Business Return Deadlines
3/12/22 – Our next deadline is fast approaching! With all these deadlines littered throughout tax season, we can admit that sometimes it gets a bit confusing knowing what forms are due when. While it is common knowledge that without an extension, our personal tax returns (Form 1040) are due on April 15th (Note: for any due dates that fall on a weekend or legal holiday, the due date is moved to the next business day), it isn’t common knowledge to know the due dates of business returns.
So, what are the due dates for our various business returns?
- Partnerships: Most partnerships use the calendar year (12/31). The partnership tax return is generally due by the 15th day of the third month following the end of the tax year. Typically March 15th.
- S Corporation: Generally, an S corporation must use the calendar year unless the business can establish a business reason for having a different tax year. The due date is the 15th day of the third month following the end of the tax year. March 15th if using a calendar year-end.
- Corporation: A corporation that is NOT an S corporation may use either the calendar year or a fiscal tax year. The corporate tax return is typically due by the 15th day of the fourth month following the end of the corporation’s tax year.
- Sole Proprietor: A sole proprietor’s Schedule C, Profit or Loss From Business, and/or an individual farmer’s Schedule F, Profit or Loss From Farming (pending the farmer tax deadline does not apply to you https://evcpa.com/farmer-tax-deadline/) for income and expenses are attached to Form 1040. Therefore, the due date is the 15th day of the fourth month (April 15th) following the end of the tax year.
- Estates and Trusts: Estates and trusts must file by the 15th day of the fourth month following the close of the estate’s or trust’s tax year. Typically April 15th.
As stated earlier, our March 15th deadline is almost here. We are ready to knock this one off our list as we tick off the days of tax season. If you have any questions regarding your business and tax situation, reach out to one of our offices!