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 the most common tax extension-related questions and their answers.
Question for today’s post:
I am self-employed. What kind of tax extension should I file?
Answer:
Great question. This one seems to come up more and more every year, especially nowadays when more people are taking the leap to start their own businesses.
If you are self-employed as a sole proprietor (filing a Schedule C), a contractor (1099), or a single member LLC, you only need file a personal extension (Form 4868) to extend both your personal and business income tax deadline.
If you have another business type, such as an S-Corporation, you will need to extend your business deadline by filing a corporate tax extension (Form 7004).
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.
