How to Get a Tax Extension for my Business
Tax extensions aren’t just for personal taxes. Businesses can also file for a tax extension if they need more time to file their taxes. But you may not know how to get your extension. Luckily, the process is almost as easy as filing for a personal tax extension.
Determine If a Tax Extension is Necessary Are you absolutely sure filing a tax extension form is necessary? If there’s any way you could simply buckle down and finish it all in time, then that would be the way to go. Even though the extra time would be nice, the tax extension could come with interest and fees. This could mean a higher tax payment for you in the long run. If there’s simply no way to finish or you think a tax extension will help your tax standing, then you should definitely file.
What To Do First, you need to pick up the correct form. Form 7004 is the form most businesses will use. This form is for automatic extension of time to file certain business income tax. Businesses used to be required to file a detailed explanation for the tax extension, but this requirement has been removed. Now, fill out the simple form for your tax extension. You’ll need mostly info like personal information and the type of tax forms you would be sending in. If you need a longer tax extension than the one provided, fill in the blank box on the tax extension form to explain why you need more time.