Filing a Tax Extension
Feeling the crunch and thinking of filing an extension for your business taxes?
Hereβs what you need to know:
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April 18th, 2022 β which will then give you until October 17th, 2022 to file your taxes
(However, keep in mind – your payment is still due April 18th, even if you extend your filing deadline)
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IRS Form 4868 if youβre self-employed or a sole proprietor.Β If youβre a partnership, S-Corp or C-Corp, youβll need IRS Form 7004.
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You can file the extension electronically or by mail.
You can file electronically through the IRS payment portal (itβs free) and through most tax software tools.
But, if you file by mail, make sure you have documentation/proof of the date that you sent the form.Β
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Even if you file for an extension, your tax payment is still due April 18th, even if you extend your filing deadline to October.Β Try to estimate as close as you can to the amount of taxes you have due, and make sure to pay it by April 18th to avoid late payment fees and interest.
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NO, thatβs a different process.Β You will need to ask your local Secretary of State about the procedure and file that separately.
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Yes!Β There are a few scenarios that will give you an automatic 6 month extension on both filing AND payment of taxes (no extension filing required). This includes things like being a member of the military serving outside of the U.S., a U.S. citizen living and working abroad, living in a part of the country thatβs been hit by severe natural disasters, and more.
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Just check out the link below .Β We added a link to a super helpful blog that walks you through the process step-by-step and it also includes links to other helpful resources!
https://bench.co/blog/tax-tips/how-to-file-federal-tax-extension/?blog=e6
We hope that helps!
Now, what about you?Β Are you planning to file an extension this year?Β
Donβt worry, we promise itβs a really simple process!
And, of course, it is too late for us to get your books in order for your CPA to file your 2021 taxes, but it isnβt too late to help get your books in order for 2022 to hand over to your CPA next year, just reach out we would love to help!
www.constructionprofitfirst.com β’ info@constructionprofitfirst.com β’ (352) 432-8104
