Knowing about tax deadline or when are business tax returns due is quite a common thought when the year is near the end. The business owner often out-source the tax filing and accounting job, still it is important for them to keep the tax calendar updated. So this post is for all of them .The tax filing deadline under IRS rules depends on the type of business entity. Therefore , your entity type decides your deadline for filing business taxes. Below is a list of the types of business entities for tax return considerations:
For tax purpose , a sole proprietorship business entity is akin to an Individual taxpayer , so he/she files his/her business income tax return on Schedule C, along with the his/her personal tax return (Form 1040) .. The accounting year for a sole proprietorship business ends on December 31, and the tax return due date is the same as the individual’s—April 15, 2019. The due date for the 2018 Schedule C is April 15, 2019.
A single member Limited Liability Corporation or LLC is also taxed like a sole proprietorship, using Schedule C to Form 1040. The due date for 2018 Schedule C forms, along with the owner’s personal tax return, is April 15, 2019.
A partnership return is filed on Form 1065, and the due date falls on the 15th day of the 3rd month after the end of the partnership’s tax year. For example, if your partnership is a calendar year taxpayer, with a December 31 year end, you must file a 2018 tax return or extension request by March 15, 2019 which is also the due date for individual partners to receive Schedule K-1 that shows individual share of the partnership income or loss. The Schedule K-1 is part of schedule of individual tax return form 1040.
Multiple-Member Limited Liability Company (LLC)
Multiple-member LLCs taxed as partnerships , so all the deadlines , including the March 15, 2019, deadline for giving partners their Schedule K-1, effective for partnership applies to it.
S corp are corporations that distribute its income, losses, deductions, and credits through to their shareholders for federal tax purposes. S corps must file an information report on Form 1120 S and provide K-1s by March 15, 2019.
Corporations often choose any convenient date as their year-end (usually a quarter-end) date. For the 2018 tax year, corporation tax returns are due and taxes are payable on the 15th day of the 4th month after the end of the company’s fiscal (financial) year. For example, a corporation with a year-end date of December 31 must file and pay taxes by April 15, 2019.
Business Tax Deadline 2018
The following table covers business tax return due date for tax year 2018 taxes in 2019 (using the calendar year):
2019 Tax Deadlines for Filing 2018 Business Returns
Partnership Tax Deadlines:
|Original tax deadline for partnerships (Form 1065)||March 15, 2019|
|Extension tax deadline for partnerships (Form 1065)||September 16, 2019|
S Corporation Tax Deadlines:
|Original tax deadline for S Corporations (Form 1120S)||March 15, 2019|
|Extension tax deadline for S Corporations (Form 1120S)||September 16, 2019|
C Corporation Tax Deadlines:
|Original tax deadline for C Corporations (Form 1120)||April 15, 2019|
|Extension tax deadline for C Corporations (Form 1120)||October 15, 2019|
Sole Proprietor Tax Deadlines:
|Original tax deadline for sole proprietors and individuals (Form 1040)||April 15, 2019|
|Extension tax deadline for sole proprietors and individuals (Form 1040)||October 15, 2019|
Nonprofit Tax Deadlines:
|Original tax deadline for exempt organizations (Form 990)||May 15, 2019|
|Extension tax deadline for exempt organizations (Form 990)||August 15, 2019|