Due Dates For S Corporation, LLC's Taxed As S Corps, and Partnership Returns
Everyone knows that the deadline for filing your tax returns is April 15th, right! Well, actually wrong if you are an S Corporation or a Partnership. Because both S Corps and Partnerships report income to their partners or shareholders on a form K-1, their deadline is March 15th. This helps insure that partners and shareholders have their tax information in time to file their individual taxes by April 15.
It's Expensive To Be Late
Because S Corporations and Partnerships have an obligation to get information to their shareholders and partners in a timely manner, the penalties for late filing are steep! If no tax is due, the penalty for filing an S Corporation return late is $210 per month, or portion of a month that the return is late, multiplied by the number of shareholders! For partnerships, that amount is $205 per month or portion of a month multiplied by the number of partners.
An S Corporation with 5 shareholders that files on April 15th will owe $1,050 in penalties. If the return is filed on April 16th, the penalties would be $2,100!
Plus, your state may also impose penalties for being late.
It is very important that your Partnership or S Corporation tax return is filed on time!
What To Do If You Can't File By March 15
If you cannot file your S Corporation, LLC, or Partnership return by March 15th you can apply for an automatic extension with IRS Form 7004. If you use a tax professional, contact them to see if they would like to file the form for you, or you can complete and mail the form yourself following IRS instructions.
Some LLC Returns Are Due March 15
If your LLC is being taxed as an S Corporation or Partnership, then your tax return due date is also March 15.
25 Years Experience Getting It Done On Time
Need some help getting your business tax returns filed? I would love to help! I’ve spent over 25 years helping small businesses find every deduction they are entitled to. Along the way I have made some great friends! Email Kathleen@moneydebtandtaxes for a FREE consultation.