Buy Yourself More Time

Introduction:

Form 7004 is a tax extension form that businesses can use to request an automatic extension of time to file certain business tax returns. Here is a detailed explanation of Form 7004 and how it works:

What is Form 7004?

Form 7004 is a tax extension form used by businesses to request an automatic extension of time to file certain business tax returns. The form is used by various types of businesses, including corporations, partnerships, limited liability companies (LLCs), and S corporations.

Which tax returns does Form 7004 apply to?

Form 7004 can be used to request an extension of time to file the following business tax returns:

• Form 1065: U.S. Return of Partnership Income
• Form 1120: U.S. Corporation Income Tax Return
• Form 1120S: U.S. Income Tax Return for an S Corporation
• Form 1041: U.S. Income Tax Return for Estates and Trusts

How does Form 7004 work?

To use Form 7004, a business must fill out the form and submit it to the IRS by the original due date of the tax return. For example, if a business needs an extension of time to file its Form 1065, which is due on March 15, it must file Form 7004 by March 15.

By filing Form 7004, a business can automatically extend the due date of its tax return by six months. For example, if a business files Form 7004 to extend the due date of its Form 1065, which is normally due on March 15, the new due date will be September 15.

It's important to note that Form 7004 only extends the time to file the tax return, not the time to pay any taxes owed. If a business owes taxes, it must estimate the amount owed and pay that amount by the original due date of the tax return to avoid penalties and interest.

What information is required on Form 7004?

To fill out Form 7004, a business will need to provide the following information:

• Its name, address, and taxpayer identification number (TIN)
• The type of return being extended (e.g. Form 1065, Form 1120, etc.)
• The tax year for which the extension is being requested
• An estimate of the total tax liability for the tax year
• The amount of any payments made with the extension request

Where can businesses get Form 7004?

Businesses can download Form 7004 from the IRS website or request a paper copy by calling the IRS. Some tax software programs also include Form 7004 as part of their services.

Conclusion:

In summary, Form 7004 is a tax extension form used by businesses to request an automatic extension of time to file certain business tax returns. By filing Form 7004, a business can extend the due date of its tax return by six months. However, any taxes owed must still be paid by the original due date of the tax return to avoid penalties and interest.