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When you should file later

by on
in Small Business Tax

Are you scrambling to complete your corporation’s tax return on time? Instead of slapping things together, take the easy way out.

Strategy: File Form 7004 for an automatic six-month extension.

If you will owe tax, you still must pay a reasonable estimate of your tax liability by the March 15 deadline. But Form 7004 gives you until Sept. 17 to finalize the paperwork. Find it at www.irs.gov/pub/irs-pdf/f7004.pdf.

Even if you can wrap up your return in time, here are two good reasons to file for an extension:

  1. The extension postpones the deadline for making your company’s deductible retirement-plan contributions. That gives you more time to raise the needed cash.
  2. Once the tax-season frenzy has died down, you’ll have more time to scrutinize your return and identify tax-saving opportunities.

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