When Are LLC Tax Returns Due: Everything You Need to Know
If you're wondering when business taxes are due, they have due dates that can vary depending on the company type. 3 min read updated on January 01, 2024
When Are Business Taxes Due?
If you're wondering when business taxes are due, they have due dates that can vary depending on the company type. Sole proprietorships, corporations, and partnerships tend to have different deadlines for filing tax returns. Due dates typically stay the same from year to year, but it is possible for them to change.
To avoid missing an important due date accidentally, it is important to check for important tax deadlines for your business every year. The Internal Revenue Service (IRS) could give you a penalty if you miss the time frames.
Tax returns start being processed by the IRS January 23 and they accept paper-filed and electronically filed returns. The following are the various forms and their due dates which could change, so always check.
- Businesses must send their employees W-2 forms or Form 1099's by Feb. 1.
- Feb. 15 is the deadline for financial institutions to send Form 1099-B that relates to sales of mutual funds, stock, or bonds through a brokerage account, Form 1099-S that relates to real estate transaction, and Form 1099-MISC if the sender has to report payment in boxes 8 or 14.
- Feb. 28 is the deadline for paper versions of Form 1099. March 31 is the deadline for electronic forms.
- For a business that has independent contractors as employees, you may file Form 1099-MISC with Box 7 for non-employee compensation empty.
- Form 1120, 1120A (C-corporations) or 1120S (S Corporations) is due March 15. You should also use this date to file a tax extension if using Form 7004. Any taxes due should be getting paid by this date even if you did not file an extension. For business partnerships, you should Form 1065 by this date. For partnerships using Form 7004, tax extensions can get filed at this time as well.
- Paper filing for businesses of Forms 1099 and 1096 have a deadline of Feb. 28.
- Except for 1099-MISC, electronic filing of Forms 1099 and 1098 is due March 31.
- April 18 is the general deadline for individual tax returns for Forms 1040, 1040EZ, and 1040A. Normally, it is April 15, but the IRS extends it to the 18th. Tax extension requests are due by this date. However, any owed taxes are due at that time, regardless, if you filed for an extension. First quarter estimated tax payments are due by this time for both businesses and individuals. You can pay through the mail or online.
- April 17 is the due date for a trust estate income tax return, which is Form 1041. An extended deadline is Oct. 2.
- The IRS FinCEN Form 114 for foreign bank account reports are due April 18.
- Financial institutions need to send out Form 5498 for reporting the balances in an individual retirement account by May 31.
- The deadline for second quarterly estimated tax payments is due June 15. There should be a postmark of June 15 or earlier for mailed payments.
- Foreign bank account reports are due June 30. The report is due if there is over $10,000 (in aggregate) held in foreign bank accounts. The reports are required to be filed electronically.
- If partnerships had a five-month extension, tax returns must be submitted by Aug. 15.
- If a corporation got a tax extension earlier in the year, it has to file a tax return by Sept. 15. This is also the due date for third quarter estimated tax payments.
- A self-employed person or small employers that need to establish an SIMPLE-IRA for the prior year have a deadline of Oct. 1.
- If a self-employed person or sole proprietors got a five-month extension on their taxes, they need to complete and file their return on or before Oct. 16. If they do, they will avoid penalties for late filing.
- If C-corporations requested an extension, the deadline is Oct. 16 for Form 1120. The IRS will stop accepting electronically filed tax returns on this date. If you miss the time limit, you will need to mail the return.
- The fourth quarter estimated tax payments are due by Dec. 15.
It is important to remember that dates can change, so it is always important to check to avoid late fees. If the tax return due date happens to fall on a weekend or holiday, the due date gets moved to the following workday. If April 15 falls on a Sunday, then the due will be Monday, April 16.
If you need help learning when business taxes are due, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.