April 15th comes to mind when you think about when taxes are due. This is a friendly reminder that if your business is an S-Corporation or a C-Corporation, your business tax return is due before March 15th.
Your S-Corp (LLC’s taxed as an S-Corp count too) is required to file IRS Form 1120S (Corporation Tax Return) before March 15th. After your Form 1120S is complete, you must distribute K-1’s to your shareholders by March 15th as well.
C-Corps (LLC’s taxed as a C-corp also fall into this category) are required to file IRS Form 1120 (Corporation Tax Return) along with any income tax due before March 15th.
If you need an extension to file your S-Corp and/or C-Corp tax return, you must file IRS Form 7004 by March 15th, requesting the automatic six month extension. Keep in mind the extension is not an extension for paying your taxes. Estimated tax payments are due before March 15th and can be submitted with your Automatic Six Month Extension Form 7004.
As always, every individual and business is different. It is recommended you contact your CPA or Tax Advisor to consult about your specific tax needs and requirements.
Michelle is the owner of Trailhead Accounting Solutions CPA, LLC, an Erie, CO based CPA firm focused on providing small and mid-sized businesses with day-to-day accounting, bookkeeping, and business solutions. Michelle is a CFO turned consultant who loves working with small businesses and entrepreneurs. When she’s not crunching numbers, she can be found hiking, remote camping, gardening, quilting, and hanging out with her family.