How to file a tax extension for multiple businesses + individual taxes
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- Опубліковано 21 лют 2023
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![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
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Hello, which form do I use for a single member LLC & do you have a video on that one?
Great info. Thank you
individual tax extension covers it.
Thank you Travis. I found this video to be very useful, even though it is a year later.
I have a quick question. I have a partnership LLC and an S Corp (which I have been paying myself out of the LLC and into the S Corp and then paying myself out of that) and last year we had major losses in the LLC. Do you have a suggestion of what I should do for my stated income on my 4868? (CPA got himself fired so I need to do this myself this year until I can find a replacement.) Thank you...
Thanks
very helpful. thanks
Glad it was helpful!
Can I send in 7004 and 4868 in one certified mail or it has to be 2 separate certified mail?
Thank you 😊
You're welcome 😊
Thanks for the visuals. I have my s corp and individual returns to file. If I get an extension again, how do I know if I have to pay? 22 was a slow year and I don’t believe that I’ll owe anything before of my business expenses.
Can you elaborate more on the form 7004> numbers 6, 7, and 8? Why would they be zeros?
It will depend on your specific taxes, but taxes are due at tax time regardless of extension. The extension is ONLY for filing, NOT paying. No payment extensions.
Can you file an extension online? I’m seeing websites that claim to do this but I’m scared to put my info in a website.
July 15, 2023
so you send in both forms in one mail?
As a non-working spouse who has an IRA account from prior employment, would you advise that I open a NEW IRA account so as not to co-mingle pre-tax and after-taxed contributions for a Non-Working Spouse IRA. If one’s working spouse earns more than the allowed amount for deductible IRA’s, is there any benefit to contributing to a Non-Working Spouse IRA? Is the future ROTH conversion for the non-working spouse the only reason to contribute when there are no tax deduction benefits now? Thank you.
July 19, 2023
What's the point of filing an extension if you can't pay later? Genuine question
Because the IRS assesses 2 penalties- penalty to pay & penalty to file on time. The extension, if filed on time, avoids the latter. You still would have a penalty to pay if you file after the due date & owe $.
Hello! Thank you for video! I have 2 LLC’s and need to do an extension. Can someone PLEASE tell me what form line to mark on form 7004 for LLC. Thank you in advance.💙
are you filing as an s-corp? If on schedule C then your personal extension covers it.
@@TravisSickle It seems she is filing as an LLC, also super curious about this question!
Was there ever an answer?
@@Write2023 depends how you file...on schedule C, then use the 4868 which is for individual taxes...it covers both.
I have the same question. I have an LLC (no employees). Do I file the 7004 and also the 4868? Can the 7004 be filed electronically like the 4868?