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How to File a Business Tax Extension
by Kaye Morris
1. Obtain Form 7004 from the IRS website (See References).
2. Enter the business name, address and tax identification number in the top section of the Form 7004.
3. Enter the code for the type of business return you file in Part I or Part II of Form 7004. For example, if your business files as an S corporation, enter code “25” in Part II to designate that you file Form 1120S for your business return.
4. Select the box in Line 2 if your business is a foreign corporation that does not have a business location in the United States.
5. Select the box in Line 3 if your business is the parent company of a group that will file a consolidated return. Attach the required support as indicated on Form 7004 if you select this option.
6. Select the box in Line 4 if your business qualifies for a tax payment extension under Regulations section 1.6081-5.
7. Enter the calendar year or fiscal year for which you are requesting the extension in Line 5a. If the return will contain less than 12 months of accounting data when filed, select the appropriate reason in Line 5b.
8. Enter your total estimated business tax for the year in Line 6. You can use preliminary financial statements for the business and the current year tax rate tables to calculate an estimate.
9. Enter the amount of estimated tax payments you have made during the year in Line 7.
10. Subtract the estimated tax payments made from the total amount of estimated tax due and enter the difference in Line 8. (
11. Make an estimated tax payment for the estimated remaining balance due on Line 8.
12. File Form 7004 by April 15. Complete and file your business return by the allowed extension date.