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. Today I’m starting a Tax Extension FAQ series to go over some of the more common questions and their answers.
Today’s question: Do I have to file a separate tax extension for business and personal needs?
The answer is Yes. The IRS generally requires different tax extension applications for both personal extensions (Form 4868) and business extensions (Form 7004).
There is an exception. Single member LLC businesses – if you own a single member LLC you can file a personal income tax extension which will extend both your personal and business tax deadline.
If you have any questions about tax extensions, please let me know in the comment section below. I’ll do my best to cover it in a future blog post.
