April 8, 2022
Did tax season spring up on you out of nowhere this year? You are not alone. Tax season comes too fast for everyone. This is just another reason why it is so important for business owners to appropriately plan and prepare their business taxes every year.
If you did not get around to completing your 2022 tax filing, you may qualify for a business tax extension. This extension may give you more time to manage your tax filings and meet the IRS requirements.
Unfortunately, not all business owners can file for a 2022 business tax extension. Only companies with specific business structures qualify for such tax extension, and even they may not be granted one. Business structures that are permitted to file for a business tax extension are sole proprietorships, partnerships, single-member Limited Liability Corporations (LLCs), multi-member LLCs, and Corporations. Upon being granted a business tax extension, a business owner would have an additional 6 months to file their 2022 taxes without being penalized.
The way in which a business owner files for a tax extension in 2022 will depend on their business structure. Most business tax extension petitions can be done online through a certified tax electronic filing portal, or via mail. Although businesses can be granted a tax extension, they must still pay their owed taxes by Tax Day. The extension solely provides more time to file the returns without penalty.
⇒ Sole proprietors and single-member LLCs will fill out a FORM 4898.
⇒ Multi-member LLCs, Corporations, and Partnerships will fill out a FORM 7004.
Sole proprietorships and corporations must submit a tax extension form by Tax Day, April 18th, 2022. Tax extensions will expire on October 17th, 2022. Partnerships and S-Corporations must have submitted a tax extension form by March 15th, 2022. Tax extensions expire on September 15th, 2022.
Are you looking for a business accountant who can help you with all of your bookkeeping and tax planning needs? Contact Aspire CPA at (317) 469-4500, or email our office at firstname.lastname@example.org, and speak with a licensed Certified Public Accountant to learn how our business accounting and tax services in Indianapolis, Indiana can help grow your bottom line.
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