Most people know that the tax deadline is April 15th however, businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have an earlier deadline of March 15th.
Both of these, S-Corp and Partnership, are considered “pass-through entities” since the income of each entity passes through Form K-1 to the individual tax return that’s due in April. As such, federal income tax is not due in March but the return still needs to be filed on time to avoid any late-paying penalties!
If you are not ready to file your business tax return, make sure you apply to extend your deadline which then gives you until September 15th to file without penalty. Late filing penalties are $210 PER Partner or Shareholder PER MONTH (or part of the month, even 1 day) for late filed business tax returns. These penalties can add up quickly if you are not prepared or planning to extend your deadline.
Extra Note For LLC’s:
LLC’s are state recognized entities and are not recognized federally. If you have only a single member LLC (one owner), and have not elected to be taxed as an S-Corporation federally, then your LLC taxes will be filed on your individual tax return that is due in April. If you are an LLC with more than one member, you’re automatically treated as a partnership for federal tax purposes, unless you elected to be taxed as an S-Corporation.
