If you timely filed a form 7004 on or before March 15, 2014, you should have gotten a six month extension to file your Business Income Tax Return for 2013. Well, that extension is almost up as we approach September 15th!
With the timely extension, Business Income Tax Returns for the following returns are due in less than 2 weeks:
- C Corporations – Form 1120
- S Corporations – Form 1120-S
- Partnerships – Form 1065
- LLCs – could be 1120-S or 1065, depending upon your type of LLC
- Bankruptcy Estate – Form 1041
There are other types of entities that are also due but the above list are the most common ones. If you filed for the extension, then I hope you know what type of return you need to send in!
One thing to remember though is the extension is for time to file, not to pay. So, if you have a tax amount due above a certain amount you will owe interest and penalties. The extension doesn’t stop interest and penalties.
Please note that this extension does NOT apply to Single-Person LLCs or a Sole Proprietorship as those entities are included on Schedule C of your individual income tax return (Form 1040).
If you have any questions on your Business Income Tax Return, please let me know by filling out the contact form below.
Thomas C. Hodge, CPA
The Hodge Group
3040 N. Menard Avenue
Chicago, IL 60634