Chances are that if you're filing new IRS.gov forms for the first time, you'll be looking for as much information as you can get about the new documents that you need to deal with. One of the most common IRS.gov forms that are vital for new and emerging businesses is the form known as "7004". This form provides an application for the extension of time to file certain business income tax information and other returns. As the title probably explains for itself, the form is best used for businesses or emerging businesses who would like to file for a legitimate extension on the deadline they need to meet to file their tax extension.
The Purpose of Form 7004
The first thing to fully understand about IRS.gov forms like 7004 is what they are used for. The purpose of this form is to give you an extension on your tax return, but it will only be held up as valid if you meet the right criteria. For example, the entire form will need to have been filled in properly without any strange scope for interpretation or possibility of ambiguity. At the same time, the estimation of your tax that you provide, if applicable for your circumstances, has to be correct to the best of your knowledge. What's more, the form must be filed before the due date, and any taxes that you might owe should be paid correctly.
Beyond ensuring that you have properly filled out the form, accessing help from a government official or accountant if required, you will also need to determine a proper extension period. This means finding out which line and part number you fall under in order to judge your eligibility for extra time. For example, if you match up with line 1a, part 1 of the form, then you will probably be eligible for a time extension of around five months. On the other hand, if you match with the part 2 line 1b part of the form, then you could be eligible for an automatic extension of up to six months.
How to Fill in a Form 7004
If you find that you are applicable to apply for an extension with the IRS.gov form 7004, for example, then it's worth knowing that you can choose to file the form either online, or offline. If you would like to fill the documentation in online, you simply need to visit the official IRS website and download the pages without any cost. At the same time, if you would like to file your own forms manually, you can collect your form from the closest IRS office available to you.
Keep in mind that if you do apply for an extension through form 7004, the IRS will not notify you to let you know that your extension period has been granted. The only reason that you will receive correspondence from the IRS is if your request for an extension has been denied. It's also worth remembering that you will be penalized if you send your tax forms in late.