The forms required to complete an extended business return depend on your business structure and how the business is taxed. An LLC’s filing requirements can also vary because “LLC” is a legal structure rather than a federal tax classification.

Full article: https://blog.taxact.com/small-business-extended-tax-returns/

1. Sole proprietorship

A sole proprietor generally reports business income and expenses on Schedule C, which is filed with the owner’s individual Form 1040.

Sole proprietors typically use Form 4868 to request more time to file their individual return.

2. Partnership

A partnership generally files Form 1065. It must also prepare a Schedule K-1 for each partner showing that partner’s share of the business’s income, deductions, credits, and other tax items.

Partnerships generally request an extension using Form 7004.

3. S corporation

An S corporation generally files Form 1120-S and provides Schedule K-1 to each shareholder.

Like partnerships, S corporations typically use Form 7004 to request an extension.

4. C corporation

A C corporation generally files Form 1120 to report its income, deductions, gains, losses, and corporate income tax liability.

C corporations generally request additional filing time using Form 7004.

5. Limited liability company

An LLC’s required return depends on its federal tax treatment. A single-member LLC may be taxed as a sole proprietorship, while a multi-member LLC may be taxed as a partnership. An LLC can also elect to be taxed as a corporation.

Confirming the correct tax classification is an important first step before choosing a form or filing deadline.

Which business return or form are you preparing this year?

This article is for informational purposes only and not legal or financial advice.

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