Updated April 2018
Sometimes we aren’t quite as prepared for tax time as we’d like to be! Which is why knowing how to file a tax extension comes in handy. Tax payments however, except in a few special cases, cannot be granted a time extension and the due date is April 18 (for individuals) to avoid interest charges and any penalties. You can however apply for an extension of time to file your taxes.
Owe taxes but can’t pay? Watch this IRS video.
As an individual taxpayer, submit the IRS extension Form 4868 which grants extra time to file income taxes.
- Form 2350 is used for US citizens and resident aliens abroad, if expecting to file Form 2555 or 2555-EZ and “require extra time to meet the bona fide residence test or physical presence test to qualify for foreign earned income exclusion and/or foreign housing exclusion or deduction.”
- Form 8892 requests a 6 month time extension to file Form 709 when not using Form 4868, and to make a gift tax payment.
There are some special rules for individuals who are:
- Serving in a hazardous duty area or combat zone: various frequently asked questions are listed here. For example, someone who has been in a combat zone since March 1st is eligible for an extension of time for filing and payment, 180 days after the individual’s last day in the combat zone.
- Living outside the US: use this guide to find everything you need to know, from where and when to file and pay, foreign currency, the various forms that may be necessary, and all filing requirements.
If you’d rather not deal with forms, D&M can easily file this for you.
Businesses have different tax due dates depending on their entity type and year-end date. For any dates which land on a weekend, the date is moved to the next work day.
- Single member LLC & sole proprietorships: returns filed using Schedule C and included with the owner’s individual taxes are due April 15th.
- Partnerships: due the 15th day of the 3rd month after the end of the company’s tax year.
- S Corps: due the 15th day of the 3rd month after the company’s fiscal year end – S Corps end on December 31st, so the due date for taxes or an extension is March 15th.
- C Corps: due the 15th day of the 4th month after the company’s fiscal year end.
Extended tax returns typically add 6 months onto the original due date.
There are two different extension forms for businesses:
- Form 7004 is an extension of time for filing certain business income tax info and this must be filed no later than the due date of the business’ tax return.
- Form 1138 is an extension of time for tax payment for a corporation expecting a net operating loss.
If you need help with your financial statement preparation process, or are looking for a personal accountant, please contact D&M Accounting and one of our accounting professionals will be happy to help!
We also offer small business consulting services, to help you with your finances and steer you away from potentially costly mistakes, providing insight that may help you make even better business decisions.