Does your business file a separate business return? This could be Form 1065, 1120, or 1120-S. These returns are due on March 15th! If you will not be able to file your business return by that date, you should file Form 7004 “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns” Wow! That is a mouthful! This must be filed by March 15th to have the 6 month extension of time to file the business tax return.
What if you are not sure if you will be able to complete your business return? You should file the 7004 as a safety measure. While pass-through entities (partnerships and S-corporation) do not pay federal tax, late returns will still be charged penalties.
Once filed, you will only be contacted if your application for the extension is disallowed.
Short year returns, Estates, or C corporations with a tax year ending June 30th may have a different extension time period than 6 months.