIN
Complete Business Address
Tentative Total Tax Payment
Any tax payment dues from previous tax payments

You can e-file form 7004 directly to the IRS at $14.99 per file at extensiontax.com and get the approval instantly to enjoy your tax extension period. 

Start your Business Tax Extension Today!