A Comprehensive Guide to Tax Deadlines and Extensions

Tax Deadlines Extension Late filing penalties Late payment penalties
  • Tax season can be a hectic time for individuals, businesses, and nonprofits alike. With so many deadlines to keep track of, it’s essential to mark your calendar to avoid late fees and potential penalties. This guide offers a comprehensive overview of tax deadlines and extension options available to you.

1. Individual Taxpayers:

Regular Deadline: The tax deadline for individuals (Form 1040) is typically April 15. If April 15 falls on a weekend or holiday, the deadline will be the next business day.

Extension Deadline: If you’re unable to file by the April deadline, you can request an automatic six-month extension using Form 4868. With this extension, your new filing deadline becomes October 15.

2. Businesses:

Sole Proprietors and LLCs (Single-Member):

Regular Deadline: These businesses report income on the owner’s personal tax return. Thus, the deadline matches the individual taxpayer’s deadline, which is April 15.
Extension Deadline: Requesting an individual extension (Form 4868) will also extend your business filing to October 15.
Corporations (C Corporations):

Regular Deadline: Corporations using a calendar year end must file by April 15. Those on a fiscal year follow a deadline of the 15th day of the fourth month after their fiscal year ends.
Extension Deadline: Corporations can request a six-month extension using Form 7004, pushing the deadline to October 15 (for calendar year taxpayers).
S Corporations:

Regular Deadline: S Corporations must file by March 15.
Extension Deadline: With Form 7004, they can secure a six-month extension, shifting the deadline to September 15.
Partnerships:

Regular Deadline: Partnerships have a regular deadline of March 15.
Extension Deadline: A six-month extension to September 15 can be obtained with Form 7004.
3. Nonprofits:

Regular Deadline: Nonprofits (Form 990) usually need to file by the 15th day of the fifth month after their accounting period ends. For organizations following a calendar year, the deadline is May 15.

Extension Deadline: Using Form 8868, nonprofits can apply for an automatic six-month extension, making the extended deadline November 15 for calendar year filers.

4. Quarterly Estimated Taxes (IRS):

For those who make quarterly estimated tax payments, here are the typical deadlines:
1st Quarter: April 15
2nd Quarter: June 15
3rd Quarter: September 15
4th Quarter: January 15 of the following year
Key Takeaways:

  • It’s essential to be aware of the tax deadlines relevant to your filing status and business type.
  • Extensions can provide more time to file but not additional time to pay. Interest and penalties can accrue on unpaid balances, even if you’ve received an extension.
  • Always consider consulting a tax professional to ensure you’re meeting all deadlines and compliance requirements.

Did you possibly miss the tax deadline? Are you anticipating a notice from the IRS, or have you already received one concerning penalties for late filing or payment? Taxfully is here to assist. We can potentially help you abate these penalties. Schedule a free consultation with one of our tax experts to learn more about your options.

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