It can be so hard to find time for all the things you need to do. You don’t always have time to make a nice dinner, to make it to the movies early or to catch that business meeting. You get hurried, rushed and you can’t be as neat or thorough as you would have liked.
We all know how busy life can get, especially if you’re a business owner.But even so, one of the last things you want to be late on is your taxes! If you’re a business owner scrambling to gather everything together by tax season, just stop for a moment and take a breather. You don’t have to rush your taxes!
Contrary to Popular Belief
The IRS does have mercy, believe it or not. If your in a jam, there is an easy way to get more time: by filing for a Business Tax Extension Form.
Don’t worry, it’s nothing to be embarrassed about. People do it all the time, and the IRS doesn’t even need you to give an excuse. But there are some requirements that must be adhered to:
- You must file the extension before your return is due (April 15 for personal returns and all business returns except corporations)
- Be sure to use the proper form! If it’s an extension for a partnership or multiple member limited liability company or corporation, then you would use Form 7004. If you’re filing for a single proprietorship or single member LLC, then you would use Form 4868.
- Any taxes due must be paid when you file for an extension.
Making an Estimate
If you underestimate your taxes for your extension, there’s a good chance the IRS will slap you with some fees and they may also give you the big thumbs down on your extension.
It may be for the best to simply overestimate and hope for a refund, but to maximize your refund, it’s best to use a tax calculator. One of the best places to find such a calculator is TurboTax Online. Why give yourself less than you deserve?