Form 7004 Instructions for 2024 Tax Year
Follow the step-by-step instructions for Form 7004 to easily file your business income tax extension
Form 7004 Instructions
Form 7004 can be filed electronically with Tax2efile for most returns or through paper. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D). Filers and businesses requiring an extra period of time to file their corresponding tax form can file a Form 7004 by the time of their regular filing deadline in order to request a 6-month extension.
Filing a tax extension is a vital step for businesses requiring additional time to complete their income tax returns. Form 7004, officially titled the Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, enables businesses to request extra time to file various business-related tax returns with the IRS.
To ensure your business tax extension is completed without hassle, we have provided comprehensive Form 7004 instructions for better understanding.
To file Form 7004 Extension online, the taxpayers must gather all documents such as:
- Business information (Name, EIN, Address)
- Type of business (exp. Corporation, Partnership)
- Type of Tax Form that the business is requesting an extension (Tax category of business)
- An estimate of the amount of the tax owed to the IRS (if applicable)
IRS Form 7004 Part I & Part II Instructions Explained
Part I: Pick which form you need a Form 7004 extension for
Part I: Pick which form you need a Form 7004 extension for
Line 1: Enter the appropriate form code in the boxes on line 1 to indicate the type of return for which you are requesting an extension.
Line 2: Check the box on line 2 if you are requesting an extension of time to file for a foreign corporation that does not have an office or place of business in the United States. The entity must file Form 7004 by the due date of the return (the 15th day of the 6th month following the close of the tax year) to request an extension.
Line 3: Check the box on line 3 if you are the common parent or agent of a consolidated group requesting an extension of time to file the group’s consolidated return.
Line 4: Check the box on line 4 if you are certain foreign, domestic corporations or partnerships whose due date falls on the 15th day of the 6th month following the close of the tax year.
Line 5a: If you do not use a calendar tax year, then complete the lines showing the beginning and end dates for the tax year.
Line 5b: If your business has a short tax year, Check any one of the applicable boxes on line 5b to indicate the reason for the short tax year.
Line 6: Enter the total tax, including any nonrefundable credits, you expect to pay for the tax year.
Line 7: Enter the total payments and refundable credits.
Line 8: Enter the balance due total amount that you need to pay for the tax year.
Any tax amount due must be paid on or before the deadline. Tax2efile customers may elect to complete tax payments electronically by providing their payment information to their electronic submission in order to allow IRS authorization to automatically withdraw the balance from their account.
If you need more help e-filing your Form 7004, please watch our step by step video for Form 7004
Step-by-Step Instructions for Filling Out Form 7004
The Form 7004, better known as a Request for a Tax Extension, is a detailed form with many areas that must be completed for the extension to be accepted. Though the Form 7004 has 8 sections that must be completed, not all sections apply to everyone.
Line 1a only applies to those filing for an Automatic 5-1/2-Month tax extension.
Line 1b only applies to those filing for an Automatic 6-Month tax extension.
You cannot File for an Automatic 5-1/2 and 6-Month extension. If you have entered information on both Line 1a and 1b your request for tax extension will be rejected.
Line 2 is only for foreign corporations that don’t have an office located in the US
Line 3 is only for corporations. Please view the Instructions on Form 7004 for more details.
All Filers must Complete Part III of Form 7004
Line 4 is for those entitled to a 3-Month extension. For more details view the instruction for Form 7004.
Line 5 designates if you are filing out of a normal tax year or if you are filing for a short year and why.
Line 6 is to clarify the total amount of tax, including any non-refundable tax credits, the entity expects to owe for the tax year. (See the specific instructions for the applicable tax return to estimate the amount of the tentative tax you will owe. If you expect this amount to be zero, enter -0-.)
Line 7 is for the total amount of payments made.
Line 8 states that Form 7004 does not extend the time you have to pay the tax due. If the entity is a corporation or affiliated group of corporations filing a consolidated return, the corporation must remit the amount of the unpaid tax liability (shown in Line 8) on or before the due date of the return.
Get Started by Registering with Tax2efile Today!
Our IRS-approved e-fling services make tax season stress-free. Sign up Today!
