Do you own a corporation but don’t think you’ll complete the 2008 corporate income tax return by the March 16 deadline? This article explains how to file an extension without a hitch, giving you until September 15 to file the return.

If your small business is a corporation, your 2008 corporate income tax return is due on Monday, March 16, 2009. Normally the due date is March 15, but since that day is a Sunday, the due date is changed to the next business day.

If you don’t think you’re going to have the return done on time, do not despair. As long as you file Form 7004 on or before March 16, you’ll be given an automatic no-questions-asked 6-month extension of time to file the return.

Here are ten of the most critical rules for filing Form 7004:

1. Be sure to input the corporation’s full name, employer identification number (EIN), and address at the top of the form.

2. Form 7004 works for both regular C corporations filing Form 1120 as well as S corporations filing Form 1120S. In fact, Form 7004 is the extension form for a plethora of business returns, including both C and S corporations. There’s a list of all the possible returns in Part II, along with a corresponding code that must be entered on Line 1b. For C corporations, use code 12. If you are an S corporation, use Code 25.

• Make sure you have allocated a dedicated minute taker to the meeting and that that person understands their role

• If you have a large number of participants make simple rules and list them before you start e.g. everyone must put up their hand and be indicated by the chair before speaking (to stop people all speaking at once.)

5. Avoid business clichés

Avoid: “I would like to take this opportunity to thank you for considering the enclosed . . .” Get to the point: “Here is our proposal.” Avoid: “If you have any questions, please feel free to call.” That closing has been done to death, so bury it.

6. Be simple, direct, specific

Be specific rather than general, definite instead of vague, concrete rather than abstract. Instead of saying “I am pleased to have this opportunity to submit to you this proposal that you requested for the marketing campaign for XYZ Company,” say “I am pleased to submit this proposal to provide marketing services in response to your RFP #194.”

7. Believe it or not, no signature is required on Form 7004.

8. Use some type of mailing service that provides proof of mailing, such as the U.S. Postal Service Priority Mail with Delivery Confirmation, which costs less than $5. Why risk the possibility that the IRS loses your form and then penalizes you for not having proof of mailing?

9. For a tax form, this one is pretty easy to complete. It only has eight lines. But if you prefer not to risk a mistake and the rejection of your extension application, seek out your local tax professional who should be able to handle this task for you in minutes.

10. Assuming your tax pro is an authorized IRS e-file provider, he should be able to e-file Form 7004, saving you a trip to the post office

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