Thursday, April 11, 2024
Welcome to our Weekly Digest! 🚀
Today's dive will be about taxes! You're taxes are due soon! But... when?
Let's get into it!
Taxes and their dates can get confusing! So, when exactly is the due date for business income tax returns?
Surprise, surprise! Not all business entities' have a due date of April 15th!
Buckle up, here's the IRS' answer! Here are the appropriate due dates for different business entities:
"A sole proprietor's Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) and an individual farmer's Schedule F (Form 1040), Profit or Loss From Farming are attached to Form 1040, U.S. Individual Income Tax Return or Form 1040-SR, U.S. Tax Return for Seniors. Therefore, the due [...] date is April 15 for calendar year taxpayers.
Most partnerships use the calendar year, but other tax years are permitted. The partnership tax return is generally due by the 15th day of the third month following the end of the tax year.
Most S corporations use the calendar year, but other tax years are permitted. The due date is the 15th day of the third month following the end of the tax year.
A corporation that's not an S corporation may use either the calendar year or a fiscal tax year. The corporate tax return is generally due by the 15th day of the fourth month following the end of the corporation's tax year. However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the third month after the end of its tax year."
If you need help getting your books ready for taxes, contact us below! Our own bookkeeping expert, Corey on standby to guide you!
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