Understanding the deadlines for business tax returns is crucial for ensuring compliance with tax laws and avoiding penalties. The due dates for business tax returns can vary depending on the type of business entity, such as a sole proprietorship, partnership, corporation, or S corporation. Each entity type has specific filing requirements and deadlines that must be met.
When are business tax returns due? Business tax returns are generally due on the 15th day of the fourth month after the end of the tax year. For most businesses, this means April 15th. However, if the business operates on a fiscal year rather than a calendar year, the due date will be different. For example, if a business’s fiscal year ends on June 30th, the tax return would be due by October 15th.
For sole proprietorships and single-member LLCs, which are taxed as sole proprietorships, the tax return is filed with the owner’s individual tax return on Form 1040, Schedule C. The due date for these returns is April 15th. If April 15th falls on a weekend or holiday, the due date is the next business day.
Partnerships and S Corporations
Partnerships and S corporations must file their tax returns by the 15th day of the third month after the end of their tax year, which is typically March 15th for calendar-year filers. Partnerships file Form 1065, and S corporations file Form 1120S. These entities must also provide Schedule K-1 forms to their partners or shareholders, detailing each individual’s share of income, deductions, and credits.
If a partnership or S corporation operates on a fiscal year, the tax return is due the 15th day of the third month after the end of the fiscal year. For example, if the fiscal year ends on September 30th, the return is due by December 15th.
Corporations
Corporations, including C corporations, must file their tax returns by the 15th day of the fourth month after the end of their tax year, which is typically April 15th for calendar-year filers. Corporations file Form 1120. Similar to other entities, if the due date falls on a weekend or holiday, the return is due the next business day.
Corporations operating on a fiscal year must file their returns by the 15th day of the fourth month after the end of their fiscal year. For example, if the fiscal year ends on May 31st, the return is due by September 15th.
It is important for business owners to be aware of these deadlines and to file their tax returns on time to avoid penalties and interest. Extensions are available for businesses that need additional time to file, but the request for an extension must be submitted by the original due date of the return. Even with an extension, any taxes owed must be paid by the original due date to avoid penalties.
By understanding the specific due dates for their business entity and planning accordingly, business owners can ensure they meet their tax obligations and maintain good standing with the IRS.