How to file an LLC extension Form 7004
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- Опубліковано 14 бер 2018
- I am still going to show you how to fill out the Application For Automatic Extension of Time To File for LLCs. So this is a form 7004. It is due March 15 and I'm going to walk you through box by box how we fill this out. So first, we start with the name, right? So we're just going to make up a name here. XYZ LLC. Now this is for a multi-member LLC that has not made any elections. So by default, it is going to file a partnership tax return which is the 1065.
So we're going to make up our identifying number. That would be your EIN of your actual business. We're going to make up an address here. And we're going to put it in Florida where I am. Now remember we said it's an LLC. Didn't make any elections, plain old boring LLC with more than one member. So if you come down here, you'll see where it says Form 1065. That is the partnership return. So next to that, there's this little number 09 over here, this form code. So if you pop back up to this box, you're going to type in that code and that is what's going to tell the IRS what kind of form that you are eventually going to submit when you need to submit it.
So now we move down to part two and you might need to fill some of these things out if you're foreign or if you're part of a consolidated return. For most people, this is not going to really affect you. Then you're going to put the calendar year. So if you've been in operations the whole year, you can just put it for that year. If it maybe was your first year. Maybe you started sometime at the end of the year, you're going to put in this what we call short year information because that just means it wasn't a full year. Right? So that would be okay, I only was in business from September through December. In that case, it's probably an initial year and you would check that button otherwise you don't have to worry about those initial or the final check boxes.
Now generally LLCs do not pay tax. So you can put zeros here or you can just leave it blank. LLC is a pass through entity. So it generally doesn't pay its own income tax. And then after you've filled out whatever you need to fill out here, you're going to print that and send it off to the IRS. I highly, highly recommend sending it certified return receipt so that if the IRS says, "Hey, we didn't get your extension on time." You can say, "Oh, but I stuck it in the mail in time. Here's my proof." That's that green card, hold on to that. And that's it.
I hope you're finding this video helpful. Please check out my other videos and subscribe to see future ones. If you have any questions, put them down in the comments on UA-cam or to reach out. Thank you so much.
Sweet Jesus! Thank You! I was at a loss on box 4 -1.0681-5. I searched all over. But today the last day. I was impressed to look for a video. THANK YOU!
So easy when you walk through but I was staring at the form freaking out- thanks!
THIS WAS SO HELPFUL!!! THANK YOU!
Thank you! Exactly what I was looking for.
Thank you so much! You are the best!!
Excellent video for beginners. Thank you. I shared with a friend of mine who was getting started.
Thanks!
Thank you so much for doing these!
Glad you like them!
Thank you! I almost checked a wrong box until I watched your video.
Thank you. This is very helpful.
Very helpful thank you so much!
Very helpful. made an overwhelming task quick and simple.
Awesome! Subscribe for more!
Thank you!!!!
Awesome thanks!
Extremely helpful!!
awesome!
Thanks a lot, very helpful
Awesome!
Hi thank you for this video. I am trying to fill out this form for a S- corp. I dont understand the estimated tax? Or how a s corp would fill this form out. Any assistance would be appreciated.
Thank you
Thank you. Still helps in 2024!
Thank you, but what if it is a single member LLC, what code do you use?
Hey, I am working on a video for this now!
As a single-member LLC, you typically file your business income and expenses on Schedule C (Form 1040), which is included with your personal tax return. Single member LLCs should not use this form.
@@BetteHochbergercpa Thank you so much, been looking for this everywhere!
Very helpful
Thanks you !
Welcome!
What if I started my business at the end of the previous year? Say in October and never filed for that year?
Very helpful thanks! How about the one member LLC? same code 09?
As a single-member LLC, you typically file your business income and expenses on Schedule C (Form 1040), which is included with your personal tax return. Single member LLCs should not use this form.
Which form is needed to file extensions for a person who is a W2 employee and a single member llc?
Can i still send the form 7004 for a LLC 4 months after the due date?
You skipped part 2, question 4. What should we put here?
Can you show doing a 7004 on a regular estate 1041?
Get ready for your annual flurry of likes and thank you comments! Thank you!!!
Hello, if im in florida, where to I have to mail it _? thanks a lot
I need to file an extension for my LLC which is just a single member. What form do I need to file and code? Also is it too late to file? This is my first year and not sure what to do.
Ever figure out what code you need for a single member LLC?
@@DCWilliam24 As a single-member LLC, you typically file your business income and expenses on Schedule C (Form 1040), which is included with your personal tax return. Single member LLCs should not use this form.
Where do I send this form to? Can do it online or just by mail? I'm in Deerfield Beach, FL. Thanks so much
Hello did you get an answer I have the same question
Like many things with the IRS it is not a straightforward answer. If you go to this website you can determine the address where to send it: www.irs.gov/instructions/i7004#idm140379022598000
@@BetteHochbergercpa thank you for responding. I want to efile it
What if you registered your LLC in mid January but only opened for operations in December...what is the date you must enter for "tax year beginning"?
In this case, since your LLC began operations in December, the tax year beginning date would typically be December 1st of the preceding year. Hope this helps!
what if it was a 1120-S formed on Aug 15, 2015 but made a LATE election on Feb 25 2019 to be effective as of Jan 1, 2018?
You can try it and see if it works. If you've been filing 1120S this whole time the IRS might very well accept it.
Hi Bette, thank you for your great information. Does this form 7004 need to attach explanation why applying extension? I have a LLC need to file tax. i am seeking CPA to file my tax. how can i contact you?
Hi Liang- you can set up a call with me here: bit.ly/1Jvxb71 This might not be the correct form for your situation. Set up a call and we can discuss. Thanks!
Bette Hochberger Inc I scheduled a consultation for next Monday. Hopefully you can be of great assistance thank you so much in advance.
What is the code for a Sole-Proprietor? In the video, it only explains a code for multiple owners, not just a single owner.
Thanks for reaching out! For sole proprietors filing Form 7004, you typically use code 6 for 'Automatic Extension for Filing Form 1040.' Hope that helps clarify things for you!
What if it's a Corp
what form code for single memebers?
Hi - What is you are a single member LLC? Do you just complete Form 4868?
Yes.
What if it’s not a partnership LLC? It shows that it’s for a domestic limited liability company. What code would I use then?
I’m looking for the same answer
Same here
@@Mannyhelga did you find which code?
No response yet. But I went ahead and mailed in the Form 7004 with the 2 digit code, 09. Because for us, this will be our 1st initial tax return.
@Lori you have to use the code that reflects the tax return you are filing for your LLC. Partnership is the default for an LLC with more than 1 owner. If there is only 1 owner the LLC is filed as part as the owners individual return.
If it’s single member LLC is it still same code?
As a single-member LLC, you typically file your business income and expenses on Schedule C (Form 1040), which is included with your personal tax return. Single member LLCs should not use this form.
Where are my people at? It's March 13th and we realize "Hey, I haven't done my taxes".
Can you fold the form to mail it?
Typically you're not supposed to fold forms like such when mailing to assure better scanning. Many people still send them in folded and it generally works.
This would be helpful... but this video only applies if you have an LLC with more than one member, which is less common than my situation which is I am the single member. If only you would’ve told us other options for people that don’t have multiple members
Hi- for only one member you do not need to file an extension for your LLC- it's included with your personal tax return or personal tax extension. Good comment!
@@BetteHochbergercpa we were unaware of that this would have gone under our personal taxes, so my husband just filed this week. My LLC was started in July of 2020...is there anything we can do at this point to file an extension or remedy the situation?
@@mtskwk If you filed your personal return and did not include your LLC in it, you will have to amend your personal return to include the LLC on schedule C.
@@mtskwk If you filed your personal return without the LLC included you will have to amend your personal return to include the LLC on Schedule C.
@@BetteHochbergercpa so if I’m doing business taxes for single member LLC and personal taxes combined, I have till 4/15 to submit tax returns without doing an extension. Is that correct?
No address?
just stick in the mail?
You have to look up the address from the chart on this website: www.irs.gov/instructions/i7004 Search the page for "where to file" and you'll find the chart.