Tax Extensions and Tax Day

Tax season has come and gone. Tax day is April 18th, and an assortment of tax deadlines have already passed. Although that doesn’t mean there still isn’t time, especially for those considering a tax deadline. Tax deadlines aren’t complicated, what’s important is to know when they’re coming and to be prepared.

Before tax day, there is March 31st, the due date for eFiling on 1097-1099’s. This is also the deadline for when most payout information returns. Following this there’s tax day, this is also importantly the due date for the extension. These extensions will set a six month period to get together all the documents for filing. Tax day is notably for C-corps, individuals, and LLC’s in particular.

As for S-corps and Partnerships, their returns should already be submitted. Although assuming this return was extended, the new due date is September 15th. This contrasts with the extended due date on tax day filing, October 16th. Missing any of these dates can result in serious penalties, especially after an extension is filed. 
There are a few other dates to keep in mind for any business owner. Any profitable corporation will end up having to pay estimated tax payments. This is done in a quarterly format with dates as follows. Q1 tax day, Q2 June 15th, Q3 September 15th, and Q4 January 17th. And really these are all the major dates to consider. Keep these in mind and get organized well in advance. Also don’t forget that using a company to get one’s taxes done is great, but will set the due dates even earlier.

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