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Posted by on Apr 10, 2013 in Small Business Tips | 0 comments

How to File a Small Business Tax Extension

Filing an extension on your small business tax return is completely acceptable – as long as you follow the IRS’ guidelines. The date by which you must file for an extension depends on the type of small business you own. One of the most important things to keep in mind when deciding if you’ll file for a tax extension is the fact that you must still pay quarterly estimated taxes by the original due date of the return. In other words, the paperwork can be late, but the money can’t. Sole Proprietorships and Partnerships If your small business operates as a sole proprietorship or partnership, your application for an extension is due the same day your regular tax return would be due, or April 15, 2013. This is also the day that quarterly estimated taxes are due, meaning that you would submit your payment at the same time you submit your extension paperwork. Form 7004 must be filed by the due date of your tax return and payment. You...

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Posted by on Apr 11, 2011 in Uncategorized | 1 comment

Small Business Guide to Tax Extensions

With one week left to go until the April 18 tax deadline, businesses that haven’t yet finished their returns have two options: get serious or get tax extensions. If you’re still scrambling to prepare your return at this point, or you haven’t even started, an extension is probably your best bet. With an extension you can get up to six additional months to get your act together, and you don’t even need an excuse to get one! Here are some things to keep in mind if you are thinking about filing for an extension. The Catch: Remember that an extension only applies to the return itself, not to the payment of taxes. You are still responsible for paying any tax due by the April 18 deadline even if you are approved for an extension. The IRS can and will require you to pay interest and other fines if you do not pay in full on time. If you’re not sure how much you owe, pay more than what you...

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Posted by on Apr 13, 2010 in Uncategorized | 0 comments

The Last-minute Tax Extension Decision: Stop Worrying & Talk to a Tax Expert

As the April 15th tax filing deadline rapidly approaches, for most small business owners  who haven’t filed there are two options:  either finish your tax return, or consider an extension. Small business owners and freelancers should consider speaking to a tax preparer regarding their situation to decide if there’s enough time to make a last-minute dash to submit your return.  Otherwise, the preparer will be able to file an extension, which will give the taxpayer an additional six months of breathing room. But there’s a catch:  this only applies to the paperwork, and you are still responsible for estimating and submitting payment for your taxes. If the IRS considers your payment estimate to be incorrect, it’s possible that the IRS will assess a late penalty.  The IRS charges an interest of 0.5%/month on any portion of your taxes not paid by April 15th. According to, an online tax preparation website, most of their customers requiring an extension often complain about not being organized enough to submit their small business...

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Posted by on Apr 15, 2009 in Uncategorized | 0 comments

Tax Day!

If you are just learning that today is Tax Day, you may be in a bit of trouble. For everyone trying to get them finished today, good luck! And to everyone already done, congrats! If you think you’ll need more time, make sure to check out FileLater, an easy way to get a tax extension in just a couple of...

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Posted by on Apr 8, 2009 in Uncategorized | 1 comment

Tax Extensions: Do They Increase Your Chances of Being Audited?

This is a guest post from our friends at FileLater, which offers and easy way to get a tax extension. They explore the question of whether or not filing for a tax extension increases your chances of being audited later. The answer may surprise you! ————- When someone says the words “tax extension” to you, do you automatically think “audit?” Maybe it’s time to think again. No one outside the IRS knows for sure how the audit system really works (our money is on trained hamsters), but many CPAs believe that tax extensions actually decrease your chances of getting an audit. Why, you ask? Many believe IRS officers have an audit quota, and they start on it around tax time. Many accountants hypothesize that the quotas get filled well before the tax extension deadline of October 15 (September 15 for business taxes), and IRS agents have less incentive to put returns in the audit pile. There is some discussion as to whether or not this is true, but filing...

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