S Corp Extension for Tax Filing: Everything You Need to Know

As a small business owner, you may have chosen to structure your business as an S corporation, which offers tax advantages and other benefits. However, navigating the tax requirements for S corporations can be complex, and you may find that you need additional time to prepare your tax return. If that's the case, filing an extension for your S corp tax return can give you the extra time you need to ensure that your taxes are prepared correctly and filed on time.

To help you better understand the process of filing an extension for your S corp tax return, we've put together this guide with everything you need to know.

What is an S Corp Extension?

An S Corp extension is a request for additional time to file your S corporation tax return. The extension gives you an additional six months to file your return, which means you'll have until September 15th to file instead of the usual March 15th deadline. It's important to note that while the extension gives you extra time to file your return, it doesn't give you extra time to pay your taxes. Any taxes owed are still due by the original deadline of March 15th.

How to File an S Corp Extension?

To file an S corp extension, you'll need to complete and file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. You can file this form electronically or by mail, and you must file it by the original due date of your S corporation tax return.

If you file your extension request electronically, you'll receive an acknowledgement from the IRS when your request is received. If you file by mail, you'll need to ensure that your request is postmarked by the original due date of your tax return.

Why You Might Need to File an S Corp Extension?

There are several reasons why you might need to file an S corp extension. For example, you might need extra time to gather all of the information and documentation needed to complete your tax return accurately. Or, you might need extra time to work with a tax professional or accounting firm like Catching Numbers Inc, to ensure that your taxes are prepared correctly and filed on time.

Working with a professional accounting firm like Catching Numbers Inc can be especially beneficial for small business owners who are managing the finances of their business on their own. Catching Numbers Inc can provide valuable assistance with bookkeeping, payroll processing, and tax preparation, and can help ensure that your S corporation tax return is filed correctly and on time.

Deadlines to Keep in Mind

To avoid penalties and interest, it's important to keep these deadlines in mind:

• Original due date: The original due date for S corporation tax returns is March 15.
• Extension deadline: If you file for an extension, your new deadline will be September 15.
• Payment deadline: If you owe taxes, you'll need to pay them by the original due date (March 15) to avoid penalties and interest.

Contact Catching Numbers Inc for Help Filing an S Corp Extension

​If you're a small business owner who needs help filing an S corp extension, Catching Numbers Inc can help. Their team of experienced accounting professionals can provide the guidance and support you need to prepare your taxes accurately and file your extension request on time.

To learn more about Catching Numbers Inc and their services, visit their website at https://catchingnumbers.com/. You can also get in touch with their team by visiting their "Contact Us" page at https://catchingnumbers.com/contact-us or by calling (604) 450-8036.

Don't let the stress of tax season get the best of you. With the right support and guidance, you can ensure that your S corporation tax return is filed accurately and on time. Contact Catching Numbers Inc today to learn more about how they can help you file an extension and manage your business finances.

We hope you find this blog post helpful in understanding the process of filing an S Corp extension and the benefits of working with a professional accounting firm like Catching Numbers Inc. If you have any questions or would like to learn more about how Catching Numbers Inc can help you with your S Corp extension, don't hesitate to reach out to our team.

Remember, filing an S Corp extension can give you the extra time you need to ensure that your taxes are prepared accurately and filed on time. By working with a professional accounting firm like Catching Numbers Inc, you can have peace of mind knowing that your taxes are in good hands. Contact them today to learn more about their services and how they can help you manage your business finances.

External Links:

1. IRS Form 7004: Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns - https://www.irs.gov/forms-pubs/about-form-7004
2. Accounting Today - https://www.accountingtoday.com/tag/s-corporations