Time to File an Extension Application for Corporate or Partnership Taxes if you indeed need it

Business taxpayers it is your time now, as the taxes are up for due this March 15 and April 15certain corporates or LLC or partnership firms have to react. When you need additional time to work with your paper work submit in your Internal Revenue’s Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns—Form 7040 now. Form 7004 is the form used to file for an automatic extension of time to file business tax return for firms that comes under partnership, a multiple-member LLC filing as a partnership, a corporation, or s-corporation. This application will only extend the time to file and not the time to pay the taxes.

You must file this extension by the due date of your business tax return. This is an automatic extension, so you don’t have to worry about your extension being approved. However we shall keep you updated by sharing an email on your acceptance status. Make sure the return is filed with the IRS before the actual deadline to avoid last minute surprises.

Pay your taxes on time – no extension for payment.

Business Income Taxes that you owe must be paid by the actual Due Date. The IRS says, “Form 7004 does not extend the time for payment of tax.” You must pay taxes due (estimated) by your tax return due date, even if you file an extension application, extension is for filing your return. Make sure you did it right to estimate the actual tax and pay it along with the Form 7004 return if needed. Paid less or paid late will attract additional charges as fines and penalties.

Due Date for Form 7004 Extension of Time.

Due Dates for Extension of time on any federal income tax return is the due date of the tax return. Tax return due dates may change each year. For tax year 2019 , this March 16 and April 15 is the Due Date. Yes, if the due date is on a weekend or holiday, the actual due date is on the next business day. March 15 falls on a weekend and the next business day March 16 is the new due date.

Different Business Types has its own Due Date.

Extension of time for all business taxes must be filed by the tax return due date, taxes due must be estimated, and taxes must be paid by the due date, even if an extension application is being filed. The balance of any taxes due must be paid at the time the return is filed.

Corporate Business Tax Return Due Date and Extension of Time Due Date

Corporation tax returns are due and taxes are payable on the 15th day of the fourth month (April 15th, 2020 for most businesses) on Form 1120, for which the year-end date is December 31. Extension of time will get you additional 6-months and push you April 15th Deadline to October 15.

Partnership Business Tax Return Due Date and Extension of Time Due Date

The due date for partnership and multiple-member LLC tax returns on Form 1065 is the 15th day of the third month (March 16th, 2020). Partnerships and multiple-member LLC’s have six months from the extension due date to file the tax return. So, a partnership would have until September 15 to file the partnership tax return.

S Corporation Tax Return Due Date and Extension of Time Due Date

S corporations must take a December 31 year-end to coincide with the tax return due date of the owners, so S corporation tax returns are due March 15, filed on Form 1120-S. This is also the date when the extension must be filed.

Electronic filing for Form 7004

http://ExtensionTax.com has made the electronic filing process simple. Easy and fast. Create a user account with an email if you’re new to this website, existing users can access it to start preparing the Extension of Time. Fill in the business address, estimate of tax, how much you plan to pay with the return and information. Pick the tax form that you’re liable to report based on your business type; validate it and submit it with the IRS for processing.

The form also asks if your business qualifies under Regulations section 1.6081-5,.This section related to foreign corporations, domestic corporations that transact business and keep books outside the U.S., or domestic corporations whose principal income comes from U. S. possessions.

You can file business tax return extension of time application online using http://ExtensionTax.com extension tax return preparation software and file it online.

Phone Support for Question.

ExtensionTax.com has a dedicated Phone Support Team to answer your questions, LIVE Chat and a email support to connect with you instantly. Electronic filing is at its best with ExtensionTax.com, with secured and safe filing. The website is protected with a world class SSL and hacker proof certificated to secure your data.  Talk to us today at 866 – 245 – 3918 or email at support@extensiontax.com.