Form 7004: Automatic Extension for Business Tax Return
Sometimes you need a bit more time to get your business’s house in order. Thankfully the IRS allows businesses to apply for an extension on their 2015 tax return. To do this, the business needs to fill out and submit IRS Form 7004.
If your business files as a partnership, corporation or S corporation, you can use the Form 7004 for an automatic extension. Pay close attention to the lines 2 through 6 on this form, as most apply to specific types of corporations only. Also, note that the 7004 does not mean that you can put off paying your tax liability (or at least the estimated amount of that liability). The extension only applies to the tax return your business will file later in the year, so be sure to pay the estimated tax by your business’s tax deadline. For businesses whose tax years end on December 31st, the deadline would be March 15th, 2015.
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