The deadline for filing income tax returns for Corporations (both C and S-Corps) and Multi Member LLC’s is March 15th. The fact is millions of businesses do not file their corporate income tax return by the filing deadline and instead file IRS Form 7004 – “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns”, which extends the time to file their return for 6 months to October 15th.
It is important to understand that filing a Business tax extension will only allow you to extend your time to file your corporate tax return. It does not extend the time you have to pay any taxes you may have due. If you anticipate owing business taxes, you should make an estimated tax payment when you file your extension, so you avoid late payment penalties.
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