Tax day always comes up very quickly for filing your small business taxes, even when you’ve been preparing for it regularly throughout the year. If you should find yourself not quite ready to file on the April 15 deadline, it is possible to obtain an extension, so that you can have a little more time to prepare. Even though the tax payment itself is still due on April 15, a tax extension will provide you with a little more time to file your return. Obviously this means you’re paying an estimated amount of money on Tax Day because you haven’t completely filled out all forms, but you should be close enough that the estimate will be in the ballpark.
How to File for an Extension
You can obtain the proper forms for filing an extension on the IRS website, along with all the instructions you will need to complete that form. The specific form which you use will depend on the type of business you have, i.e. corporation, limited liability company, sole proprietorship, etc. Once you have filled out everything on the appropriate form, you can submit your request for an extension electronically.
When your request has officially been granted, you will have an additional six months to file all the relevant paperwork with your official tax return. The extension in no way relieves you of the obligation of paying any money that you owe the federal government. All it does is give you extra time to gather all the necessary paperwork, so that you can accurately file your small business taxes for the previous year. As mentioned previously, you’ll still have to pay what you owe by April 15, even if that’s an estimated amount.
Need Capital to Pay Off Your Taxes?
Not everyone gets a refund from the federal government, and if you somehow ending up owing money at tax time, you may need a loan to cover that amount. Contact us at Affinity Capital Funding if you require extra capital to meet your tax obligations.