03/15/2023
Feeling the crunch and thinking of filing an extension for your business taxes? ⏰
Here’s what you need to know 👇
👉 𝗪𝗛𝗔𝗧’𝗦 𝗧𝗛𝗘 𝗗𝗨𝗘 𝗗𝗔𝗧𝗘 𝗙𝗢𝗥 𝗙𝗜𝗟𝗜𝗡𝗚 𝗧𝗛𝗘 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡?
For Partnerships + S-corps: 𝗠𝗮𝗿𝗰𝗵 𝟭𝟱, 𝟮𝟬𝟮𝟯, and extends filing to Sept 15, 2023
For Self-Employed, Sole Proprietor, and C-Corps: 𝗔𝗽𝗿𝗶𝗹 𝟭𝟴, 𝟮𝟬𝟮𝟯, and extends filing to Oct 16, 2023
👉 𝗪𝗛𝗔𝗧 𝗙𝗢𝗥𝗠(𝗦) 𝗗𝗢 𝗜 𝗡𝗘𝗘𝗗?
IRS Form 4868 - Self-employed or a Sole Proprietor
IRS Form 7004 - Partnership, S-corp or C-corp
👉 𝗛𝗢𝗪 𝗗𝗢 𝗜 𝗙𝗜𝗟𝗘 𝗜𝗧?
You can file the extension electronically or by mail.
You can file online through the free IRS payment portal, and through most tax software tools.
👉 𝗛𝗢𝗪 𝗗𝗢𝗘𝗦 𝗙𝗜𝗟𝗜𝗡𝗚 𝗙𝗢𝗥 𝗔𝗡 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡 𝗔𝗙𝗙𝗘𝗖𝗧 𝗠𝗬 𝗧𝗔𝗫 𝗣𝗔𝗬𝗠𝗘𝗡𝗧?
Your tax 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 is still due in March/April, even if you extend your 𝙛𝙞𝙡𝙞𝙣𝙜 deadline to Sept/Oct.
👉 𝗗𝗢𝗘𝗦 𝗧𝗛𝗜𝗦 𝗣𝗥𝗢𝗖𝗘𝗦𝗦 𝗖𝗢𝗩𝗘𝗥 𝗠𝗬 𝗦𝗧𝗔𝗧𝗘 𝗧𝗔𝗫𝗘𝗦, 𝗧𝗢𝗢?
Nope – you’ll need to ask your local Secretary of State about the procedure and file separately.
👉 𝗔𝗥𝗘 𝗧𝗛𝗘𝗥𝗘 𝗔𝗡𝗬 𝗘𝗫𝗖𝗘𝗣𝗧𝗜𝗢𝗡𝗦?
Yes! There are a few scenarios that give an automatic 6-month extension on both filing AND payment of taxes (like living and working abroad, etc).
👉 𝗪𝗛𝗘𝗥𝗘 𝗖𝗔𝗡 𝗜 𝗟𝗘𝗔𝗥𝗡 𝗠𝗢𝗥𝗘?
Just check out the comments below 👇 I added a link to a super-helpful blog
I hope that helps!
Don’t worry - I promise, it’s a simple process.
And, of course, if you feel overwhelmed and need some help with the filing process – then just reach out ❤️
Over the years, I’ve helped a LOT of small business file a last-minute extension 😉 And I’d love to help you, too!
Growing Tree Financial Solutions
[email protected]