When Are Business Taxes Due 2023 Extension?

Business taxes are an essential aspect of running a company, and it is crucial for business owners to be aware of deadlines to avoid penalties and interest. Understanding the due dates and extension options can help ensure compliance and financial planning. In 2023, there are specific deadlines that businesses must adhere to, along with the possibility of obtaining an extension if more time is needed to file the taxes.

When are business taxes due 2023 extension? Business taxes for the year 2023 are generally due on April 18, 2023. However, businesses can file for an extension to push the deadline to October 16, 2023. To request an extension, businesses need to file Form 7004 with the IRS by the original due date of April 18, 2023. This extension applies to various types of business entities, including sole proprietorships, partnerships, and corporations.

Types of Business Entities and Deadlines

Different types of business entities have specific deadlines for filing their taxes. Sole proprietorships, which report business income on Schedule C of the owner’s personal tax return, must file by April 18, 2023. Partnerships and multi-member LLCs, which file Form 1065, must also adhere to the April 18 deadline. Corporations, which file Form 1120, have the same April 18 deadline. If an extension is filed, the new deadline for all these entities will be October 16, 2023.

How to File for an Extension

To file for an extension, businesses must submit Form 7004 to the IRS by the original tax deadline of April 18, 2023. This form can be filed electronically or by mail. It is important to note that an extension to file does not grant an extension to pay any taxes owed. Businesses must estimate their tax liability and pay any due amount by April 18 to avoid interest and penalties. The extension only provides additional time to file the tax return itself.

Staying informed about tax deadlines and extension options is crucial for business owners. Proper planning and timely filing can help avoid unnecessary complications and ensure that the business remains in good standing with tax authorities.

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