Form 7OO4 instructions: business tax extension
You might want to delay your business tax filing for many reasons. It could be due to your busy business season coinciding with tax season, or perhaps you're still gathering all the necessary documents for filing your return.
If this is the case, you can use Form 7004 to ask the IRS for a business tax extension. It will give you additional time to file your small business tax return.
Form 7004 for business tax extension
To request an extension on your business tax return, you can use IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
Small business entities that can use the Form 7004:
- corporations
- S corporations
- partnerships
- multi-member LLCs
If you are a sole proprietor, use Form 4868 to apply for a tax extension.
Form 7004 instructions
Intro: Add your company’s name, address, and ID number.
Part I (1 line): Enter the form code for the return for which you want to request an extension.
For example, if you have a multi-member LLC and file as a partnership, you must find Form 1065 and add code 09.
Part II (2-4 lines): Check the boxes only in case your business meets the following requirements:
- You are a foreign corporation without an office or place of business in the US.
- You file as a corporation, which is the common parent of a group that intends to file a consolidated return. If this is your case, you must attach the name, address, and EIN.
- You are a company or business eligible for extensions according to Regulations 1.6081-5.
Part II (5a line): Type the calendar year or tax year you are applying for.
Part II (5b line): Check the box for the reason for the short tax year if applicable.
Part II (6-8 lines): Estimate your total tax for the year, subtract payments or credits, and calculate your balance due.
Deadlines to file the IRS Form 7004
You must generally file Form 7004 on or before the original due date of the applicable tax return. You can e-file Form 7004 or download and paper file it.
The deadlines below are for filing your business tax extension in 2024 (for the 2023 tax year):
March 15, 2024: Deadline for S corporations and partnerships to request a tax extension via Form 7004.
April 15, 2024: Deadline to file the IRS Form 7004 for corporations.
If your business does not operate on a calendar year, you must request an extension by the 15th day of the third month after your fiscal year ends.
After filing your tax extension, the new due dates to file your 2023 business tax return will be the following:
September 16, 2024: Deadline for partnership and S corporation tax returns with an extension.
October 15, 2024: Deadline for corporate tax returns with an extension.
Experienced TFX tax advisors can assist with extension requests and prepare your business tax return by the new deadline. Focus on what matters most for you and partner with tax pros for a hassle-free tax season.