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Facing the Tax “Edge”?

Date: 04/14/2006 | Category: Business | Author: Heather Long

If you’ve just started to think about your taxes then I have one word for you — EXTENSION! Filing an extension is your best option to put your taxes together properly, it’s unlikely that you will have everything together between now and the 17th to get your taxes filed properly.

If you are a sole proprietor or single member LLC, you can get an automatic six-month extension of time to file your return (to Oct. 16, 2006) by filing IRS Form 4868, “Application for Automatic Extension of Time To File U.S. Income Tax Return,” by April 17. This form is available as a free download at www.irs.gov.

 

You don’t have to explain to the IRS why you need an extension; they just give it to you. An extension of more than six months cannot be granted if you are in the United States.

If you have a partnership, a corporation (regular or subchapter S), or an LLC with more than one member, you should still file Form 4868 for your personal tax return, but you will also need to file IRS Form 7004, “Application for Automatic Six-Month Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” by April 17 in order to get an automatic six-month extension to file your Form 1065 (partnerships and multimember LLCs), Form 1120 (corporations), or Form 1120-S (subchapter S corporations).

These forms are also available as free downloads at www.irs.gov.

 

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