Corporations and partnerships can use Form 7004 to get more time to file their Judi bola business tax returns.
The Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns application is commonly known as Form 7004.
Corporations and partnerships can complete Form 7004 to receive a six-month extension on filing their tax return.
Form 7004 only extends the due date of filing tax returns, not the due date of tax liability payment.
If your small business is filing as a partnership or corporation, you can request an extension by filing an Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns application, also known as Form 7004.
Although it is possible to extend the deadline for filing your business tax returns, there are a few guidelines you should be aware of. First, the extension only pertains to your tax return; you are still responsible for paying any business taxes you owe on or before your original tax return due date. Second, if you are unsure of what those tax numbers will be, you are still responsible for paying the estimated income tax amount. It is crucial that you estimate this number as accurately as possible, since underpaying can result in penalties from the IRS.
Can I get an extension on my business taxes?
Yes, corporations and partnerships can get an extension for filing their business tax returns; however, they cannot get an extension for paying their business tax liability. Daniel Henn, CPA and author of The No Holds Barred, Candid Talk About Small Business Success in Florida, said that late-payment penalties and interest rates begin to accrue from the original due date. If you need an extension to file your business tax return, file Form 7004 as soon as possible.
It is often advised that you work with a certified professional to file tax documents for your business. “If you use a professional for the filing of your business returns and related extensions, verify that the extension was filed and request proof,” Henn told business.com. “This is one area that is very difficult to prove reliance on a tax professional to get penalties removed.”