Even though the actual tax extension form for individuals or businesses are a lot simpler than your average tax form, taxpayers still have valid questions about how to complete it. This post continues a Tax Extension FAQ series that covers some of the more common tax extension-related questions and their answers.
Today’s question is one of the more common questions I get asked:
If I am a partner in an LLC or partnership, do I have to file both a personal and a business tax extension?
Answer:
Yes you do. Because a multi-member LLC or a partnership has to file a separate tax return for the business, you will need to file both a business tax extension (Form 7004) and well as a personal tax extension (Form 4868).
If you have any questions about filing a tax extension, please let me know in the comment section below. I’ll do my best to cover it in a future blog post.
