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How To File An Extension For S Corp Taxes?
As an S Corp shareholder, you may sometimes find yourself unprepared for tax season. Maybe you’re still looking for receipts to deduct business expenses or are behind on payroll paperwork for your employees.
In both cases, knowing how to file an extension for business taxes can be useful in minimizing the stress of tax day. We’ll break down what you need to get a corporate tax extension deadline and the step by step process of how to do it.
Table of contents
Key Takeaways:...Read more
When are S Corp business tax returns due?...Read more
Can you file an extension for S Corp taxes?...Read more
What is the penalty for late filing for an S Corp with an extension?...Read more
Can I file Form 7004 by myself?...Read more
Can you file a late extension for the 1120-S form?...Read more
How to file an extension for business taxes?...Read more
Key Takeaways:
- The S Corp tax deadline for 2024 is March 15th, 2025.
- Use Form 7004 to extend the S Corp tax deadline.
- You can file for an extension electronically or through mail.
When are S Corp business tax returns due?
As a business owner, knowing when to file your returns is an essential part of keeping your finances in order. The S Corp tax deadline for 2024 is March 15th, 2025. This is a month before the general tax filing deadline for non-business tax payers.
Just like every other tax due date, the S Corp tax deadline also may move to the next working day if the general date falls on a weekend or public holiday.
If you think you won’t be able to meet the deadline, you can always file by the corporate tax extension deadline. This extra time can be a lifesaver to make sure your documents are accurate and complete.
Can you file an extension for S Corp taxes?
Business owners who are struggling to meet the tax filing deadline can get a business tax extension to get another six months to put together all their paperwork. This is a better option than scrambling to gather documents and fill out forms when you’re not sure if you have everything you need to file accurately.
Form 7004 (Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns) is the form you need for the extension request. Filing this form gets you an automatic six month extension to September 15th.
There are two things to remember about the corporate tax return extension deadline. One, you have to file for an extension by the original filing deadline. If you don’t do this, you will get a late filing penalty.
The second thing to keep in mind is that the S Corp tax return due date extension simply acts as a filing extension, not a paying one. It is still your responsibility to pay what you owe to the IRS by March 15th. Failure to do this will get you an underpayment penalty.
In terms of state taxes, the rules may vary based on where you file. If you live in a state that doesn’t collect income tax, your extension can include your state returns, too. Make sure to check your state’s website for specific instructions.
What is the penalty for late filing for an S Corp with an extension?
Missing the S Corp tax return due date extension results in the late filing penalty from the IRS. This penalty is levied every month you don’t file and is multiplied by the number of shareholders in the corporation, up to 12 months. As of 2023, the penalty is set at $220 per month, but this is subject to change every year.
This makes filing on time a necessity, as the penalty can quickly become a large amount, especially if you have a lot of shareholders. So, make sure to use the S Corp extension form to get an extension if you need it.
Can I file Form 7004 by myself?
Owners can file the S corp extension form themselves when they pay their taxes. The easiest way to do this is to e-file. You can use the Electronic Federal Tax Payment System (EFTPS) to pay your taxes and file the extension through the Modernized e-File (MeF) platform.
If you’re unsure about handling the S Corp tax return extension on your own, you can hire a tax pro or use a tax software to do the work for you. You also have the option to mail Form 7004 to along with a cheque for your taxes.
Can you file a late extension for the 1120-S form?
You can file a late extension for Form 1120-S, but there are a few things to consider. Normally, you need to request an S Corp tax return extension using Form 7004 by the original deadline of March 15th. If you miss the S Corp extension deadline, the IRS might still grant you an extension, but you could face penalties and interest for filing late.
How to file an extension for business taxes?
Here’s a step by step process of how to file a business tax extension.
1. Calculate your tax liability
2. Fill out Form 7004
3. Submit your extension form and pay your taxes
4. File your returns by the extension
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