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Filing a Tax Extension for Your Business Taxes

How to File an Extension on Business Taxes

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Filing an Extension on your Business Taxes

If you don't think you can get your business taxes done by the deadline (March 15 for corporations and s-corporations, April 15 for partnerships, LLC's and sole proprietorships), you will need to file an extension.

IMPORTANT: You Must Still Make Your Tax Payment
Even if you file an extension, you must still pay your taxes by the due date, if at all possible. You will have to estimate the taxes due and make your tax payment by the due date.

Automatic Extension Times
The IRS sets different automatic extension times for different types of returns

  • 5 months for partnership returns (this includes multiple member limited liability companies filing as partnerships)
  • 6 months for corporate returns and s-corporation returns
  • 6 months for sole proprietorships, who are filing Schedule C along with their Form 1040, and for single-member limited liability companies filing as sole proprietors.

Tax Extension Due Dates

  • Partnerships and Multiple-member LLCs must file their partnership returns by April 15. The five-month extension puts the extension due date at September 15.
  • Corporations and S Corporations must file their corporate tax returns six months after the end of their fiscal year, so a corporation or s corporation with a December 31 year end must file corporate taxes by March 15. The six-month extension is due September 15.
  • A sole proprietorship or single-member LLC (filing as a sole proprietorship) extension is for six months, so they must submit their extension by October 15.

How to File
For Corporate and Partnership Taxes
To file an automatic extension of time for corporations, s-corporations, partnerships, and multiple=member limited liability companies filing as partnerships, use Form 7004. This form requires you to estimate the amount of taxes you will owe.

For sole proprietorships and single-member LLCs filing on Form 1040
To file an automatic extension use Form 4868. This is the form used for personal tax return extensions, but it includes information from your Schedule C - Sole Proprietorship Income.

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