How do I file for an extension on my business taxes?
212 views | Last modified 4/6/2020 3:04:25 AM EST

You can request an automatic extension of time if you couldn't file your 2019 business tax return by the due date. Business tax returns can be extended by filing Form 7004, the application for an automatic extension of time to file business tax returns by the original due date of the return.
 
Form 7004 Due Date for Corporations & Partnerships:
 
S-Corporations filing Form 1120-S must file Form 7004 by March 15 i.e., the 15th day of the 3rd month after the tax period ends. The same due date is also applicable for partnership firms filing Form 7004 to extend the filing date of Form 1065 & Form 8804. C-Corporations filing Form 1120 must file Form 7004 by July 15 i.e., the 15th day of the 4th month after the tax period ends.
 
For C-Corporation with a fiscal tax year ending on June 30, the due date to file the extension would be on March 15, i.e., the 15th day of the 3rd month after the tax period ends. 
 
Form 7004 Due Date for LLC:
 
A multi-member LLC filing Form 1065 & Form 1120-S must file Form 7004 by March 15 i.e., the 15th day of the 3rd month after the tax period ends. But, if a single- member LLC filing is organized as sole proprietorship and files Form 1040, the extension to be filed is Form 4868. The due date for this extension is on July 15 i.e., the 15th day of the 4th month after the tax period ends.
 
Tips to file an extension on business taxes online correctly:
 
  • Make sure you file on time: The due date of file your business tax extension Form 7004 is on or before the due date of your tax return. Please note that the deadline depends on how your business is organized with the IRS. 
  • Provide correct estimates on your tax due: You must estimate the taxes you owe to the IRS in your extension application. And, you are supposed to pay these taxes by the original due dates- March 15 or July 15. In ExpressExtension, you can choose the payment mode through which you would like to make the IRS payment. If you pay your taxes after the due date you might end up paying interest charges and huge penalties. 
 
Do I need to file a separate extension for state taxes?
 
You may not be required to file a separate business tax extension for the state unless you owe taxes to them. Most states accept the federal business tax extension filed to grant you an automatic extension of time. However, the requirement to file extension varies with each state. For any further information on the state tax extension, refer to this page
 

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