Are you worried you’re not going to meet your filing deadline for taxes this year? (Unsure of your deadline, you may have bigger issues – checkout the IRS deadline calendar here!) I hear you. You’ve got a lot of other shiz going on!
Although it’s less than ideal, you CAN…*I repeat…CAN file a tax extension and take some of that pressure off.
Because the IRS never makes things easy, there are different forms depending on your type of filing status. So, here are your options…
For Sole Proprietors/Single-member LLCs
Is your deadline April 15, 2020, and you usually file business taxes through your own personal tax return? Then this is you.
You need to file Form 4868 BEFORE your deadline to get a roomy 6 months extension making your new filing date October 15, 2020.
For Partnerships, Multi-Member LLCs, and S Corporations
Your business gets a different fancy (code: boring) Form 7004 instead. This brings your deadline from March 15 to September 15, 2020!
Again, make sure you file your tax extension BEFORE your deadline.
Other Common Tax Extension Questions:
Can I delay paying my taxes too?
We wish! Unfortunately, you can only ask for a tax-filing extension, not a delay of paying any taxes owed. So you’ll need to pay your taxes by your March/April deadline.
How should I file my tax extension?
What’s your preference? You can e-file the extension through the IRS electronic filing program Free File. Or, via the IRS free fillable forms. You may also be able to use a tax filing software to do this too (but you’ll have to check whether yours has this option!)
If you need help with your taxes and/or bookkeeping to avoid extensions and missed deadlines in the future, Get in contact and we can get your books in order.
