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General
Filing business income tax can be a complex and time-consuming process, often requiring a significant amount of time to gather the necessary information. Occasionally, businesses may struggle to compile the required data and miss the filing deadline. In such cases, these businesses may require extra time to properly prepare and submit their income tax return.
Federal Form 7004 serves as a solution for businesses facing this challenge. It allows them to request an extension of time to file their income tax return, granting the necessary additional time to prepare without incurring penalties.
In this comprehensive guide, we will explore the intricacies of Form 7004, its purpose, the deadlines associated with it, and the filing procedures for the 2024 tax year.
What is Form 7004?
Form 7004, officially titled "Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns," is a crucial IRS form for businesses seeking additional time to complete and submit their business income tax returns. This business extension applies to various tax forms, including C-corporations, S-corporations, partnerships, multiple-member LLCs, trusts, estates and others.
By filing Form 7004, businesses can get an extension period of up to 6 months.
It is important to note that Form 7004 does not grant an extension of time to pay any taxes owed; it only extends the deadline for filing the return.
When is the deadline for filing Form 7004?
For most businesses operating on a regular calendar year, the deadline to file Form 7004 is the same as the original due date of the tax return.
- For corporations, the standard deadline is typically March 15th.
- For partnerships, it is usually April 15th.
Here's a detailed breakdown of deadlines based on the business type:
| These forms are due by March 17, 2025. If you want more time to prepare and file these tax forms, you can file an extension. E-file Form 7004Your extended deadline will be September 15, 2025 (When you e-file Form 7004 with TaxZerone, you will receive a reminder before the extended deadline) |
| These forms are due by April 15, 2025. If you want more time to prepare and file these tax forms, you can file an extension. E-file Form 7004Your extended deadline will be October 15, 2025 (When you e-file Form 7004 with TaxZerone, you will receive a reminder before the extended deadline) |
Form 7004 deadline for businesses that operate on a fiscal tax year
For businesses operating on a fiscal tax year or with non-calendar year-end dates, the deadline for filing Form 7004 is the 15th day of the third month following the close of the tax year. For example, if a business's fiscal year ends on June 30th, the deadline for Form 7004 would be September 15th. These businesses can also file Form 7004 to extend the deadline.
How to File Form 7004 for the 2024 Tax Year?
Businesses can file Form 7004 through two main methods: electronic filing (e-filing) or traditional paper filing.
E-filing Form 7004
E-filing is an efficient method to submit Form 7004. It is also recommended by the IRS for accuracy and quick processing time. Businesses can e-file Form 7004 using an IRS-authorized e-file provider by providing the required information and receive confirmation of their extension request.
Paper filing
For those who prefer the traditional route, paper filing is still an option. Businesses can download Form 7004 from the official IRS website, complete the form manually, and mail it to the IRS
To learn how to fill out Form 7004, refer to our Form 7004 instructions.
Penalties for Form 7004
- Failure to pay taxes and file tax returns: You will incur 5% of the tax due per month, for up to 5 months. If your return is not filed for more than 60 days after the deadline, there will be a minimum penalty of $135.
- Filed tax return or extension form, but failed to pay taxes: You will incur 0.5% of the tax due per month, up to 25%.
Choose TaxZerone to e-file Form 7004
With TaxZerone, you can complete your Form 7004 filing in just 3 simple steps.
Step 1: Select the tax year and fill out the tax return.
Step 2: Calculate the balance due by providing total tentative tax and payments made. Enter the bank account details for balance due payment.
Step 3: Transmit the return to the IRS. You will receive an email once the IRS approves the return.
When you have all the information, you can then follow the steps below to e-file Form 7004 using TaxZerone.
E-file your Form 7004 easily with TaxZerone
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About TaxZerone®
TaxZerone® is an IRS-authorized e-file service provider that helps businesses and individuals file multiple IRS forms, such as excise, employment tax, extension, information returns, and tax-exempt forms, easily and securely.
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