TaxExtension.com

How to eFile Your Business Tax Extension in 3 Steps?

3 Easy Steps to Extend Your Tax Filing in 5 Minutes 1 Step 1) Provide Your Business Details Enter your business name, Employer Identification Number (EIN), tax year, and entity type. TaxExtension.com’s secure system walks you through each required field, no tax expertise required. If you’re unsure of your EIN, you can locate it on prior-year tax returns or your IRS EIN confirmation letter.

What Happens If You Miss the Business Tax Deadline?

Filing your business tax return late, without an approved extension, exposes your business to IRS penalties that compound quickly. Filing a business tax extension by your original deadline eliminates the failure-to-file penalty entirely. Here’s what’s at stake if you don’t. Failure-to-File Penalty The IRS charges 5% of unpaid taxes for each month (or partial month) your return is late, up to a maximum of 25%.

What Is a Business Tax Extension?

A business tax extension gives your company additional time to prepare and file its federal income tax return.

Should I get a state business tax extension as well?

The rules and regulations for business tax extensions are different in every state. Some states will automatically grant you a state tax extension if you obtain a valid Federal extension — but other states require a separate state-specific application. For state-by-state information about filing tax extensions, please visit our State Tax Extensions center.

When filing my business extension, how will I know if I owe taxes?

If your company maintains financial books/records, you can determine your current tax liability if you multiply your taxable income by the applicable tax rate. Many people simply use their numbers from last year’s tax return (as long as your tax situation is relatively similar).