A woman stress bites a pencil going over her Florida business taxes

How to File a Business Tax Extension in Florida

With so many day-to-day responsibilities that go into running a small business, such as inventory accounting, staffing, bookkeeping, and marketing, it can be easy to forget about the tax deadline. Yet, before you know it, their tax deadline came and went. 

Without a filed return, you may be wringing your hands and asking yourself questions on what to do next. Can you even make payments after a down year? Do you have the necessary paperwork? What do you do now that they’ve missed their deadline? Chances are that you are not alone, but don’t panic. Florida allows businesses to file a tax extension, but you can’t wait too long. Putting it off even further could increase your penalties and put you in financial hardship.

We’ll walk you through the process for filing a Florida business tax extension, so you can keep your business moving without the added stress. 

What is the Deadline for the Florida Business Tax Extension?

Different deadlines apply for federal and state taxes. Below are the deadlines for Florida’s state tax extension and the federal tax extension. 

State Tax Extension

Tax returns for Florida businesses are due by May 1 (the 1st day of the 4th month following the end of the taxable year). However, Florida allows for a six-month extension, which would move the new deadline to November 1st.

Federal Tax Extension

2021 tax deadlines have the following due dates:

  • Sole proprietorships and single-owner LLCs: May 17, 2021
  • Partnerships: March 15, 2021
  • S Corporations: March 15, 2021
  • C Corporations: April 15, 2021 

A Florida partnership or business has the option to file for a six-month extension, which would move the deadline to the following dates:

  • Sole proprietorships and single-owner LLCs: November 17, 2021
  • Partnerships: September 15, 2021
  • S Corporations: September 15, 2021
  • C Corporations: October 15, 2021 

Be prepared to pay a deposit for the taxes you owe. You will also be expected to pay your first quarterly taxes for your business on this date.

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What Forms Do I Need to File to Apply for a Florida Business Tax Extension?

The form you need will depend on the type of business you’re operating. For the Florida business tax extension, you will first need to complete the form for a federal tax extension:

Please note that if you are filing for a federal tax extension, you must also file for an extension with the state of Florida. However, an approved federal extension will not guarantee an extension with the state.

Can I Pay My Balance When I Submit an Extension?

Businesses will have the option to pay their balance when they file for an extension, but all businesses should be prepared to pay at least a down payment for the taxes that they owe.

How Do I Submit My Forms?

It’s faster and easier to file electronically. Form 7004 can either be submitted electronically to the Florida Department of Revenue through Florida’s “File and Pay” e-service system or through the postal service by mailing your completed form to the following address:

Florida Department of Revenue

5050 W. Tennessee Street

Tallahassee, FL 32399-0135

You do not have to send payment with your tax form, but you should be prepared to pay a deposit, as we already noted. Moreover, you should also account for possible late charges or penalties.

Can I File My Extension Electronically?

You may file Form 7004 through Florida’s “File and Pay” e-service system. Most tax preparation software can interface with this system, though if you have trouble, you may wish to contact your software provider or consider filing on paper.

What Happens if I Don’t Pay My Taxes?

If you pay your taxes late, charges will apply in the amount of 10% of your unpaid taxes. An additional 10% will accrue every month in which your taxes are unpaid, up to a possible penalty of 50% of your total outstanding taxes. Underpaying your taxes could also result in interest being applied, though this number varies.

If you don’t owe Florida taxes, you must still file for this fiscal year. Failing to do so can result in a late charge of $50 per month, up to a possible total of $300.

Can Xendoo Help with My Florida Business Tax Extension?

Our bookkeepers and tax specialists are well versed in Florida small businesses and can ensure that your taxes are filed correctly and on time. Plus, Xendoo’s financial experts can keep your records up to date and accurate, so you aren’t panicking but prepared when tax season comes around. If you’re looking for bookkeeping services in Orlando and the surrounding areas, Xendoo can help you to complete forms, meet deadlines, and more. 

Xendoo offers tax and bookkeeping services all over Florida, including:

When you need help, we’re only a click away. Reach out to our team today!

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

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