Are You Ready for the Upcoming IRS Business Tax Deadline?

 

On March 17, 2014, there is a significant business tax deadline that you can’t afford to miss. Normally set for March 15th each year—the “Ides of March” in Julius Caesar’s words—the deadline has been bumped up two days this year since the traditionally scheduled date falls on a Saturday. Here is a breakdown of who owes taxes by this date and which forms must be submitted to the IRS:

 

• Deadline for corporations to submit their 2013 corporate tax returns to the IRS: These returns include Form 1120, Form 1120A, and Form 1120S for C corporations and S corporations. The forms must be completed with income amounts and other relevant information about the financial aspects of a corporation.
• Deadline to request an automatic extension of time for 6 months to file your corporate taxes: If you need more time to get your return in order and submitted to the IRS, use Form 7004 to take advantage of an extension. This rule applies to corporations that use the calendar year (January through December) as their tax year.
• Final deadline to file an amended corporate tax return with the IRS: Amended returns must be filed to correct reporting errors on previously filed tax returns. However, the IRS generally corrects basic errors in mathematical calculations. Use Form 1120X to file an amended corporate return.

 

A few other deadlines to stick in the back of your mind are for estimated taxes, which are often required of small business owners and self-employed workers. These quarterly deadlines occur throughout the year on January 15th, April 15th, June 15th, and September 15th.

 

Because business taxes come with additional requirements compared to personal taxes, it is critical to stay on top of these dates to ensure you fulfill your IRS responsibilities, claim all possible tax deductions, and keep as much money as you can in your business bank account. You could be on the hook for late payment penalties if you fail to get your taxes filed by these specific dates. The last thing small business owners want is having to pay more money on top of their original tax bill and their constantly evolving list of expenses.

 

Let the accountants, CPAs, and enrolled agents at 1800Accountant help you stay on top of your tax-filing to-do list. Learn more by calling 1-888-749-0117