|
Our Featured
Tax Article:
How To Get An Extension To File Your Business Tax Returns
by: Richard A. Chapo
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.
About The Author
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.
|
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
 |
...less than $2,000, you must.. Federal Tax Return, to report income tax.. deposit the.....should equal: can show that the failure to file or pay was.. only round off the total.....OMB No. ...
|
| |
|
|
 |
View Cart | My Account | Download Order | Check e-file Status Personal Tax Products Professional Tax Products Legal Products Utilities Books Support Company · About Us · Contact Us · Press ...
|
| |
|
|
|
...thereof, during which the failure.. If you file your income tax return.. continues after.....Schedule M, if required, to..your income tax return or information.. Category 4 ...
|
| |
|
|
 |
This is the index page for Administrative Hearings - Income Tax. ... Withholding Tax - Failure to File Return/Make Payment ... Withholding Tax - Failure to File Return/Make Payment ...
|
| |
|
|
|
...is obligated to file a return. Failure to file a tax return ..could subject the.....to timely file a ..federal income tax return and failure to pay federal income.....of taxes by ...
|
| |
|
|
 |
Tax Help Archives Tax Help Archives This section is designed to help you prepare a delinquent income tax return. Remember that there is a statute of limitations that applies to income tax ...
|
| |
|
|
 |
Prev | Next § 6651. Failure to file tax return or to pay tax. Release date: 2003-05-15 (a) Addition to the tax ... In case of failure- (1)
|
| |
|
|
 |
Login Contact Us Payment Options Demo RAL Privacy Guarantee Self Select Pin About IRS Efile Supported Forms Use Agreement About This Agreement . . . The purpose of this Agreement is to set ...
|
| |
|
|
 |
Definition of "Failure To File Tax Return" from the 'Lectric Law Library's Legal Lexicon...
|
| |
|
|
 |
Tax Tip 2003-02, Who Must File a Tax Return . The law does require you to file a tax return if your income is above a certain level.
|
| |
|
|
 |
...a taxpayer has willfully failed to file a tax return in violation of Section 7203, a.....excused them from filing tax returns. Failure to file convictions in both cases.....income, he ...
|
| |
|
|
 |
Are you looking for Failure File Return Tax ? This page provides new information on Failure File Return Tax .
|
| |
|
|
 |
... Chapter 144. Sales and Use Tax. Section 144.250. August 28, 2004. Failure to file return or pay tax--monetary penalty, assessment--director to estimate delinquency ...
|
| |
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
