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Due Dates for Filing LLC and Partnership Tax Returns in 2019

The due date for Single-member LLC returns on Schedule C is 17th April 2019 and the due date for partnership returns with Schedule K-1s is 15th March 2019. Extension for Single-member LLC’s is until 15th October 2019 filed along with personal tax return and the extension deadline for partnership is 17th September 2019. Changes in the Return Due Dates for Partnership From the 2018 tax year, which is to be filed in 2019, the partnership tax returns are filed...

Top 10 Questions about Business Tax Extensions – Answered

Some of the commonly asked questions related to business tax extension  is discussed in this article. It includes queries related to filing for businesses with no income, how the IRS approves or rejects the tax extensions, and other basic questions. Check out the questions whether your queries are answered? Do I need to file the tax return by the due date even though if I do not owe any taxes? Though you do not owe income tax,...

Changing Your LLC Tax Status to a Corporation or S Corp

There are benefits while your LLC file an election to be taxed as either an S corporation or a corporation. In this article you will find the benefits and process to file an election; and how to use the IRS 8832 Form to file for this election. When you alter the tax status of the LLC to an S corporation or a corporation, but the legal status of the LLC remains unchanged. You will still function as...

Common Business Tax Return Errors and Corrections

We always rush towards the end to submit our personal tax returns and take time until April 15th. In the hurry to submit the tax returns, we commit mistakes without our knowledge. Most of the software services avoid the common errors. From your end, it is your responsibility to double check the form and check the list of common tax return mistakes that are stated below so that you can correct the mistakes and avoid the same...

Rules for Filing a Business Tax Extension Form 7004

Both individuals and businesses are allowed to file a tax extension, which gives extra time to file their income tax return. The due dates and the rules for filing a business tax extension differ from the personal tax extensions. Based on the type of the business, the extension period differs from 5 to 7 months, which starts from the original due date of the tax return. For instance, when a business extension gets 6 months of tax...

Know about Changes to IRS Form 7004 Tax Extension

Every day we come across some sort of change in the world of business, but whatever the changes are, no matter how many changes occur, as a common person we still have to pay their taxes. Nevertheless, the taxes are constantly changing. Stay up to date tax information on a yearly basis, such that you are not missing any important changes such as when the deadlines are due, if the extension become non-automatic, increase in penalties for late filing...

Filing Tax Extensions for Partnership and Corporate Taxes

All corporations, irrespective of the fact that whether they are subject to paying taxes under Subchapter S or C of the Internal Revenue Code, have this legal obligation of filing their yearly tax returns with the IRS. It is to be noted that this filing compulsion is not conditional on corporations earning a taxable income. The corporations that happen to incur major losses also need to file their tax returns within the due dates. Nevertheless, if these...

Reasons for Filing a 7004 Extension on Your Federal Taxes

The IRS tax extension form 7004 is called Application or Automatic extension of Time to File Certain Business Income Tax, Information, and Other Returns. The requirements for an explanation of the requirement of extension time for filing and a signature for such returns have also been successfully removed. The filers do not get any notification about the approval of the extension. The notifications will be sent only if the extension request has not been approved. The filer...

Due Dates for Filing 7004 Business Tax Extension

If you are looking forward to filing a business tax return extension, IRS tax form 7004 is the form that you must use for this purpose. Filing this form gives you an automatic time extension for filing your business tax returns for a multiple member LLC, a corporation, an S corporation or for a partnership. However, according to the IRS, form 7004 in no ways extends the deadline for the tax payments. The taxes need to be...

Everything You Need to Know About Form 7004 Extension

The IRS form 7004 is called Application for Automatic Extension of Time to File Certain Business Income tax Information and Other Returns. The name itself suggests that this form can be used by business entities who have this desire or the requirement of filing a legitimate 5 to 6 months of Federal tax extension. Some of the most important things that one needs to know in regards to this form have been explained below. Purpose Once you...