Do you know your filing deadlines for this year? Filing late if you owe tax payments can result in significant penalties that quickly add up.
It’s important to note that if the deadline falls on a weekend or a holiday, the due date is usually extended to the next business day. This year, April 15 falls on a Saturday, and Monday, April 17 is Emancipation Day, an official public holiday in Washington, DC, which extends the last day for individual returns to Tuesday, April 18. Additionally, taxpayers who are living and working outside of the United States may be eligible for an automatic extension of time to file their tax returns. It’s always a good idea to consult with a tax professional to ensure that you meet all of the applicable tax deadlines.
1. IRS tax return deadlines can vary depending on the type of tax return and the taxpayer’s situation. Here are some of the most common deadlines:
2. Individual income tax returns (Form 1040): The deadline for filing individual income tax returns is typically April 15 of each year, though falls on Tuesday, April 17 in 2023. The deadline may be extended to October 15 if the taxpayer files for an extension.
3. Partnership and S corporation tax returns (Form 1065 and Form 1120-S): The deadline for filing partnership and S corporation tax returns is March 15 of each year. This deadline may be extended to September 15 if the taxpayer files for an extension.
C corporation tax returns (Form 1120): The deadline for filing C corporation tax returns is typically April 15 of each year. However, for tax years beginning after December 31, 2020, the filing deadline for C corporation tax returns is the 15th day of the fourth month following the end of the corporation’s tax year.
Are you feeling overwhelmed about looming tax deadlines or not sure which due date applies to you? Reach out to SBK, and we’ll get your taxes in order.