As an S corporation, your deadline for filing taxes is March 15. However, there is a way to file for an extension that pushes your deadline back to September 15. This extension comes with many benefits such as avoiding paying IRS penalties for missing the March 15 deadline. At the Key Tax Group, we make it our duty to give you the best tax relief services and advice possible. Continue Reading to find out how to file for a tax extension for your business! Need a tax attorney to help you through the process? Reach out to us today to get started!
What Does an Extension Do for You?
As mentioned above, filing an S corporation extension allows you to delay your tax filing deadline from March 15 to September 15. There are, however, a few stipulations. This extension only allows you to delay the filing of your federal tax return, not the state. In addition, it does not delay the payment of any taxes you owe to the IRS. So, if you are looking for a way to simply delay the payment of taxes, filing the following extension form is not the way to do it. There are generally three steps to filing an S corporation extension. Keep reading to find out more!
Step 1: Estimate Your Taxes for the Year
While you and your shareholder are required to file your personal income tax on the S corporation form, there are other forms of taxes that you need to estimate. These tax sources include passive income, taxes on employment pay, and unemployment taxes. While it’s best to utilize financial experts and tax attorneys like the ones at the Key tax Group to figure out the right estimate, you are also able to estimate your taxes using the IRS Form 1040-ES to do so. If you have any questions regarding the tax estimation process, reach out to us today!
Step 2: Prepare the Extension Form
This extension form is known as Form 7004 and should be reviewed before being filled out. While it is a relatively easy form to fill out, it still must be submitted before the required March 15 filing deadline for S corporations. Form 7004 can be found on the IRS website and can be both printed or e-filed for easier filling out and processing. Whatever your selection might be, if you need help estimating your tax considerations or filling out Form 7004, call the tax professionals at Key Tax Group today!
When looking at Form 7004, you will notice there are two parts. If your business falls in part I of Form 7004, you will automatically be approved for a five-month extension. If your business falls into part II of Form 7004, your business will automatically be approved for a six-month extension. While these extensions are automatic, it’s still important that you fill out all the other necessary forms that outline the taxes you still owe to the IRS. If you are having trouble finding that number, get in touch with us today to find out how we can help!
At Key Tax Group, we are a company of attorneys committed to providing you with some of the best tax relief services possible. Whatever the tax laws may be in your state or county, we can help! If you have questions about how to file for an S corporation extension, reach out to us so that we can help you determine taxes owed and advise you on your tax law for the future! Contact the Key Tax Group today to find out how we can help!