Navigating Tax Return Deadlines: A Guide for Individuals and Businesses
Tax Return Filing
As tax return filing deadlines approach, staying informed about filing deadlines is crucial. Whether you’re an individual taxpayer or a business owner, understanding these dates can help you avoid penalties and ensure compliance with the IRS. Let’s dive into the key deadlines for individual, S-Corporation, and partnership tax returns.
1. Individual Tax Returns (Form 1040)
Deadline: April 15th
Individual taxpayers must file their federal income tax returns using Form 1040 by April 15th each year. However, if the 15th falls on a weekend or holiday, the deadline is extended to the next business day.
Here are the consequences of missing this deadline:
Penalties: Failing to file by the due date results in a late filing penalty. The penalty is usually 5% of the unpaid tax amount per month, up to a maximum of 25%.
Interest: Additionally, interest accrues on any unpaid tax balance until it’s fully paid.
2. S-Corporation Tax Returns (Form 1120-S)
Deadline: March 15th
S-Corporations (S-Corps) must file their tax returns using Form 1120-S by March 15th. Similar to individual returns, missing this deadline has consequences:
Penalties: The late filing penalty for S-Corps is $235* for each month or part of a month (up to a maximum of 12 months) the return is late or does not include any required information, multiplied by the total number of shareholders in the corporation during any part of the corporation’s tax year.
*The late filing penalty of $235 is for 2023 tax returns. Please note that the late filing penalty is periodically increased. Thus, review the penalty amount for the years subsequent 2023.
3. C-Corporation Tax Returns (Form 1120)
Deadline: April 15th
C-Corporations (also known as regular corporations) must file their tax returns using Form 1120 by April 15th of each year. Here’s what you need to know:
Penalties for Late Filing: Missing the April 15th deadline can result in penalties. The late filing penalty for C-Corporations is typically 5% of the unpaid tax amount per month, up to a maximum of 25%.
Interest on Unpaid Taxes: Additionally, interest accrues on any unpaid tax balance until it’s fully paid.
Estimated Taxes: C-Corps are also required to make estimated tax payments throughout the year. Failure to do so can lead to underpayment penalties.
4. Partnership Tax Returns (Form 1065)
Deadline: March 15th
Partnerships must file their tax returns using Form 1065 by March 15th. Here’s what you need to know:
Penalties: The late filing penalty for partnerships is $260 per month per partner, up to a maximum of 12 months.
Tips to Avoid Missing Deadlines
1. File an Extension: If you can’t meet the tax return deadline, file for an automatic extension by the deadline for filing the tax return. Remember that an extension only grants additional time to file, not to pay any owed taxes.
2. Seek Professional Help: Consult a tax professional to ensure accurate and timely filing.
We hope this guide helps you stay on top of your tax obligations. If you have any specific questions or need legal assistance, feel free to reach out to our experienced tax controversy attorneys at Ruth Tax Law. We’re here to help!
Note: The information provided in this blog post is accurate as of the publication date. Tax laws and regulations may change, so always verify with official sources or consult a tax professional.
Olena Ruth | Tax Defense Attorney
Olena represents the taxpayers in federal and state tax audits, collection matters, administrative appeals, and the U.S. Tax Court’s cases. She is actively engaged in Tax Sections of the American Bar Association and Colorado Bar Association. She serves as Colorado Bar Association’s pro-bono attorney and liaison to the Internal Revenue Service. Her speaking engagements include presentations on tax matters in family law, employment tax issues, and communication with the IRS.
Olena can be reached at olena@ruthtaxlaw.com
