Feeling the crunch and thinking of filing an extension for your business taxes?
Hereโs what you need to know
๐ช๐๐๐งโ๐ฆ ๐ง๐๐ ๐๐จ๐ ๐๐๐ง๐ ๐๐ข๐ฅ ๐๐๐๐๐ก๐ ๐ง๐๐ ๐๐ซ๐ง๐๐ก๐ฆ๐๐ข๐ก?
April 18th, 2022 โ which will then give you until October 17th, 2022 to file your taxes
(However, keep in mind – your ๐ฅ๐๐ฎ๐ข๐๐ฃ๐ฉ is still due April 18th, even if you extend your ๐๐๐ก๐๐ฃ๐ deadline)
๐ช๐๐๐ง ๐๐ข๐ฅ๐ (๐ฆ) ๐๐ข ๐ ๐ก๐๐๐?
IRS Form 4868 if youโre self-employed or a sole proprietor. If youโre a partnership, S-Corp or C-Corp, youโll need IRS Form 7004.
๐๐ข๐ช ๐๐ข ๐ ๐๐๐๐ ๐๐ง?
You can file the extension electronically or by mail.
You can file electronically through the IRS payment portal (itโs free) and through most tax software tools.
But, if you file by mail, make sure you have documentation/proof of the date that you sent the form.
๐๐ข๐ช ๐๐ข๐๐ฆ ๐๐๐๐๐ก๐ ๐๐ข๐ฅ ๐๐ก ๐๐ซ๐ง๐๐ก๐ฆ๐๐ข๐ก ๐๐๐๐๐๐ง ๐ ๐ฌ ๐ง๐๐ซ ๐ฃ๐๐ฌ๐ ๐๐ก๐ง?
Even if you file for an extension, your tax ๐ฅ๐๐ฎ๐ข๐๐ฃ๐ฉ is still due April 18th, even if you extend your ๐๐๐ก๐๐ฃ๐ deadline to October. Try to estimate as close as you can to the amount of taxes you have due, and make sure to pay it by April 18th to avoid late payment fees and interest.
๐๐ข๐๐ฆ ๐ง๐๐๐ฆ ๐ฃ๐ฅ๐ข๐๐๐ฆ๐ฆ ๐๐ข๐ฉ๐๐ฅ ๐ ๐ฌ ๐ฆ๐ง๐๐ง๐ ๐ง๐๐ซ๐๐ฆ, ๐ง๐ข๐ข?
Nope โ thatโs a different process. You will need to ask your local Secretary of State about the procedure and file that separately.
๐๐ฅ๐ ๐ง๐๐๐ฅ๐ ๐๐ก๐ฌ ๐๐ซ๐๐๐ฃ๐ง๐๐ข๐ก๐ฆ?
Yes! There are a few scenarios that will give you an automatic 6-month extension on both filing AND payment of taxes (no extension filing required). This includes things like being a member of the military serving outside of the U.S., a U.S. citizen living and working abroad, living in a part of the country thatโs been hit by severe natural disasters, and more.
๐ช๐๐๐ฅ๐ ๐๐๐ก ๐ ๐๐๐๐ฅ๐ก ๐ ๐ข๐ฅ๐?
Just check out the link below We added a link to a super-helpful blog that walks you through the process step-by-step – and it also includes links to other helpful resources!
https://bench.co/blog/tax-tips/how-to-file-federal-tax-extension/?blog=e6
We hope that helps!
Now – what about you? Are you planning to file an extension this year?
Donโt worry – we promise, itโs a really simple process.
And, of course, it is too late for us to get your books in order for your CPA to file your 2021 taxes, but it isnโt too late to help get your books in order for 2022 to hand over to your CPA next yearโ just reach out!
Weโd love to help!www.chooseabacus.com โข info@chooseabacus.com โข (352) 432-8104
Kerry Postel โ Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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