File Business Tax Extension for 2009, 2010

We all need more time. If you haven’t filed your income tax return yet, it’s not too late. There’s a big difference between filing late and paying late.

The paying part is the most important. You must pay any taxes due on time. You can apply for a business tax extension and if you comply with the rules, you will be granted an extension.

Business Tax Extension

If you are filing a business tax return and are seeking an extension, you will need Form 7004. That is the application for an automatic six month tax extension. This will give you six months of time to figure out your business tax return.

Some of us are procrastinators and some of us just don’t have the time we need to get everything done. Just remember to pay any taxes owed by the April 15 deadline or your extension may be denied.

Business Organization

If your business calendar year ends on December 31 then, you have to file for an extension by March 16. If your business happens to be organized as a corporation, the income tax is due by the 15^th day of the third month at the end of your tax year. Extensions will be variable depending on how you have set up your business. Partnerships are different than corporations they have a due date of the fourth month instead of the third month.

Be Aware

If you file your business income tax return late, you can look forward to hefty fines and penalties. Make sure you know how much you owe and pay on time. Keep the appropriate dates in mind for a calendar year business and a fiscal year business.

What about a State Extension?

Every state has its set of laws. Generally your federal tax extension will also serve to claim your state extension unless you owe money on your state return. You will need to consult your tax return form. I have a better idea though. Instead of wasting all of your precious time reading all of these forms and publications to keep up on tax laws, why don’t you visit TurboTax Online?

Let the tax experts do all the work and put it in their hands. They guarantee the very best return you can possibly get for your unique situation in life. If they make a mistake they will pay the penalties and interest for you. Go do the things in life you love to do and let the tax professional take care of the tax issues. Visit them today! You will not regret it.