Business Income Tax Extension Application Form 7004 and Form 8868:
Depending on the type of business you run, the IRS will allow for five- or six-month extension period, starting from the original due date on the tax return. So, if a business obtains a six-month extension and its original filing deadline was March 15, the new due date will be September 15.
Form 7004, is used to file application for an automatic extension of time for a Partnership, a multiple member LLC filing as a partnership, or a Corporation, or a S-Corporation. If you are not ready with your business income tax return documents, and looking forward for an extra time to get them in place, eFiling Form 7004 can save you from heavy penalties and interest.
Most companies should use Form 7004 to apply for an extension. An exception is for sole proprietors. A sole proprietor doesn’t file a business tax return — all information is reported on their personal tax return. If an extension is needed, a personal tax extension can be requested with IRS Form 4868.
Tax extensions do not give you more time to pay your taxes – it only gives you more time to file your tax return. If you owe taxes for the year, you are still expected to pay by the original due dates — often those due dates are either March 15 or April 15 (depending on your type of business). You will be charged IRS penalties and interest charges if you pay your taxes after the original due date. So, you should pay your taxes with your extension to avoid late fees. File on time.
The due date to submit your Form 7004 for your extension application is on or before the due date of your tax return. This deadline will vary depending on the type of business you run.
Form 8868 Application for Automatic Extension of Time To File an Exempt Organization Return, is for not for profits, charities, and other tax-exempt groups applying for a 6-month filing extension. An exempt organization is allowed a total extension of 6 months for a return for a tax year. Automatic 6- month can be electronically filed. However, you cannot file Form 8868 electronically if you want the additional (not automatic) 3-month extension or you are filing extension request for Forms 990-BL, 6069, or 8870, group returns, or a composite or consolidated Form 990-T.
Extension Application with ExtensionTax.com:
We’re the leaders in Federal Excise Tax online reporting and started supporting Federal Extension Applications since 2010 to make it more affordable and economic for our excise users and now we’re support many individuals and businesses to report the federal extension application online. Electronic filing provides fast acknowledgement that the IRS has received the return and reduces normal processing time, making compliance with reporting and disclosure of requirements easier. Electronically through http://ExtensionTax.com an IRS Authorized e-File Provider at just $14.99. Simple steps and clear work flow to complete the return faster and receive back an acknowledgement quicker.
We have a dedicated team of support agents to help you through your extension application and address any questions that come-up in the process of efiling. Reach us at 866 – 245 – 3918 or write to us at support@extensiontax.com.
Extension of Time To File Your Income Tax Return 