Tax time is a busy time for everyone. The beginning of the year businesses are readying their returns and sending them out to their employees as well as doing their own. Sometimes getting things in order takes longer than expected, and the IRS is aware of this. However, they are not particularly lenient with late payments without an official extension. For personal or business returns it is important to file an extension with the IRS to avoid penalties such as fees, audits, and tax evasion charges. The form for extending your deadline to file most business returns is the IRS Tax Form 7004.
What is IRS Tax Form 7004?
Form 7004 is the application for automatic extension of time for filing certain business income tax, informational, and other returns. The Form 7004 Extension can be used by corporations, partnerships, other small businesses, and certain trusts. There are three parts to this extension form, part three is for everyone and you will file part one or two depending on the type of tax extension being requested.
The extension form is to be used if you will not be able to file your corporate income tax return on time by the original due date. Officially requesting an extension will save you from late fees and the possibility of a tax evasion suit in the future.
Filing Extension Form 7004
This form is valid for extending several tax returns and there are two different ways to file for the extension. The form can either be mailed in or submitted via e-file. For forms 8612, 8613, 8725, 8831, 8876, and 706-GS(D) extension forms must be mailed in to the appropriate address. However, for most others e-file is appropriate. There are a few options for e-filing form 7004. A tax preparer can file the form for you, either by mail or e-file, you can file the form yourself through a third party – such as Etax7004.com – or you can go to www.IRS.gov and use one of their e-filing options.
Remember that an extension is for you to extend your due date for the current year’s tax return, not for any payments. Form 7004 will not extend any payment deadline for taxes due. Issues regarding payment must be dealt with separately and payment must be made on time unless otherwise arranged with the IRS.
Filling out the form is easy and is available at www.IRS.gov as a PDF form that you can edit, save, and print right from the website to mail in or e-file. Extension forms should be submitted before the original deadline to file your return, otherwise you will still be considered “late” and may incur penalties. E-filing your 7004 form ensures that the form will be received in a timely manner and you will have automatic confirmation of the delivery, meaning you can file your extension closer to the deadline without chancing missing it. It also means that mail delays will have no effect on the delivery of your documents.