Form 7004: Get more time to file your small business tax return with a tax extension
4 min read
July 20, 2023 • Block Advisors
There may be a number of reasons you need to request a business tax extension with IRS Form 7004. You may be swamped with running your business during tax season. Or perhaps you simply don’t have all the documents you need when your original due date arrives. Either way, an extension for your taxes just may give you the extra time you’re looking for. Below you can learn more about filing a business tax extension and the steps required to get you there with these Form 7004 Instructions.
Small business tax extensions 101
To file a business tax extension, use Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.”
As the name implies, IRS Form 7004 is used by various types of businesses to extend the filing deadline on their taxes. This form is different than the individual tax extension form, which is filed using federal Form 4868.
This form spans a variety of tax returns and gives you extra wiggle room (up to six months) after the usual tax season to file your business’ federal income taxes. There are major consequences to your small business not paying taxes, so make sure you understand Form 7004 to give yourself extra filing time.
Small Business Tax Extensions
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Who is eligible for an IRS Form 7004 extension?
Most types of business entities can use Form 7004. In fact, the following entities can use this form to request a tax extension:
- S corporations
- Multiple-member LLCs filing as partnerships
Can you e-file Form 7004?
Yes, you can e-file form 7004. You can also download and print an interactive version of the tax form on the IRS website and paper file it.
Don’t want to efile form 7004 to get an extension by yourself? A Block Advisors certified small business tax pro is ready to help you file your extension using this federal form. Plus, we’ll help you get your business tax return across the finish line.
Form 7004 instructions
Thankfully, this is a fairly short form, which only requires a handful of key details. Here are the general Form 7004 instructions, so you can get a gauge on what information is needed:
At the top of Form 7004, print or type your:
- Identifying number (Employer Identification Number or Social Security number)
Part I: Automatic Extension for Certain Business Income Tax, Information, and Other Returns (Enter the form code, based on the type of business tax return you’re filing.)
Part II: (All Filers Must Complete This Part.) It includes:
- Additional information about your business
- What calendar year you’re applying an extension for
- Tentative total tax
- Total payments and credits
- Balance due
This form is only one page and doesn’t require your signature.
What is the IRS Form 7004 deadline?
The Form 7004 deadline depends on your small business structure and its tax return original due date. Read on to see what applies to your situation:
· Corporate tax return/extension deadlines
Corporations who use IRS Form 1120 to file annual federal taxes with a calendar year-end date of December 31 should file Form 7004 on or before the tax deadline. This means, with the six-month extension, your new due date is October 15. For fiscal year corporations Form 7004 should be filed by the 15th day of the fourth month after the corporation’s fiscal year.
· Partnership and multi-member LLCs tax returns/ extension deadlines
The deadline to file a partnership and multiple-member LLC taxed as a partnership using Form 1065 is the 15th day of the third month after the partnership’s fiscal year. For calendar year partnerships, this falls on March 15. So, file Form 7004 on or before March 15. Partnerships and multi-member LLCs have six months to file their small business tax return, so the due date is September 15 for calendar year partnerships.
· S Corporation tax return/ extension deadlines
S corporation tax returns and extension forms are due March 15 for calendar year filers or by the 15th day of the third month after the end of the year for fiscal-year filers. They’re filed on Form 1120-S. The deadline is September 15 for calendar year S corporations.
More help with Form 7004 extensions and prepping for due dates
Whether you’re looking to file a small business tax extension with Form 7004, or other small business tax forms, we’ve got your back! We’ve helped millions of small business owners and self-employed people do more of what they love by doing what we do best.
Our certified small business tax pros specialize in taxes. And we guarantee 100% accuracy in our taxes, bookkeeping, and payroll.
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