When is the Business Tax Deadline?
Your business tax deadline depends on two things: 1. Your business’s tax classification 2. Your fiscal year Some classifications have to pay on the 15th day of the third month after their fiscal year ends, and others have to pay on the fourth month after the fiscal year ends. Most likely, if you operate on a calendar year (January 1st to December 31st) and you have a small business, your taxes will be due March 15th or April 15th.
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What is a Tax Classification?
A Tax Classification is how your business is classified for tax purposes. You can classify your business as:
- S-Corporation
- C- Corporation
- Partnership
- Sole Proprietorship
How do I find my Tax Classification?
If you don’t know your business’s tax classification, check your business records. If you have a Form 8832 (Entity Classification Form) or Form 2553 (Election by a Small Business Corporation), that should let you know. If you don’t have any of these forms or don’t remember filing any additional forms, you have a Sole Proprietorship by default. A Sole Proprietorship flows onto your personal taxes, or Form 1040 – Schedule C.
What’s a fiscal year?
A fiscal year is the 12-month period that a business uses for financial planning. Most businesses operate on a calendar year (January 1st to December 31st), but some businesses may want to use a fiscal year ending on a different month depending on how their industry and business works. For example, many retail stores end their fiscal year around January 31 instead of December 31 so they can capture all the holiday shopping in their fiscal year.
How do I know if I use a calendar year or a fiscal year?
Short answer: unless otherwise stated, most businesses operate on a calendar year. However, you can check your previous business tax returns, business records, or accounting statements to make sure.
So when are my taxes due?
If you have a partnership or S-Corp, the filing deadline is March 15 or the 15th day of the third month after your fiscal year ends. If you have a Sole Proprietorship, or C-Corp, you have until April 15 or the 15th day of the fourth month after your fiscal year ends. If you have more questions, you can also check on IRS Publication 509 to confirm if you’re filing on the right date.