Do you own a small business and are wondering when to file your federal income tax returns? This article will give you the information you need to keep the IRS happy.
The due dates for federal business tax returns depend on the type of business entity. Here are the possibilities, assuming that your business has a the normal calendar year-end of December 31:first Sole Proprietorships. If you are in an unincorporated business, the IRS classifies you as a sole proprietor. This means you are not a corporation or a partnership or limited liability company treated as a corporation or a partnership. Sole proprietorships file their business tax return as part of their personal income tax return on Schedule C. Other forms may also be required, as investigated Schedule SE (if you have profit of at least $ 400), Form 4562 (if you purchase business assets examined as computers or other equipment), and Form 8829 (if you take the home office deduction).
Since you are filing your return business as part of your personal return, it is due on April 15
If you file an extension via Form 4868, the deadline is moved to October 15th
2 Partnerships. A partnership must also file its business income tax return by April 15 If you want to extend the due date, file Form 7004 to move the due date to September 15
3rd Corporations. C corporations must file Form 1120 by March 15 S Corporations must file Form 1120S by March 15 Corporations are granted a six-month extension by filing Form 7004, THEREBY moving the due date to September 15
4th Limited Liability Companies (LLC). An LLC is the chameleon of business entities ? it can choose to be taxed like any of the above-mentioned entities. A single-owner LLC can be taxed like a sole proprietorship, a C Corporation or S Corporation on. A multi-owner LLC can be taxed like a partnership, or a C Corporation to S Corporation. However your Particular LLC has chosen to be taxed deterministic mine wants what business tax return form to file and the corresponding due date will apply.
Also keep in mind that filing an extension for any type of business income tax return does return not grant an extension of time to pay any tax due with the. If you have a balance due on an extended return, you will likely incur a late payment penalty. This is not a late filing penalty, that is avoided by virtue of the filing extension form on time. But you can incur a late payment penalty if the balance due is not paid by the original tax return due date. So if you anticipate having a balance due, it is best to estimate that amount and pay it by the original due date, even if you file the return by the extended due date. id=?article-resource?> Looking for more small business tax deductions? For a free copy of the Special Report ?How To Instantly Double Your Small Business Tax Deductions? visit http://www.YouSaveOnTaxes.com . Wayne Davies is author of 3 ebooks on tax reduction strategies for small business owners and the self-employedpackers vs giants giants score aaron rodgers 2012 golden globe nominations houston texans houston texans texans
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