The beginning of the year can be a hectic time for small companies, and finding the time to prepare for tax filing might seem like a job in and of itself.
Tax due dates can vary depending on your company type. The tax deadline for businesses that operate or are taxed as a sole proprietorship, single-member LLC, or C-Corporation is April 17, 2018. You’ll have two additional days to file this year since our usual Tax Day, April 15th, occurs on a Sunday and is followed by a municipal holiday in Washington DC.
But, whether you operate or are taxed as an S-Corporation or Partnership, the tax filing date has been moved from April 15th to March 15th. Check out our blog article regarding tax deadlines and other things you should be aware of.
Before you fill out any tax form to report your company revenue, you should have all of your business profits and costs in front of you. It’s a good idea to ask your tax accountant what further papers are required, but in the meanwhile, here’s some information to keep on hand. :
The following forms may be required for each sort of small business:
Sole Proprietorship
Schedule C (Form 1040), Profit or Loss from Business or Schedule C-EZ (Form 1040), Net Profit from Business, U.S. Individual Income Tax Return
Partnership
1065, U.S. Return of Partnership Income
C-Corporation
1120, United States Corporate Income Tax Return
S-Corporation
1120S Sch. K-1 1120S Sch. K-1
If you’re unsure which form to use, consult an accountant or other tax specialist.
If you are unsure if you will be able to submit your company taxes by the deadline, you may consider requesting an extension. An extension of 5-6 months from the due date is possible. Consequently, if your tax return is due on March 15th, you will have until September 15th to submit. An extension, however, does not prolong the due date for any payments. To prevent late penalties, you should still make any payments that are owing by the original due date.
The majority of businesses will utilize Form 7004 to request an extension. If your company activity is being recorded on your personal tax return, you should utilize Form 4868.