THE Ultimate Bookkeeper is pleased to be able to help with your federal extensions. I’ve listed basic information & links to forms below. Forms are are free to download and you can complete and file them on your own.
- 1040 for Individual Personal tax returns – need to be filed by each taxpayer by April 15th. An automatic extension, until October 15 is available. (For calendar years where October 15th falls on a Sunday, the deadline is October 16th.) Download Form 4868 : Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The term “automatic” means that it is automatically approved, not that it is automatically filed. This form needs to be filed by April 15th.
Form 4868 extends the time to file your income tax return to October 15th. No more extensions are available beyond October 15th. Penalties for failure to file can be waived by the Internal Revenue Service if there is a good reason for being late. You can view the IRS “When Do I Have To File?“, from Publication 17, this has more detail. (Once you follow the links that leave my site you will need to use your browser back button to return.)
- 1120 for Corporation’s – Due by the 15th day of the thrid month after the end of the corporation’s tax year. For a corporation that uses the calendar year, the due date is March 15th. Form 7004 is used to request a six month extension to file. No additional extensions are granted.
- 1120S for Sub Chapter “S” Corporations – Due by the 15th day of the thrid month after the end of the corporation’s tax year. For a corporation that uses the calendar year, the due date is March 15th. Form 7004 is used to request a six month extension to file. No additional extensions are granted.
- 1065 for Partnerships – due by the 15th day of the 4th month following the close of the tax year. Most partnership have a year end of December 31, so the extension is due April 15. However if the partnership has another year end or has ceased operations you must determine the due date. Form 7004 extends the due date six months.
- 1041 for Fiduciary – due by the 15th day of the 4th month following the close of the tax year. If the tax year end of the Fiduciary is December 31, an extension is due April 15. If the Fiduciary has a different tax year end, you must determine the due date. Form 7004 is used to extend estate tax returns.
- 990 for Non-Profit Organizations – due four months (120 days) after the end of the tax year. If the year end is December 31, the extension is due April 15. If your non-profit or not-profit year ends on another date you must determine the extension due date. Form 7004 is used to extend the due date for the 990 form. If Gross Receipts are less than $25,000.00 per year, no return is required. A Non-Profit Organization MUST meet government guidelines and apply for a Tax-exempt status. Unrelated business income IS taxable and is reported on a 990T. The same extension rules apply. We advise extra caution if you must file a 990T.
- 709 for Gift taxes – due at the same time as your individual income taxes if gifts exceed $10,000.00 per year per individual. Form 4868 extends the due date to October 15.
- 1065 Limited Liability Company – due by the 15th day of the fourth month (120 days) following the close of the tax year. If the LLC year end is December 31, the due date is April 15. All limited liability companies must file a return, regardless of the amount of income or loss. Form 7004 extends the due date six months
Extensions: a Summary
Entity Form Payment Required? Individual 4868 No* Gift 4868 or 8892 No* Partnership 7004 No* Trust 7004 No* REMIC 7004 No* Fiduciary 7004 No* Corporation 7004 Yes S Corporation 7004 Yes 990-C 7004 Yes 990-T 7004 Yes Estate 1041 7004 Yes 990 7004 Yes Form 1042 7004 Yes Estate 706 7004 Yes
* If you anticipate to owe tax, you should estimate the amount and enclose payment with the extension request.
This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice. Individuals who wish to invest in retirement plans should contact their tax and financial advisors regarding their specific legal or tax situation.