What is the due date for filing my business income tax extension?
Corporations, including S-Corporations, operating on the calendar year for tax purposes must file for their tax extension by 11:59PM on March 15, 2010. Partnerships, LLCs and sole proprietorships have until 11:59PM on April 15 to file for their tax extension.
Is it a problem if I submit for a tax extension before the deadline but don’t hear back by the midnight IRS deadline?
Not at all! The IRS allows a few days for you to be officially approved. This means that you also generally have a few days after the deadline to fix any possible errors that cause rejection.
How long does it take to hear back from the IRS on approval for a business tax extension (IRS Form 7004)?
You will generally hear back in about a day on the status of your business tax extension. Remember that as long as you submit your extension request by midnight on the IRS deadline, your application will be marked as submitted on time.
Once my tax extension is approved by the IRS, when is my extended tax return due?
Corporations, multi-member LLCs and partnerships operating on the calendar year for tax purposes are given an extended tax deadline of September 15, 2010. Sole proprietorships and single-member LLCs are given an extended due date of October 15, 2010.
Do I have to use my Social Security Number when I e-file my business tax extension, or will I use my Tax-ID (EIN) number?
For most business types, you will simply need your Tax-ID (EIN) to file your business tax extension (IRS Form 7004). If you are filing for a single member LLC business, you will file for a personal tax extension (IRS Form 4868) and will use your social security number rather than a Tax-ID (EIN).
If I am a partner in an LLC or partnership, do I have to file both a personal and business tax extension?
Yes. Because a multi-member LLC or a partnership has to file a separate tax return for the business, you will need to file a tax extension for both the business and well as a personal income tax extension.
What business income tax forms are extended and submitted by using FileLater?
FileLater services will electronically file the IRS Form 7004 for your business income tax extension. This will give you a 5-month extension for almost all partnerships, multi-member LLCs, corporations, estates and trust, and more. Our application will help you choose the proper entity type. Here are the complete list of IRS tax forms we can help you extend:
1065
1065-B
8804
1120
1120-A
1120-S
1120-REIT
1120-F
1120-FSC
1120-C
1120-H
1120-L
1120-PC
1120-SF
1120-RIC
1120-POL
1120-ND
1041
1041-N
1041-QFT
8612
8613
8725
8831
8876
8924
706-GS(D)
706-GS(T)
Don’t worry if you don’t know what form is associated with your business. We’ll figure that part out for you.
FileLater can also help you extend your personal income tax extension. To learn more about personal income tax extensions, visit our personal income tax extensions site.
If I am self-employed, which tax extension service do I choose?
If you are self employed as a sole proprietor (filing a Schedule C), a contractor (1099), or a single member LLC, you only need to use FileLater’s personal extension service 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 using FileLater’s business tax extension service.
My business is a single member LLC. Do I need to file for a personal or business tax extension?
Single member LLCs only need to file for a personal tax extension (IRS Form 4868), which will extend both the personal and business tax deadline, since your LLC is a pass-through entity and your business tax return is part of your 1040 personal tax return on Schedule C.
Can I file a tax extension for a trust or an estate?
Yes. FileLater’s business tax extension product includes IRS extensions for estates, trusts, and other entity types. You will file the same extension form (Form 7004) as other businesses, but will indicate your extension as a trust, estate, or other entity as part of the online process that you will be walked through, step by step.
How do I determine if I owe a tax payment when I file my business income tax extension?
If you keep financial books for your company, you should be able to estimate your total taxes based on your net income multiplied by your tax rate. Many of our customers will simply use their tax rate from last year. Don’t forget to subtract any estimated tax payments made throughout the year from your taxes due.
Do I need to file a business income tax extension for my state, too?
State regulations on tax extensions vary from state to state. Please visit our State Extensions guide for detailed instructions for each state.
My business is a sole proprietorship. Should I file a personal or business tax extension?
Sole proprietors have their business tax returns flow directly to their personal tax return as a Schedule C. Therefore, you should only submit a personal tax extension, which will extend the filing deadline for both your business as well as your personal income tax return.
FileLater provides a secure online solution for individuals and businesses seeking to e-file an IRS income tax extension. FileLater is an authorized IRS e-file