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IRS Form 7004: How To Get an Extension on Filing Business Income Tax

IRS Form 7004 allows businesses to request an automatic extension of time to file certain business income tax returns, extending the deadline by up to six months. This form is applicable for various business entities including partnerships, S corporations, and multi-member LLCs, but it does not extend the time to pay any taxes owed; payment must still be made by the original due date to avoid penalties. The article explains that while Form 7004 provides an extension for filing, it does not cover all types of business tax returns, and it's crucial for businesses to understand which forms qualify. Additionally, the piece offers guidance on how to correctly fill out Form 7004, emphasizing the importance of providing accurate information to prevent the extension from being rejected. It also highlights common mistakes to avoid, like missing the original payment deadline or misunderstanding which returns are eligible for the extension.

Read the Full Newsweek Article at:
[ https://www.msn.com/en-us/money/other/irs-form-7004-how-to-get-an-extension-on-filing-business-income-tax/ar-AA1Bb1Y1 ]