Tax Extension

Whether you are unable to submit your tax return by the standard filing deadline or you decide to file for an extension for a different reason, here's everything you need to know about tax filing extensions.

• S-Corporation and Partnership returns are due March 15th.  However, you can extend the deadline to September 15th. 
• Personal tax returns (1040) and C-Corporations operating on a calendar year have a filing deadline of April 15th.  However, you can extend the deadline to October 15th.
• Even if you submit an extension request, you are still required to pay any balance due by the original filing date to avoid a failure-to-pay penalty. 
• If you extend the business tax to September 15th, you must extend your personal tax file as well. You cannot complete your personal Tax Return (1040) without first completing your business tax return. 
• Filing an extension with the IRS provides you with six additional months to prepare and submit your business and/or personal tax return.  
• Filing for an extension doesn't mean you cannot file on time. This means that filing for an extension is a good backup plan in any case.
• Pro Tip: at Formations, we file for an extension for everyone because filing for an extension for your 1120S (S-Corp return) also allows us to check the status of your S-Corp with the IRS. It's a way to ensure there are no surprises when you file your return. 
  Formations can also assist in extending your 1040 personal tax return if you are engaged for the service, which extends the due date to October, rather than April. However, this does not extend the due date for payment, and payment is still due at the original tax deadline to avoid late penalties.