As a busy entrepreneur, you don’t always have the time to think about your business tax return due date. It can be easy to miss your business tax return deadline with so much on your plate. You may be asking yourself, When are business taxes due? Learn more about your business tax due date and deadlines below.
Business tax return due date
Your business tax return due date depends on your business structure. Business structure types include sole proprietorships, single or multi-member limited liability companies (LLCs), partnerships, corporations, and S corporations. Your business structure will determine which tax return you file and your company tax return due date.
Review the business tax deadline for each type of business structure below:
Sole proprietorship
A sole proprietorship is a small business owned by one person. A sole proprietor must file Schedule C, Profit or Loss From Business, to file business tax returns. Schedule C goes along with a sole proprietor’s individual tax return, Form 1040. The due date for Schedule C is April 15.
Single-member LLC
Single-member LLCs, an LLC with one owner, are taxed like sole proprietorships and also file a Schedule C. A single-member LLC’s tax return due date is April 15.
Partnership
Partnerships file business tax returns using Form 1065, U.S. Return of Partnership Income. The partnership and the partners must report profit and losses to the IRS. Form 1065 is due on the 15th day of the third month after the partnership’s tax year ends. For example, if a partnership’s tax year ends on December 31, the due date is March 15.
Partnerships also distribute Schedule K-1. Partners use Schedule K-1 to fill out their individual tax returns. Distribute Schedule K-1 to partners by March 15. The deadline for partners to file Schedule K-1 is April 15.
Multi-member LLC
A multi-member LLC is typically taxed like a partnership. Like partnerships, multi-member LLCs will also file Form 1065 and Schedule K-1. Partnership due dates also apply for multi-member LLCs, including the March 15 deadline for distributing Schedule K-1.
The due dates may vary depending on your multi-member LLC tax structure. Multi-member LLCs can elect to be taxed as corporations. The due dates will correspond with the corporation’s deadline if you elect to be taxed as a corporation.
Corporation
Corporations file business tax returns using Form 1120, U.S. Corporation Income Tax Return. A corporation may choose any year-end date.
Corporation tax returns are generally due on the 15th day of the fourth month after the end of the company’s financial year. For example, a corporation with a year-end date of December 31 must file and pay taxes by April 15.
However, if your business’s fiscal year ends on June 30, you must file Form 1120 by the 15th day of the third month.
S Corporation
S Corporations, or S Corps, are corporations that only pay taxes on personal income. File Form 1120-S, U.S. Income Tax Return for an S Corporation, if your business is structured as an S Corp. Individual owners receive Schedule K-1, showing distributions from the corporation.
An S Corp usually has a year-end date of December 31. Use the tax return due date of March 15 when filing as an S Corp.
Determining tax return due dates
Tax return due dates are not always on weekdays. Your business tax deadline will vary if the due date falls on a weekend or holiday. When this occurs, the deadline moves to the following business day.
For example, if April 15 is on a Saturday, the due date will be Monday, April 17.
Extension deadlines
As a business owner, you have options if you think you may miss a due date. You can file a business tax extension if you need to push back your tax return deadline. Extensions do not change the amount that you owe.
If you file for and receive an extension, your business tax return will be due on:
- September 16, 2019 for S Corps, partnerships, and multi-multiple LLCs filing as a partnership
- October 15, 2019 for sole proprietors, single-member LLCs, and corporations
If you can’t pay taxes, contact the IRS for solutions. Alternative options may include installment plans and temporarily delaying collections.
This is not intended as legal advice; for more information, please click here.