Category Archives: Form 7004

Form 7004 related posts

Efile Your Business Income Tax Extension Form 7004 With ExtensionTax.com

In this taxation world, every corporate business, partnerships and certain trusts are mandate to file and report tax through the applicable tax form. However, there are times when you really don’t have time to file and report your tax. and in such cases, you can file an extension via form 7004 on or before the due date of your income tax return, i.e. 15th of March. Additionally, we have good news for you. Usually, IRS do not accept tax return during the weekends, and if the due date falls on a weekend, the next business working day is treated as the due date to file and report the extension or the tax form. The same implies here, as 15th of March is falling on a weekend, 16th of March is treated as the due date to file and report the income tax return or if you are filing the extension.

All You Need to Know About IRS Form 7004:

IRS form 7004 is filed to extend the time duration for filing certain income tax returns. However, there is one point you need to remember, these extensions serve you with grace time to report not to pay your tax. You are liable to pay your dues to the IRS when you are filing this extension. Also, extensions would be granted only if proper estimation is made and filed by the actual return date for which this extension applies. Continue reading →

Form 7004- The Application To File Business Tax Extension

Yes, it is indeed a long time since we had our last update here at ExtensionTax.com. It is easy to get overwhelmed when it comes to anything tax-related, and getting federal business tax extension is no exception. ExtensionTax.com wants you help you in understanding the business extension process. We have jotted few of the questions:

Who Can Use IRS Form 7004?

Form 7004 is a request application that serves you with 5-month tax extension by partnerships, most estates and trusts, and most multi-member LLCs. Most other types of business entities (including C corporations, S corporations, foreign corporations, REMICs, and REITs) can use Form 7004 to request a 6-month tax extension.

What Is The Due Date For Filing A Business Tax Extension?

You must file a business tax extension by filing form 7004 by the original due date of the tax return. For corporations, this deadline is the 15th day of the 3rd month after the close of the tax year (March 15 for calendar year filers). For partnerships, as well as most estates, trusts, and multi-member LLCs, this deadline is the 15th day of the 4th month following the end of the tax year (April 15 for calendar year filers). Continue reading →

A Brief Insight into the IRS Extension Form 7004

Almost every business owner and income tax filer is well aware of the fact that IRS form 7004 is for “Automatic Extension of Time to file Certain Business Income Tax, Information and Other Returns”. IRS form 7004 is of the simplest form to fill after downloading either from the IRS website or from an IRS authorized filing website. For those who are filing for an extension for the first time or wanting to brush their knowledge on IRS form 7004, then reading this blog would be helpful. Continue reading →

Preserve Your Documents! It’s Useful in Times of Need

You never know or even think when a natural disaster would knock at your door. Nothing lies in our hands and the wrath of nature cannot be escaped. Natural disasters happen unexpectedly also affecting the lives of many Americans every year. With the cyclone hitting Oklahoma and nearby counties recently has left a massive impact on the minds and hearts of people. Although, the loss is unimaginable but not keeping the record safe can incur more losses. Therefore, it is advisable to keep the credentials handy and at a proper place.

There are several documents that taxpayers should keep a backup such as bank statements, certificates, tax returns, etc. The reason for maintaining their documents is that it gives them the benefit of accessing them whenever required. Additionally, we should keep them safe from the dangerous after-effects of the wind, rain, and snow. Recordkeeping is a good habit and comes as a great rescue in times of need. There are numerous ways suggested by the IRS to keep the documents safe and protected, as discussed below:

  • Save Your Documents Online:

One of the best places to keep your documents in a place where it is easy to access is to save them electronically. Most companies and banks send payment receipts electronically, which makes it easy and possible to save them online. However, individuals also have the option to scan their documents and save them in their email id. Saving files electronically is one of the simple and easy ways to create a backup of all the important documents.

  • Document the Essential Valuables:

Another useful for creating a backup of their documents is by taking photographs or creating video. Recording the credentials through photographs or making video can help individuals know the true value of the documents, thus making it easy for them to claim refund. The ‘IRS disaster loss workbook’ is another way where taxpayers can assemble the required documents. Click here for more details

  • Take Help from the IRS:

When a disaster strikes taxpayers need can call the IRS to get complete information on disaster-related issues. Moreover, requesting the IRS might help them get copies of their previous tax returns, which can be attained through form 4506.

Individuals residing in the affected areas generally get an extension by the IRS but, they can also get a tax extension by filing through extensiontax.com, a leading E-file service provider. Reach us at 1-866-245-3918 to get all your queries answered.

 

Criteria under Form 7004-Automatic 6-Month Tax Extension – Part 2

Dear readers, following our last week’s article, Criteria under Form 7004-Automatic 6-Month Tax Extension – Part 1, here comes Part-2 of it. All those Income tax returns listed under this part owns extension deadline by March’15, 2013 with 6 months automatic extension.

  • Return for Nuclear Decommissioning Funds and Certain Related Persons: If you owe to file Form 1120-ND and you are in need of more time to prepare your returns, you can file Form 7004 before March 15, 2013.
  • Return of a Trustee or Self Sealer who owes tax under section 4951: If you are required to file Form 1120-ND taxes under section 4951, you can file an extension before March’15 2013 for extending your filing time. 
  • U.S. Property and Casualty Insurance Company Income Tax Return: If you are liable for U.S Property and casualty Insurance Company Income Tax Return through Form 1120-PC and you couldn’t file on time; file Form 7004 to obtain 6 months extension.  If you are filing for a short year, your extension deadline ends by 15th day of third month. 
  • U.S. Income Tax Return for Certain Political Organizations: For filing returns under Form 1120-POL (Income tax return for certain Political Organizations), you must file an extension through Form 7004. 
  • U.S. Income Tax Return for Real Estate Investment Trusts: Application for Extension for Form 1120-REIT (Income Tax Return for Real estate investment trusts) can be done through Form 7004 on or before March’15, 2013.

The stress free way to relieve from IRS tax penalties and interests is to file taxes on time or to file an extension. Why to still mess up with all those aches? It’s better to file your taxes at right time. Call our customer care executive at 1-866-245-3918 or write to support@extensiontax.com. Happy e-filing!