15 gives you an extra six months to contribute to your retirement plan. 2įor example, extending the due date from April 15 to Oct. If you’re self-employed and you set up a Simplified Employee Pension IRA (SEP-IRA), you can make deposits to your account up to the tax filing due date-and that includes extensions. We wouldn’t recommend filing an extension for any old reason, but if you find yourself in that situation, an extension gives you an extra six months to contribute to your retirement accounts. Here are some of them: If you’re self-employed, you get more time to fund your retirement plans. But beyond that, there can be some good reasons to file a business tax extension. And sometimes there are circumstances out of your control. Just getting all of the receipts together can feel like a full-time job, especially if you’re not the most organized person in the world. What Are Some Reasons to File a Business Tax Extension? The IRS typically won’t let you extend it for longer than six months, although they may allow longer extensions for businesses operating in a foreign country.
The extension gives you an extra six months to complete and file your business tax return. You can file Form 7004 online through the Modernized e-File (MeF) platform. Corporations and S corporations also use Form 7004. The deadline for corporations and S corps to file is March 15.Īpproval for most corporations is automatic, but you should check the instructions on Form 7004 for details.Partnerships and multi-member LLCs use Form 7004.The deadline to send the form to the IRS is April 15. If you list any business profits as part of your personal income on your Form 1040, you would apply for an extension using this form. Sole proprietor businesses and LLCs with only one member use Form 4868.
Which one you use depends on the type of business you own.
#File extension on taxes how to
Let’s dive in! How to File a Business Tax Extensionįirst things first: You can request a business tax extension by using IRS Form 4868 or Form 7004. Now, if only there was a way to put off the crazy relatives, right? That’s right, you can file a business tax extension and put off filing your taxes for a few months. And while both days might make you look for a heavy bag to punch (you’ve got to work out that stress somehow), only one of them can be postponed, giving you a little extra time to prepare. No, it’s not Thanksgiving with weird Uncle Junior. There’s a special day that comes once a year that most people absolutely dread.
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