Business Tax Filing Deadlines - Free Tax Deadline Calendar
Taxes are an unavoidable aspect of running a business, and staying on top of tax deadlines is crucial to avoid penalties and maintain compliance with the law.
Tax landscape can be complex, with different deadlines for various business entities and types. Whether you're a sole proprietor, a partnership, a corporation, or another type of business entity, understanding your tax obligations and deadlines is essential.
Tax Deadlines for Sole Proprietorship:
April 15: Sole proprietors typically file their personal income tax returns by April 15 each year, using Schedule C (Form 1040) to report business income and expenses. This deadline also applies to any estimated quarterly tax payments.
January 15: If you make estimated quarterly tax payments, the final payment for the previous tax year is due by January 15 of the following year.
Add Tax Deadlines Right to Your Calendar!
Tax Deadlines for Partnerships:
March 15: Partnerships (including multi-member LLCs taxed as partnerships) must file their annual tax return using Form 1065 by March 15. This deadline also applies to providing Schedule K-1 to each partner.
April 15:
Partnerships can request a six-month extension, pushing the deadline to September 15, by filing
Form 7004 by April 15.
Tax Deadlines for Corporations:
March 15: C-corporations (including LLCs taxed as C-corporations) must file their annual tax return using Form 1120 by March 15.
April 15: S-corporations (including LLCs taxed as S-corporations) must file their annual tax return using Form 1120-S by April 15. This deadline also applies to providing Schedule K-1 to each shareholder.
June 15:
Corporations can request a six-month extension, pushing the deadline to September 15 for C-corporations and October 15 for S-corporations, by filing
Form 7004 by the original due date of their tax return.
Tax Deadlines for Limited Liability Companies (LLCs):
Dependent on Tax Classification: The tax deadlines for LLCs depend on how they're classified for tax purposes. An LLC can be taxed as a sole proprietorship, a partnership, an S-corporation, or a C-corporation, and its tax deadlines will align with the respective entity's deadlines mentioned above.
Quarterly Estimated Tax Payments:
Estimated Quarterly Payments are due on April 15, June 15, September 15, and January 15.
For businesses that expect to owe $1,000 or more in taxes when their annual return is filed, quarterly estimated tax payments are generally due on April 15, June 15, September 15, and January 15 of the following year. This applies to sole proprietors, partnerships, S-corporations, and corporations.
Check out our
Quarterly Tax Calculator!
*It's important to note that tax deadlines may vary slightly from year to year, so it's advisable to double-check with the IRS or consult with a tax professional to ensure compliance with the latest requirements. Additionally, certain circumstances, such as weekends or holidays, can affect deadlines, potentially pushing them to the next business day.
This is not tax advice. Reach out to your tax advisor about any specific questions you may have about your taxes.
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Frequently Asked Questions About Business Taxes
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What forms do I need to file for my business taxes?
This is dependant on the type of business you are:
Sole Proprietorship: Schedule C (Form 1040)
Partnership: Form 1065
Corperation: Form 1120
LLC: Dependent on Tax Classification
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Can I file for an extension if I can't meet the deadline?
Yes, you should file for an extension if you cannot meet your deadlines. Filing for a business tax extension can save you from paying penalties on what you owe. You still have to request for an extension to file before April 18th.
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What are the consequences of filing taxes late for my business?
The IRS states that: The Failure to File penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
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How do I calculate and pay estimated taxes for my business?
Check out our Quarterly Tax Calculator
Paying your quarterly taxes is simple: visit IRS.gov and click on “pay”; then, choose a bank account, debit, or credit and select a payment for estimated tax when prompted by the IRS.
*This is not tax advice
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What records do I need to keep for tax purposes?
It is important to keep records for your taxes. Sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. They are needed to prove the income or deductions on your tax return.
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Can I amend my business tax return if I made a mistake?
Yes. If this is something you are thinking about. Let’s chat and discuss the best options for you.
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How do I determine if my business qualifies for certain tax breaks or incentives?
Reach out to a tax professional to help you find all of the best tax breaks that you can receive.
Looking for guidance around tax planning?
At GrowthLab, we transcend traditional tax filing and virtual tax preparation to deliver a holistic, strategic, and customer-centric tax management service, meticulously designed to cater to your unique needs and financial objectives.
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