What Is Federal Tax Extension Form 7004?
In the United States, the government seems to have one mission. That mission is not to carry out the will of the people, unfortunately. That mission is to collect as much money and information from people as they possibly can. The way that they do this is through the use of an extensive machine that they have created known as the Internal Revenue Service or, more commonly, the IRS. This group collects as much information as they can about your income and expenses for the year and they then use that information to assess taxes on you.
What Is a Tax Extension?
Sometimes businesses have the money to pay their taxes but they simply have not had enough time to prepare that information into a formal filing. If that is the case, then they can pay the taxes on time based on their own estimates of what they owe. When that has been done, they can then take their time to file the 7004, which will allow them to have a bit of additional time in order to file the tax return papers with the IRS. This is a much better option than filing them late and possibly facing penalties or, even worse, an audit.
What is Federal Tax Extension Form 7004 Used For?
The federal tax extension form 7004 is an “application for automatic extension of time to file certain business income tax, information, and other returns”. This form is used for business specifically, so it is not going to be a form that is utilized by the normal public for this information. Individuals have different forms that they will have to fill out to accomplish this same purpose. Corporations who are expecting to make a net loss will also need to fill out a different form. For other businesses, the federal tax extension form 7004 is probably the right choice. It is always preferable to consult a tax professional prior to filling out any of your tax forms; however, just to make sure you are doing the right thing.
A few comments should be made about form 7004. The IRS has a full page located at irs.gov/form7004 which can be used to make additional comments and to get additional information about the use of the form itself. On that site they have a web form which can be utilized in order to add some feedback about the content of the product to the IRS. They cannot respond to all comments, however, but they do state that they will consider all comments and will take any feedback into consideration in the future when they are making their forms in the future. They make it very clear on this site that they cannot answer any tax related questions that are submitted on the page. That information can be obtained by calling their business number at 1-800-829-4933 or their personal number at 1-800-829-1040. They also have a full tax law section that allows for further questions to be answered.
