Form 7004- The Application To File Business Tax Extension

Yes, it is indeed a long time since we had our last update here at It is easy to get overwhelmed when it comes to anything tax-related, and getting federal business tax extension is no exception. wants you help you in understanding the business extension process. We have jotted few of the questions:

Who Can Use IRS Form 7004?

Form 7004 is a request application that serves you with 5-month tax extension by partnerships, most estates and trusts, and most multi-member LLCs. Most other types of business entities (including C corporations, S corporations, foreign corporations, REMICs, and REITs) can use Form 7004 to request a 6-month tax extension.

What Is The Due Date For Filing A Business Tax Extension?

You must file a business tax extension by filing form 7004 by the original due date of the tax return. For corporations, this deadline is the 15th day of the 3rd month after the close of the tax year (March 15 for calendar year filers). For partnerships, as well as most estates, trusts, and multi-member LLCs, this deadline is the 15th day of the 4th month following the end of the tax year (April 15 for calendar year filers).

What Will Be The Duration Of My Extension?

There are 2 types of business tax extensions offered on Form 7004 — the 5-month extension and the 6-month extension. If you’re filing an extension for Form 1065, Form 8804, or Form 1041 (trust or non-bankruptcy estate) 5-month extension is applicable. For calendar year taxpayers, a 5-month extension moves the filing deadline from April 15th to September 15th.

If I’m A Sole Proprietor, Am I applicable to file Form 7004 Or I need to file Form 4868 To Get An Extension?

Well, instead of filing separate business tax return, you as a sole proprietor can report business activities on personal income tax return (Form 1040, Schedule C). And you are required to file a personal tax return, you will only need to submit a personal tax extension (Form 4868) to extend the filing deadline for both the business and personal tax forms

What Does Tax Liability Mean In This Context?

Tax liability is the total amount of tax that is assessed on your income, determined by multiplying your taxable income by the applicable tax rate(s). It is sometimes referred to as your “tax obligation.” Your tax liability is the number you arrive at before any credits or payments are factored in (such as estimated tax installments or Federal income tax withheld).

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