As we move into the heart of the first quarter, staying on top of filing deadlines is crucial for every business owner. Missing a deadline can result in penalties and headaches that no one wants to deal with. Here’s a guide to the key dates coming up in March and April, so you can ensure all your financial obligations are met on time.
March Filing Deadlines
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March 17 (normally March 15):
- Partnership Returns (Form 1065): Deadline for partnerships to file their annual returns. Ensure all Schedule K-1s are also distributed to partners. The deadline is extended to March 17 this year because March 15 falls on a Saturday, pushing the due date to the next business day.
- S Corporation Returns (Form 1120S): S corporations must file their tax returns (or request an extension) by this date. Each shareholder should receive a Schedule K-1 showing their share of corporate income, deductions, and credits. Like partnerships, this deadline is moved due to the original date falling on a weekend.
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March 31:
- Electronic Filing of Forms 1099 and 1098: If you are required to file any Forms 1099 or 1098, the deadline for electronic submissions to the IRS is the end of March.
April Filing Deadlines
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April 15:
- Individual Tax Returns (Form 1040): The deadline for individuals to file their personal tax returns. This also applies to sole proprietors filing Schedule C on their personal tax returns.
- C Corporation Returns (Form 1120): C corporations are required to file their annual tax returns by April 15.
- First Quarter Estimated Tax Payment: If you pay estimated taxes, the first quarter payment for the current year is due.
- IRA Contributions: Last day to make contributions to your traditional or Roth IRA for the previous tax year.
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April 30:
- Employee Benefits Plan Returns (Form 5500): For businesses that operate on a calendar-year basis, the deadline to file the annual report detailing employee benefit plans like 401(k)s is the last day of April.
Filing for Extensions: Necessary Forms and Procedures
Filing an extension gives businesses additional time to gather information and prepare their tax returns accurately. Here’s what you need to know about the extension forms and how to file them:
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Form 7004: This form is used to request an automatic extension for S Corporations (Form 1120S) and Partnerships (Form 1065). Filing this form provides a six-month extension, moving the deadline from March 17 to September 15 for calendar year filers.
Procedure: File Form 7004 by the original due date of your return (March 17 for 2025 if you are a calendar year filer). Ensure that you accurately estimate any tax liability and pay any amount due by the original filing deadline to avoid potential penalties and interest.
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Form 4868: Individuals, including sole proprietors who report business income on Schedule C with their personal tax returns, use this form to request a six-month extension for filing their Form 1040.
Procedure: Submit Form 4868 by April 15. This extends the filing deadline to October 15. Like with business extensions, it’s important to estimate and pay any owed taxes by the original April 15 deadline to avoid penalties and interest.
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Form 8868: Nonprofit organizations use this form to request an automatic six-month extension for filing their Form 990 series.
Procedure: File Form 8868 by the due date of your Form 990 (May 15 for calendar year filers). This grants an extension until November 15, allowing more time to complete and file the necessary paperwork without penalty.
Importance of Timely Extension Filing
Filing for an extension does not extend the time to pay taxes owed but merely extends the time to file the paperwork. To avoid interest and penalties, estimate and pay any taxes you believe are owed by the original deadline. Use the time granted by an extension to ensure your return is complete and accurate, reducing the likelihood of errors and the potential for future audits.
This expanded information clarifies the procedures for filing extensions, including the specific forms required for different business structures and individual filings. This guidance will help ensure that your readers are well-informed and can manage their tax obligations effectively.
Conclusion
Keeping track of filing deadlines is an integral part of managing your business’s finances. By preparing in advance and marking these important dates on your calendar, you can avoid penalties and focus more on growing your business.