The tax reporting for the tax year 2019 is in full swing, IRS started accepting the tax returns already. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. When you’re not ready with your tax return, IRS encourages you to file Extension Applications to buy more time to report the taxes. Extension of time is only to report the taxes and not to pay the taxes that you owe. Income taxpayers both Individuals and Businesses can file applications for automatic extension of time that will push the actual deadline from April 15 to October 15. However the deadline for Extension of time application is also falls on the actual deadline, that is April 15th. For certain businesses the due date falls on March 16th (the actual deadline March 15th falls on a weekend, so the next business day March 16th falls as the new due date).Continue reading
The Business Income Tax Extension Form 7004 is due for certain business types by March 15th; Corporations, including S-corporations, operating on the calendar year for tax purposes must file for their business tax extension on the 15th day of the 3rd month. Some other business types like Partnerships, LLCs, and sole proprietorships have until April 15th for the due date to file for their tax extension. Don’t wait till the last minute to efile an extension form, file early to get it done right away. Electronic filing is simple, easy and quick; as easy as 1-2-3!
Form 7004 can be e-filed through http://ExtensionTax.com. All the returns shown on Form 7004 are eligible for an automatic extension of time to file from the due date of the return. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D). Form 7004 must be filed on or before the due date of the applicable tax return. The due dates of the returns varies with the calendar or fiscal year filing deadlines. File a separate Form 7004 for each return for which you are requesting an extension of time to file. Continue reading