How to file an s-corporation extension Form 7004
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- Опубліковано 14 бер 2018
- This video shows you how to file an extension for an S-Corporation return. So the deadline to file is March 15 and if you need a little extra time, this will give you until September. I walk you through line by line, how to fill out the form 7004 application for automatic extension of time to file. So we're going to start with our name, something really goofy. This is just an example, and you're going to fill out all your basic identifying information. So identifying number is your EIN. Should have that and your address, And you can get this as a PDF fill in from the IRS website. In this example, I chose Florida because that's where I am.
So now when you move into part one, you'll see here, enter form code for the return listed below that this application is for. So this is for an S-Corporation and what an S-Corporation files is the 1120S form for S-Corporation. So if you come here, you'll see it says form 1120S and the code is 25. So you're going to go back up to this box over here and type in a two and a five and that's how the IRS knows that you are intending to file at a later date, the S-Corporation return.
Now, if you continue down, there's some other things, most of these will not apply to an S-Corporation. Okay? So you can kind of ignore this stuff. Go down to number five. Application is for the year. Right now, I'm in 2017, but you can put this in for whatever year you're needing to file for. If you started your business part way through the year, say you didn't go into business until June of '17, you would file the dates. We call this a short year because it's part of the year, it's short. If this was your first year, you would want to also go ahead and check that box.
Now, an S-Corporation does not pay taxes, so you're not going to have any tax due. You can put these as zero or you can just leave it blank. The IRS knows the S-Corporation is not paying income tax. So that's not an issue. Then you're going to go ahead and print this and stick it in the mail. I highly recommend mailing out certified return receipt with those green cards. The reason is if the IRS comes back and says, "Oh, you didn't send this in in time," you have proof of when you mailed it and it needs to be postmarked by March 15th. Depending on the year, it might move a day or two, but that's it. That gets you your extension until September and I hope you found this video helpful. If you did, please like it or leave me a comment and please subscribe, check out my other videos.
If you have any questions, you can put them in the comments on UA-cam or reach out to me directly.
This video is from 2017 but still timely for 2021 and TO THE POINT. Thanks for creating.
Thank you for a clear explanation on how to fill out this form!
awesome!
THANK YOU SOOOO MUCH! All morning I have been going crazy. very helpful!
Glad to help Marvin!
THIS VIDEO WAS EXCATLY WHAT I NEEDED! THANK YOU SOO MUCH!
Awesome subscribe for more videos!
Bette, you are the best! The best! Thank you!
Thank you so much for these information.
This was really helpful, thanks so much!
thank you 100 X's. this was a great video!
This was extremely helpful, thank you
Awesome thanks!
Super helpful! Thank you!
Thanks for the s-corp help!
Happy to help!
thank you so much for making this video
Glad it was helpful!
It was so helpful thank you so much
Thank you!. Very Helpful!!
You're welcome!
Very helpful thanks!
Thanks for the help
thanks so much!
Hello! Very helpful, first time S-Corp business owner. Do “0” apply in all S-Corps no matter what states? Thank you, very hard to find definitive info. This video is the best I’ve found
This is only for federal extensions with the IRS. You have to check your state to see what forms and possible payments you need to make.
Thank you very much
Thank you
Thank you!
You're welcome!
Hello. Thanks for this video. Could you tell me option for regular Corp. can I send it online. ? Where I should to send it? I’m not in USA. Thanks a lot.
do ineed to this for sate too?
If it’s 2024 would you put 2023 for the is for the calendar year
God bless you! Do you take donations?
if we dont file the extension by the March 15 date are we not able to get the extension anymore?
Lance- that is correct.
What day should I file the extension before April 15th?
Before MARCH 17
When should this form be mailed out, between January and March of next year (2022), or can I send it today in 2021 for next year 2022 taxes?
You have to send it in when the tax filing season opens. So for 2021 it will open sometime in Jan 2022 and file it before March 15.
@@BetteHochbergercpa Thank you. Do you have any videos or can you explain what to do regarding First Time Penalty Abatement for S-Corp. How to file it myself.
@@AlexC-cr2su If you mean the first time you file the tax return late you can just write a letter to the IRS requesting they abate the penalty because it's the first time you messed up - but make it sound more professional than that. :-)
Awesome
Thanks Bette....I wish I had watched this March 14th :(
Oh no!!! :-(
@@BetteHochbergercpa My accountant just responded to me that he filed for me 3/01. Apparently he is aware of my procrastinating tendencies :). I was gonna call you the same day he told me (im in Pompano), so I will stay with him. But if you are taking new clients, I will definitely recommend you. You appear very knowledgeable and cool o talk to. Keep making helpful Vids :)
@@Fish-please Thank you!! Yes I am taking on new clients but they must be awesome- like me!
Thank you for explaining so well. Can I E-File the extension?.. also, where do I mail in the form?.. please let me know
Yes you can e-file an extension. If you're mailing, you must send it to the IRS address specifically for your state. Check here: www.irs.gov/filing/where-to-file-addresses-for-businesses-and-tax-professionals-filing-form-4868
@@BetteHochbergercpa what about e filing the extension? Is there a link for that? Thanks!
Can you explain your statement at 2:33, 'An S-corporation does not pay taxes, so you can leave it zero....', please?
S-corps don't pay taxes at the corporate level because they utilize a taxation method called "pass-through taxation". So, they simply do not pay taxes, leave it zero. Hope this helped!
Thank You! Shouldn’t you send the tax amount that you expect to owe along with the extension?
Hi Jay- S-corps don't pay in any tax so there is no payment to send in.
Bette Hochberger Inc Awesome! Thanks for reply! Last year I changed by business entity to a S-Corp, so this is all new to me.
@@jaymorrison5895 Good luck! reach out if you need help. And don't forget- you need to run payroll! Check out my vid on s-corp owner payroll.
Bette Hochberger Inc thanks for you guidance! off the topic, but I was hoping you wouldn’t mind helping. My son is a part time college student and also works part time. neither his mom nor I claim him as a dependent (long story on why I decided it’s better that I don’t claim him). Im doing his taxes on turbo tax. My question is that since he’s a part time student he’s bachelors degree will take him about six years to complete. Can he use the ‘American opportunity tax credit’ more than four times? Thank You So Much!
Jay Morrison - you can only take American Opportunity credit 4 times. But look at the lifetime learning credit. Decent tax software should help you optimize what to claim.
VERY HELPFUL! thanks!
Hi if im the sole owner of my LLC which code do i use? thx
You don't use this form actually. The LLC will be reported on your personal tax return. Use form 4868. I have a video for it here ua-cam.com/video/BSOsxGfHEA0/v-deo.html
what if you forgot to mail out the subs 1099 -mis and they're going to be late like 16 days late? send a letter along with it? I know there are going to be fines!
I usually like to let the IRS come find me. They don't always send out fines for these, but they have gotten more aggressive. Also there are sometimes ways to get out of the penalties in certain situations.
@@BetteHochbergercpa yes, thank you!
thanks for the information, online services want 69 dollars at a minimum to do this for you. thanks again Bette
That's what I do- help you keep your $ in your pocket! :-)
So, this video is entitled "How to file...", when in fact it is "How to fill out the form..." Not only is the IRS instruction for where mail this form unclear, while their website says you can eFile the form, there is no clear way provided to do that either. Sad.
Hi- the IRS has a chart of where to paper file this form. You need to know what type of form you are filing and what state you are in, so that does not seem too confusing. But the addresses can change so you need to check every year. You can find it here:
www.irs.gov/filing/where-to-file-form-7004
I don't know if there is a way to efile the form without using software.
can you file this even if you're still calculating and mulling over whether you want to be an S-corp or stay LLC taxation?