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Associated Press
17-03-2025
- Business
- Associated Press
Tax Deadline Alert: Forms 1065 & 1120-S Due Today. File Form 7004 With ExpressExtension To Get More Time
March 17, 2025, is a key tax deadline for businesses, but they can request an extension of time using Form 7004 through ExpressExtension, a secure and easy e-filing service. ROCK HILL, SC / ACCESS Newswire / March 17, 2025 / Today, March 17, 2025, is another important day in the tax filing season, bringing a critical filing deadline for most forms, including Form 1120-S, 1065, 1042, and more. Failure to meet this deadline can result in severe IRS penalties and compliance issues. Businesses and withholding agents needing to extend their filing deadlines can request an extension using Form 7004. Filing an extension gives additional time to file their original tax return. ExpressExtension, an IRS-authorized and SOC2-certified e-file service provider, delivers an effective solution to simplify the extension request process. With a user-friendly platform featuring time-saving features and world-class customer support, ExpressExtension simplifies the process. Who Must Meet This March 17 Deadline? Federal guidelines require specific business entities to submit their tax forms by this date. These businesses include but are not limited to: For businesses needing more time to file their tax returns, requesting an extension is an option. By filing Form 7004, businesses can automatically extend their filing deadline by up to six months, providing the extra time needed to accurately prepare and submit their original returns. However, it's important to note that while the filing deadline is extended, the IRS does not extend the deadline for tax payments. Businesses must pay any taxes owed by the original due date to avoid interest and penalties. State Tax Deadlines In addition to federal filing deadlines, many state deadlines also fall on March 17, 2025. Businesses are encouraged to verify their state filing requirements and deadlines to ensure full compliance with both federal and state tax regulations. The following states that have business tax deadlines today: ExpressExtension: A Trusted E-Filing Solution for Instant Extension Approval As an IRS-authorized 7004 e-file provider, ExpressExtension simplifies the extension request process with a secure, efficient, and user-friendly platform. Businesses can quickly submit Form 7004 for an extension, with advanced features that ensure accuracy and compliance with IRS regulations. ExpressGuarantee: Get Approved, Whatever It Takes ExpressExtension offers ExpressGuarantee, designed to provide peace of mind for businesses. If the IRS rejects Form 7004 due to a duplication error, ExpressExtension guarantees a full refund of the filing fee. If the IRS rejects the filing due to other errors, businesses can correct the information and resubmit it at no additional cost. Exclusive PRO Features for Tax Professionals and High-Volume Filers Bulk Filing Capabilities: Tax professionals and accounting firms can file large volumes of extensions simultaneously, streamlining the process. Flexible Data Import Options: Customizable Excel/CSV templates are available for precise tax data uploads. Centralized Client Management Dashboard: A dedicated dashboard allows tax professionals to efficiently manage an unlimited number of clients in an organized manner. Businesses can extend their tax filing deadlines by using a reliable e-filing service like ExpressExtension. For more information, businesses are encouraged to visit About ExpressExtension ExpressExtension is the one-stop solution for IRS Tax Extensions. As an IRS-authorized, SOC 2 Certified e-file provider, ExpressExtension has been helping businesses, individuals, and non-profit organizations obtain IRS extensions. Supported forms include Form 7004, 4868, 8868, and 8809. About SPAN Enterprises Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade. The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics. [email protected].
Yahoo
23-02-2025
- Business
- Yahoo
I'm an Accountant: 3 Tax Tips Everyone Should Follow in 2025
Tax seasons is upon us, and while there are no drastic overhauls this tax year, it's still wise to be aware of the current deadlines, changes to credits and deductions, and common reasons your tax return could be rejected. Find Out: Read Next: GOBankingRates spoke with Sherri Laudenslager, a CPA and expert with TurboTax, about the tax tips you should follow this tax season. 'An important item to keep in mind during this time of year is tax due dates,' Laudenslager said. 'This is important for every taxpayer, but especially important for small-business owners. 'The first step for a business owner is to understand the entity type of your business,' she continued. 'A limited liability company (LLC) can be one of four entity types, and this is determined by your state and IRS registrations. Tax due dates are different based on entity type.' Here are the tax dates individuals and business owners need to keep in mind for 2025: March 17: Due date for partnerships (Form 1065) and S corporations (Form 1120-S). 'Keep in mind, the due date is generally the 15th day of the third month, unless the due date falls on a weekend,' Laudenslager said. April 15: Due date for C corporations operating on a calendar year (Form 1120), sole proprietorships and single-member LLCs (Form 1040 – Schedule C). April 15: Due date for all personal tax returns (Form 1040). Learn More: 'Tax changes for 2024 primarily relate to increased limits based on taxpayer filing status,' Laudenslager said. Here are a few limits that have changed for this tax year: Increased standard deduction: Single and married filing separate: $14,600 ($750 increase) Married filing jointly or qualifying surviving spouse: $29,200 ($1,500 increase) Head of household: $21,900 ($1,100 increase) Taxpayers who are 65 and older or are blind increase standard deduction as follows: Single or head of household: Additional $1,950 Married filing jointly or qualifying surviving spouse: Additional $1,550 Earned Income Tax Credit: The maximum amount for 2024 is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase from $7,430 for tax year 2023. Income thresholds and phase-outs still apply in calculating taxpayer EITC. Marginal rates: 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly) 35% for incomes over $243,725 ($487,450 for married couples filing jointly) 32% for incomes over $191,950 ($383,900 for married couples filing jointly) 24% for incomes over $100,525 ($201,050 for married couples filing jointly) 22% for incomes over $47,150 ($94,300 for married couples filing jointly) 12% for incomes over $11,600 ($23,200 for married couples filing jointly) 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly) For a more comprehensive list of changes, Laudenslager recommended visiting the IRS website. A common reason for your tax return being rejected when you file electronically is that you are missing Form 8962, Laudenslager said. 'Form 8962 is required for all taxpayers who have health insurance coverage through a health insurance marketplace,' she said. 'Form 8962 is required if the taxpayer, their spouse or anybody they claim as a dependent is enrolled in this type of health insurance. Form 1095-A (health insurance marketplace summary) summarizes important information about the coverage provided.' More From GOBankingRates10 Home Features That Have Decreased the Most in Popularity (And How Much Homes with Them Cost)Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on I'm an Accountant: 3 Tax Tips Everyone Should Follow in 2025 Sign in to access your portfolio
Associated Press
13-02-2025
- Business
- Associated Press
Key Business Tax Deadlines Approaching: ExpressExtension Helps Tax Professionals File Extensions with Ease
With March 17 tax deadlines approaching, ExpressExtension offers a secure IRS-authorized solution for filing business tax extensions with Forms 7004, 4868, 8868, and 8809. ROCK HILL, SC / ACCESS Newswire / February 13, 2025 / With the January 31 deadline for Forms 1099 and W-2 behind them, tax professionals now turn their attention to the next set of critical business tax deadlines. Among the most significant are Form 1120-S, Form 1065, 1042, and 1042-S, all due on March 17, 2025. For businesses and tax professionals who need more time to prepare returns, the IRS allows an extension request using Form 7004, postponing the filing deadline. However, this extension applies only to the return itself - any taxes owed must still be paid by the original deadline. ExpressExtension, an IRS-authorized e-file provider, simplifies the extension filing process, providing a secure and efficient solution for businesses and tax professionals. ExpressExtension - A Comprehensive Solution for Tax Extension Filing ExpressExtension supports the following tax extension forms for the 2024 tax year. Form 7004 This form is used to request a 6-month automatic extension for business tax returns, including Form 1120-S (S corporations) & Form 1065 (partnerships). With a deadline coming up for S corporations and partnerships on March 17, 2025, tax professionals can file Form 7004 to extend the filing deadline to September 15, 2025. Form 4868 Filing Form 4868 provides an automatic extension for individual income tax returns, including Form 1040 & 1040-NR. Individuals can extend their federal filing deadline from April 15 to October 15, giving them additional time to prepare and submit their returns. Form 8809 This form is used to request an extension for filing information returns, including Form 1099-series, W-2, 1042-S, and 5498. Filing 8809 grants an automatic 30-day extension for reporting payments made to foreign individuals and entities. Form 8868 Form 8868 grants an extension for tax-exempt organizations filing 990 series returns, including Form 990, 990-EZ, and 990-PF. Filing 8868 allows nonprofits and tax-exempt organizations more time to gather the required financial information before filing. PRO Features Tailored Exclusively for Tax Professionals ExpressExtension offers exclusive features designed specifically for tax professionals, making the extension filing process simpler and more efficient. Intuitive Dashboard for Seamless Management The ExpressExtension dashboard provides a centralized hub for tax professionals to efficiently manage extensions, track filing statuses, and access past filings. With real-time updates and a user-friendly interface, tax professionals can stay organized and ensure every extension request is processed accurately. Secure Bulk Upload Options ExpressExtension offers a quick and efficient way to add client business details manually or add all the required clients at once with the provided bulk upload templates. ExpressExtension offers the Express Guarantee for Forms 7004 and 4868. Under this guarantee, clients can receive a full refund of the payment if the IRS rejects these forms due to duplicate filing. If the extension forms are rejected for other reasons, tax pros can fix errors and retransmit the returns at no additional cost. Volume-Based Pricing Tax professionals can choose to pay per extension or purchase credits in advance at discounted volume-based rates. World-Class Customer Support ExpressExtension provides reliable customer support via phone, email, and live chat, ensuring tax professionals receive assistance whenever needed. AI Assistance At Every Step ExpressExtension's AI-powered chatbot provides instant answers to common questions, guiding tax professionals through the extension filing process. Visit and start e-filing Form 7004, 4868, 8868, & 8809 at an affordable price. About ExpressExtension ExpressExtension is the one-stop solution for IRS Tax Extensions. As an IRS-authorized, SOC 2 Certified e-file provider, ExpressExtension has been helping businesses, tax professionals, individuals, and non-profit organizations obtain IRS extensions for over a decade. Supported forms include Form 7004, 4868, 8868, and 8809. About SPAN Enterprises Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade. The SPAN Enterprises Portfolio of products includes TaxBandits, Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics. [email protected].
