For generations, April 15th has always been known as Tax Day – the deadline by which all personal income tax returns must be submitted to the IRS. However, let’s not forget about another key tax deadline that comes up a month before Tax Day – the deadline to file many business tax returns.
On March 15, 2016, there is a major business tax deadline that you can’t afford to miss. Below is a breakdown of who exactly owes taxes to Uncle Sam by this date, along with which tax forms must be sent in to the IRS:
– Deadline for corporations to submit their 2015 corporate tax returns
These business returns include Form 1120 for C corporations and Form 1120S for S corporations. These tax forms must be completed with income amounts and other relevant information about the financial activities of a corporate business entity.
– Deadline to request an automatic extension of time for 6 months to file your corporate taxes
If you need more time to ensure your business return is in proper order and submitted to the IRS, consider using Form 7004 to take advantage of an extension of time. This extension timeframe is applicable to corporations that use a calendar year (January through December) as their tax year.
– Final deadline to file an amended corporate tax return
Amended tax returns are filed with the IRS to correct any reporting errors on previously filed returns. However, the IRS normally corrects any glaring errors in mathematical calculations on a return. Submit Form 1120X to file an amended corporate return.
– Other Business Tax Deadlines of Note
In addition to the March 15th corporate filing deadline, some other business tax deadlines to put on your calendar include those for estimated taxes, which are typically a requirement for both formal small business owners and self-employed professionals who earn 1099 income. These quarterly deadlines occur throughout the year on January 15th, April 15th, June 15th, and September 15th. Form 1040-ES must be filed to make these payments.
Since business taxes almost always come with additional requirements compared to basic personal tax filings, it’s imperative to stay on top of these dates to ensure you fulfill all of your IRS responsibilities, claim all possible tax deductions, and keep as much hard-earned income as you can in your business bank account. You could wind up facing late payment penalties if you fail to get your tax returns filed by these specific dates. The last thing small business owners want is having to pay more money on top of their original tax bill and their ever-increasing expenses.
To be certain you properly handle your business small business tax requirements, turn to the accounting professionals at 1-800Accountant. Call 1-800-222-6868 or visit www.1-800Accountant today.