What Businesses Need to Know About 2022 Form 7004?
Now that your business has completed your information returns, it’s time to start thinking about your next important IRS deadline, the deadline to file your business income tax return. The deadline to file will be here before you know it, and if it sneaks up on you, remember Form 7004!
Form 7004 provides an extension to C & S-Corporations, partnerships, trusts, and estates, allowing them additional time to file their business tax returns. Given the difficult state of the economy or any other number of factors regarding your business, you may need additional time to complete your business tax return this year.
Let’s take a closer look at the Business tax extension Form 7004 and its impact on the 2022 tax year.
What is Form 7004?
Form 7004 is an IRS extension form to request an automatic extension of time to file certain business tax returns. The IRS doesn’t require any reason for why a business decides to request this extension.
Since it is automatic, business owners will be granted the extension easily and without any question, provided that their 7004 contains no errors or inaccurate information.
The typical extension length that is granted is six months.
Which Forms Does The Form 7004 Extend?
The Business tax extension Form 7004 extends the deadline of various tax returns. Below is an entire list.
When is the deadline to file Form 7004 for the 2022 tax year?
Your deadline to file Form 7004 will vary based on the form you are extending and whether your business operates on a fiscal or calendar year schedule.
Your deadline will more than likely be on either March 15, 2023, or April 18, 2023, for the calendar year. Either way, you must file your extension on or before your original deadline.
- Forms 1120-S, 1065, and More are generally due on March 15, 2023.
- Forms 1120, 1041, and More are generally due on April 18, 2023.
Use the 7004 due date finder from ExpressExtension to find your extended due dates for the 2022 tax year.
How to file Business Tax Extension Form 7004 for the 2022 tax year?
You can file form 7004 electronically, or you can paper file this form and mail it to the IRS. When deciding which method to use for filing this form, it is important to keep in mind that the IRS has a backlog of paper forms.
Electronic filing is the IRS preferred method which allows you to get instant IRS approval, and you will have no need to worry whether your Form 7004 made it to the IRS or the extension has been approved.
Instructions to Complete 2022 Form 7004
The IRS Form 7004 is fairly straightforward, as long as you know your basic business details, the form you are requesting an extension for, whether you are a calendar or fiscal year filer, and the taxes you owe, if any.
Before getting into the form’s nitty-gritty details, you will start by entering your business name, address, and identification number.
- Part I of the form is where you will indicate which IRS Tax Form you wish to request an extension for. All the applicable forms are listed below with a two-digit code; simply enter the corresponding code of the form you are extending in the box on Line 1.
- Part II of the form consists of Lines 2–8.
- On Line 2, check the box to indicate if you are a foreign corporation without a US location.
- On Line 3, check the box to indicate that you are a corporation with a common parent group filing a consolidated return.
- On Line 4, check the box to indicate if your organization qualifies under Regulations section 1.6081–5.
- On Line 5a, indicate the beginning and ending date of your fiscal year. For Line 5b, If the fiscal year is shorter than 12 months, check the box indicating why.
- On Line 6, enter the tentative tax amount.
- On Line 7, enter the total payments and credits.
- On Line 8, enter the balance due (Line 6 -Line 7).
To know more about 7004 Instructions, Click Here!
Mailing Addresses for 2022 Form 7004
There are several different mailing addresses for Form 7004, depending on the form you are requesting an extension for and your organization’s location.
Use the following link to find the correct addresses and mail your extension form to the IRS, IRS Form 7004 — Mailing Address.
If all of these mailing addresses are a bit overwhelming to you, filing electronically may be your preferred method.
E-file Business Tax Extension 2022 Form 7004 with ExpressExtension
ExpressExtension makes filing this 7004 form as simple as possible. Our streamlined process ensures that your filing is accurate and timely.
If your Form 7004 has errors, ExpressExtension allows you to address and resolve them quickly. You will know as soon as you transmit to the IRS that your automatic extension has been granted.
Watch the video below and learn how easy it is to e-file your 7004 extension with ExpressExtension.
Advantages of E-filing 7004 with ExpressExtension:
- Quick and Easy Filing
- Automatic Extension
- Instant IRS Approval
- File from any Device
