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Taxes Information |
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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. Richard Chapo is CEO of http://www.businesstaxrecovery.com Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
MORE RESOURCES: 'The Untouchables': How Columbia and N.Y.U. Benefit From Huge Tax Breaks The New York Times South Texas county orders deleted delinquent taxes reinstated and paid, including sheriff’s Border Report Why tourist taxes are on the rise – DW – 09/25/2023 DW (English) Port St. Lucie lowers millage rate amid complaints over rising property taxes WPTV News Channel 5 West Palm Intuit Pushing Claim That Free Tax-Filing Program Would Harm Black Taxpayers — ProPublica ProPublica Hunter Biden in GOP's crosshairs again as tax panel sets vote on disclosing more confidential info POLITICO Two Promoters Charged in Alleged Nationwide Illegal Abusive-Trust ... Department of Justice Spain charges pop singer Shakira with tax evasion for a second time and demands more than $7 million ABC News Roofing company loses court fight over unpaid employment taxes Iowa Capital Dispatch Analysis | There's an Obvious Way Rishi Sunak Can Fix Inheritance ... The Washington Post City taxes projected to drop (a smidge) for Mankato homeowners Mankato Free Press This Is How Super-Healthy Americans Plan Their Taxes Yahoo Finance Ohio lawmakers take aim at growing property taxes The Highland County Press Efforts to eliminate grocery tax stall despite bipartisan support Muskogee Daily Phoenix How do Roth IRA taxes work? USA TODAY 13-Minute Gulfport Council Meeting on Taxes and Budgets The Gabber Newspaper Columbus Township parcel fetches $103K at tax sale timesobserver.com Taxes and a new school Boothbay Register Deadline for Pittsburgh Mills Mall owners to pay millions in taxes, avoid sheriff’s sale looms WPXI Pittsburgh City Council approves tax increase in Naples for 2024, despite ... Naples Daily News Win for Taxpayers in Transition Tax Case Would Cast 'Cloud of ... - Thomson Reuters Tax & Accounting Win for Taxpayers in Transition Tax Case Would Cast 'Cloud of ... Thomson Reuters Tax & Accounting Tyler Bowen: Property taxes are unequal mess Missoulian Watch Out New York – New Jersey Wants Its Taxes Too! - Employee ... Mondaq News Alerts East Cleveland development project triggers excitement and ... News 5 Cleveland WEWS Get ready for tax year 2023 now TheStreet VOICES: Ohio needs to close its unjust tax foreclosure loophole Dayton Daily News Board Prepares To Set Property Taxes | Webster Kirkwood Times ... Webster-Kirkwood Times, Inc. Will You Owe Taxes When You Sell Your Home? Morningstar Fulton board to consider tax breaks for data center, housing projects The Atlanta Journal Constitution Grocery sales tax break is missing some consumers – Tennessee ... Tennessee Lookout 38 States That Don't Tax Social Security Benefits The Motley Fool Man buys 58 properties in Luzerne County delinquent tax auction The Times Leader 2023 Senior Tax Freeze application deadline fast approaching ... Philadelphia Water Department Median Household Income After Taxes Fell 8.8% in 2022 U.S. Census Bureau St. Pete Beach Discusses Loud Music, Budgets, and City Manager The Gabber Newspaper Two Tax Shelter Promoters Found Guilty in Billion-Dollar Syndicated ... Department of Justice California Democrats misfired by taxing guns and ammo Los Angeles Times How AI will impact the tax profession Thomson Reuters Tax & Accounting Gloucester County residents to vote on proposed tax increase bond referendum 13newsnow.com WVEC QCDs: A Tax Break Worth the Hassles - WSJ The Wall Street Journal A guide to: Sales and use tax returns efficiency Wolters Kluwer Property tax bills arrive next month. Here is what's new Fort Worth Report Virginia sports betting tax revenue doubles year over year 13newsnow.com WVEC Tax Take: A Roller Coaster Week Ahead - Tax Authorities - United ... Mondaq News Alerts Social Security 2023: 5 Tax Breaks Social Security Recipients Qualify For But May Not Know About Yahoo Finance Pay Taxes Dare County, NC (.gov) Pay Taxes Online Clatsop County (.gov) District of Connecticut | Connecticut Dentist Admits Evading Taxes ... Department of Justice Property Tax Information - County of Fresno Fresno County (.gov) Bills, Payments & Taxes Anne Arundel County |
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