Tax time paperwork getting ready to file an extension

How to File an Extension for Business Taxes

Tax season is stressful for individuals that have to file business taxes. Sometimes you aren’t ready to file for your business – you might be too busy or waiting for an invoice as your tax year comes to an end. 

If you are a business owner and need more time to file your tax return, you may be able to file for an extension. Filing for an extension will give you an additional six months to file your tax return without incurring penalties. 

Let’s look at what you need to know about getting a business tax extension.

Calculator and expenses listed to file business taxes

Steps to File for an Extension for Business Taxes

To file an extension for business taxes, follow these steps:

  1. Estimate Your Tax Liability

Before filing for an extension, you need to estimate your tax liability. This will help you determine how much you owe and if you need to make a payment when filing for an extension.

  1. Fill Out The Extension Form

To file for an extension, you will need to fill out Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. You can download this form from the IRS website or ask your tax professional to assist you.

  1. Submit The Extension Form 

Once you have filled out the tax extension form, you can submit it electronically using the IRS e-file system or by mailing it to the address listed on the form. If you are mailing the form, make sure to send it by the due date of your tax return.

  1. Make A Payment If Required

If you estimate that you owe taxes, you will need to make a tax payment by the original due date of your tax return to avoid penalties and interest. You can make a payment online using the IRS’s Electronic Federal Tax Payment System (EFTPS) or by mailing a check or money order along with your extension form.

Tax professional, tax filing and accounting

Important Information About Business Taxes

As a business owner, filing your taxes by your tax deadline can be a daunting task, but it’s crucial to ensure your compliance with tax laws and avoid penalties due an unpaid tax situation. By utilizing the tax preparation services at TPI Group, our team of experts can help you file your business taxes accurately and efficiently, saving you time and money.

It is important to note that filing an extension only extends the time to file your tax return, not the time to pay any taxes owed. If you are unable to pay the full amount by the original deadline, you should still file an extension request and pay as much as you can to minimize penalties and interest.

Filing an extension for business taxes involves obtaining and filling out Form 7004, estimating your tax liability and any payments made, and submitting the form by mail or electronically. You should also pay any estimated taxes due by the original deadline to avoid late filing penalties and interest.

Business Taxes & TPI Group

Let a tax preparer at the TPI Group assist you in obtaining a business tax extension if you need more time to file business taxes. Don’t risk missing the deadline and facing costly fines. Whether you have complex tax situations or a simple tax return, let TPI Group take care of your tax preparation needs so you can focus on what you do best – running your business.

Contact TPI Group today to schedule a consultation with a tax accountant and learn how we can assist you in filing your business taxes or obtaining a tax extension. With our expertise in business accounting services and dedication to our clients, we’ll help ensure that your tax matters are taken care of, leaving you with peace of mind and more time to grow your business.