A tax extension is an extension of filing tax returns for individuals, Businesses, Partnerships, and certain Trusts. It is an extension of time to file Income Tax Returns and not the payment of Tax.IRS allows you to file the tax returns with in the period of Extension which is filed using IRS Form 4868, 7004, 8868.
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What is the purpose of Form 7004?
According to the IRS, " Use Form 7004 to request an automatic extension of time to file certain business income tax, information, and other returns. The extension will be granted if you complete Form 7004 properly, make a proper estimate of the tax (if applicable), file the form by the due date of the return to which the Form 7004 applies, and pay any tax that is due."
When you file IRS Tax forms 4868, 7004, 8868 you will get automatic tax extension of time to file income tax returns. This is not an extension of time to pay your income tax returns. Individuals, Businesses, Partnerships, and certain Trusts can file IRS Tax Extension Forms to extend their Income Tax Returns Filing.
