Most people can identify April 15 as the dreaded tax day, but what about business taxes? Are they due then as well? If you are starting a business, you might be surprised to learn that businesses may have different due dates.
When your taxes are due depends on what type of business you have. Things can get a bit confusing, so we are going to try to clear them up for you. When someone asks “when are business taxes due?”, you’ll know just what to tell them.
When Are Business Taxes Due?
Most business taxes are due on April 15 (or the next business day) just as personal income taxes are due.
Sole proprietorships or independent contractors must file by this date. Similarly, C corporations must also file then as well.
The only exception to this is if a C corporation has a fiscal year that does not run the same as a calendar year. If they have a fiscal year that does not run on a calendar year, they must file their business taxes by the 15th of the fourth month following the end of their fiscal year. For example, if the fiscal year of your business runs from June 1 to May 30, you must file your taxes by September 15.
S corporations, on the other hand, have an earlier tax filing deadline and typically must file their taxes by March 15 each year.
Make sure you know the state dealines for tax filing as well, as those may vary from the federal deadlines.
Exceptions to Tax Filing Deadlines
While the general time frame will not change, the exact date may change year to year, depending on when April 15th falls (weekday vs. weekend) or if it falls on a holiday. Some states may have different holidays than the federal government which impacts the tax filing deadline as well.
In Massachusetts and Maine, Patriots Day falls on the 3rd Monday in April, which sometimes falls on April 15 (or on the first business day after April 15).
Businesses also may get an extension on filing taxes if they experienced a natural disaster. In 2022, for example, the IRS extended the business tax filing deadline to May 16 for Colorado wildfire victims and Kentucky tornado victims. In past years, tax deadlines have been extended due to the pandemic, hurricanes, and tropical storms.
How Will I Know When to File?
The best way to make sure your taxes are filed on time and filed properly is to hire a business accounting service to handle your tax preparation and filing. Corporate accountants can help you manage your books, take care of your taxes, and help you save money by reducing your tax liability.
Contact a Tax Professional Today
Hiring a firm that specializes in tax preparation for businesses will take care of the tax responsibilities for you, meaning you don’t really need to even think about “when are business taxes due?”
At Sterling Tax & Accounting, we can handle all of the financial aspects of your business, including monthly accounting, tax preparation, and virtual CFO services.
Contact us today or use our convenient online booking tool to schedule an appointment to learn more about how we can help you.
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