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How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing date for
some businesses being March 15, 2005. If you can’t imagine
getting your tax returns together by that date, you need not
worry. The IRS automatically gives you an extension if your
file the appropriate form. As you might expect, there are
different forms for different businesses.

An Important Note

It is vitally important that you understand that an
extension to file taxes is not an extension to PAY taxes.
The IRS will give you a break on the filing date, but it
wants the money now! If you anticipate that you will owe
taxes, you need to send in the appropriate payment. Failure
to do so could result in interest charges when you
eventually get around to filing your returns.

Corporations

If you conduct business as a corporation with a fiscal
year-end of December 31st, you are required to file your
2004 tax returns on or before March 15, 2005. You can get an
automatic extension, however, by filing form 7004 before the
March 15 deadline. Form 7004 applies both to “C” and “S”
corporations and grants you an automatic 6-month extension
to September 15, 2005.

While this automatic extension applies to “S” corporations,
you should be aware of a quirk in the tax code. Since “S”
corporations “pass through” taxes to your personal returns,
the six-month extension is really only a five-month
extension. To file your personal tax returns, you must
report information from the K-1 issued from the “S”
corporation. Unfortunately, the IRS only grants automatic
extensions for filing personal tax returns to August 15,
2005.

Limited Liability Company

The IRS has never really figured out to how to handle
limited liability companies. It has settled on a policy of
avoiding the issue and simply


treating the entity as a
corporation or partnership.

Limited liability companies with more than one owner
typically elect to be treated as partnerships for tax
purposes. If this describes your situation, the LLC is
required to file tax returns by April 15, 2005. You can
obtain a 3-month extension by filing form 8736. Although
form 8736 contains language regarding partnerships, you will
still use this form since the IRS classifies you as a
partnership for tax purposes.

If you are the sole owner of an LLC, you may be in for a
surprise. The IRS doesn’t recognize LLCs owned by one
person. Instead, it simply considers you a sole proprietor
and the rules for sole proprietorships apply. These are
discussed below.

Partnership

If your business is a partnership, you are required to file
tax returns by April 15, 2005. You can use form 8736 to
obtain a 3-month extension.

Self-Employed/Sole-Proprietor

If you are not using a business entity, your business tax
information should be reported on your personal tax return.
The due date for filing your personal tax returns is April
15, 2005. You can obtain a four-month extension by filing
form 4868.

Summary

Regardless of how your business is organized, the IRS will
automatically grant you an extension to file your tax
returns. By sending in the appropriate form, you can avoid a
mad rush that will inevitably result in missing deductions
and overpaying your taxes. Just make sure you pay any taxes
you anticipate owing by the appropriate date.

About the Author

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses by finding
overlooked tax deductions and credits through a free tax return review.

 

Internal Revenue Service
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
www.irs.gov
 
Tax Information for Individuals
Access to useful information, booklets and other tools from the Internal Revenue Service.
www.irs.gov
 
Tax Center - Yahoo! Finance - Tax forms, tips and calculators.
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ...
tax.yahoo.com
 
Taxes: Tax Planning, Tools and Advice - MSN Money
Microsoft's Tax Preparation site, in association with Tax Server.
moneycentral.msn.com
 
Tax - Wikipedia, the free encyclopedia
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ...
en.wikipedia.org
 
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ...
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information.
www.hrblock.com
 
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ...
File your Taxes online with TaxCut Online. Learn how to file taxes online here.
www.hrblock.com
 
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ...
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing.
turbotax.intuit.com
 
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com
Personal Finance - Get tax and estate planning advice and information from Forbes.com.
www.forbes.com
 
Essential Links to Taxes
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ...
www.el.com
 
Government > Taxes in the Yahoo! Directory
Yahoo! reviewed these sites and found them related to Government > Taxes.
dir.yahoo.com
 
Taxes - Tax News for Home and Business from CNNMoney
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons.
money.cnn.com
 
The Tax Foundation - Educating Taxpayers Since 1937
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government.
www.taxfoundation.org
 
Welcome to the Vermont Department of Taxes
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ...
www.state.vt.us
 
Franchise Tax Board Homepage
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information.
www.ftb.ca.gov
 
HM Revenue & Customs: Home Page
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line.
www.hmrc.gov.uk
 
State and Local Tax
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ...
www.taxsites.com
 
Quicken.com
www.quicken.com/taxes/ - 3k - Cached - Similar pages
 
Tax news and advice from Bankrate.com
Information on all phases of tax planning and preparation.
www.bankrate.com
 
Online Tax Advice - Tax Preparation Help - Income Tax Tips
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ...
www.marketwatch.com
 
 

 
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