If you filed an extension for your 2015 corporation, S-corporation or partnership tax return, September 15, 2016 is the final deadline to file. Hopefully, you’ve used the extra time wisely and are ready to file before it’s too late.
Business tax returns are traditionally due on March 15. However, if you submitted IRS Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns), you should have been granted an additional six months to file your business taxes. In that case, September 15 is your last chance to file without incurring IRS penalties.
If you are a sole proprietorship, where business activities will be reported on your personal tax return, you will want to use IRS Form 4868 for any extension requests.
If you filed the proper extension for your business type, then make sure you are prepared for the extension deadline of September 15. At Ferguson, Timar & Company, we want to help you submit your tax extension correctly and on time. Here are some useful tips to remember:
Make Sure Your Information is Accurate
From the form(s) you file to request an extension earlier in the year to the final returns you submit by this extension deadline, be absolutely sure that all reported information is correct and complete. Cover every detail to ensure that there are no problems.
Pay Your Taxes in Full
Remember that a tax extension is not providing you more time to pay your taxes. It just means that you have more time to file your business tax return from the previous year. If taxes are due, they should have been paid by the March 15 (or April 15 for sole proprietorships) as usual. Make sure you pay your taxes in full, along with any IRS penalties or late fees, when you file your tax return by the extension date.
Submit Your Return on Time
You’ve already been granted an extension. Don’t get complacent because there won’t be any further extensions without penalties from the IRS. Be sure to submit your final tax return by the extension deadline date.
If you need help submitting your business tax returns before the final September 15 extension deadline, contact Ferguson, Timar & Company for the best in business tax representation. We can help you expedite the process and cover every detail to ensure there are no problems with the extension filing process. Don’t wait. Call Ferguson, Timar & Company today!