It’s time to apply for tax extensions to get extra time to report your business and personal taxes!

Hello taxpayers! As the new tax year starts, you must report and pay your business and personal income taxes to the IRS on or before the deadlines. If you fail to report your taxes on time, IRS will charge hefty penalties, late charges, and interests over your tax dues. To avoid this unfortunate circumstance, they offer automatic extension time from three to six months based on your tax category. Therefore, you must apply for a tax extension to the IRS to avail the extra time to report your taxes to the IRS.

There are multiple tax extension forms for business and personal income taxes. Taxpayers must identify suitable income tax extension forms and apply them to the IRS within the deadlines. Let us look into extension tax forms, their purposes, and deadlines for your clear understanding.

The tax extension time is not applicable for tax payments. You should pay the IRS at least 90% of the income tax with your respective parent form. After that, you can apply for a tax extension from the IRS by paying the remaining tax dues through your tax extension form. But it is highly advisable to pay your income tax fully with your original tax form within its deadline and apply for a tax extension form to submit your tax returns to the IRS.

Business Tax Extension Form 7004.

Business owners and their CPAs can apply for their business income tax extension using form 7004 to get the automatic six-month time from the IRS to submit the business tax reports. Businesses like LLCs, partnerships, corporations, S – corporations, trusts, and charitable organizations can use the business income tax extension form 7004 to apply for the tax extension. And their original forms might 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. The last date to apply for this extension tax form 7004 is March 15, 2023, to get the automatic six-month extension till September 15, 2023. As the deadline is approaching soon, you must e-file form 7004 at ExtensionTax.com and get the time extension acceptance instantly.

Business Tax Extension Form 7004 for C-corporations.

Certain businesses, like C-corporations, are taxed separately from their owners and shareholders. The income tax is calculated from the company’s profit or turnover. The company’s owner or CPA must report and pay the taxes to the IRS using the original business income tax forms like form 2220, form 1041, etc. The owners or shareholders of C-corps are entitled to pay personal income taxes for their generated income from the company. The deadline for filing form 7004 business income tax extension for C-corps is April 18, 2023. IRS will give an automatic six-month tax extension until October 17, 2023, to submit the tax returns with supporting documents and proofs. So, make sure to e-file form 7004 business income tax extension at ExtensionTax.com to get extra time to report business income taxes for C-crops.

Personal Income Tax Extension Form 4868.

All personal income taxpayers of the United States must use the extension tax form 4868 to get the automatic six-month extension time from the IRS to report their income taxes with proof and supporting documents. Taxpayers using the forms like Form 1040, Form 1040-SR, Form 1040-NR, Form 1040-NR-EZ, Form 1040-PR, and Form 1040-SS can use form 4868 to apply for a personal income tax extension time. The last date to apply for personal income tax extension form 4868 for this tax year is April 15, 2023, through which you will get time till October 17, 2023, to file your tax reports to the IRS. You can easily e-file your personal income tax extension form 4868 at ExtensionTax.com and get the acceptance instantly.

Business Tax Extension Form 8868 for Tax-Exempted Organization.

Charities, Non-profit organizations, and tax-exempt organizations generally file form 990 to report their income taxes to the IRS. However, they don’t have to pay any tax amount. They need to file their tax returns for the previous year to the IRS and get their appropriate acknowledgment. If you can’t report the taxes on time for your tax-exempted organization, you should use form 8868 to request an automatic six-month tax extension from the IRS. The last date to apply for form 8868 is May 16, 2023, and you will get time till November 15, 2023, to file the tax reports to the IRS. ExtensionTax.com support tax extension form 8868 e-filing, where you can file form 8868 online and get instant acceptance from the IRS.