BUSINESS OWNERS, HAVE YOU FILED YOUR TAXES?

Here are some answers to questions about the March 15th corporate tax deadline:

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March 25th, 2018
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Here’s a question I’m hoping every small business owner will answer “yes” to…. have you filed your corporate taxes? The deadline for corporations to file their 2017 taxes was March 15th! Yes, it really was. If you read my blog regularly, you should know your tax return or extension request was due over a week ago. March 15th was also the date to pay taxes due.

What if you’re not an S Corporation? What if you don’t have the money to pay your taxes? Good questions. Here are some answers to questions about the corporate tax deadline:

  • FILE YOUR 2017 TAXES – Whether you’re an S-corporation, an LLC, or a partnership, if you haven’t filed your 2017 return, you need to go ahead and do it. You must provide all shareholders with a copy of Schedule K-1 or Form 1120S.  These forms include income, deductions or credits. If you’re an S-corporation, you should file form 2553, Election by a Small Business Corporation. Talk to your accountant or bookkeeper about the specifics of your corporate taxes. If he or she hasn’t filed your taxes, then call me or one of my Brigade Bookkeeping team members NOW.
  • SIX MONTH EXTENSION – If you’re a corporation and needed extra time to file your 2017 tax return, then I hope you or your accountant filed for an automatic six-month extension. The way to do that is through Form 7004.
  • PAY UP – Corporations can always request an extension, however, if you owe any money, you must pay your estimated taxes.  If not, you will incur a penalty, and possibly a fine.
  • SEPTEMBER 15TH – This is the day your six-month extension ends. If you filed for this extension, then by this date, you must file a 2017 return and provide each shareholder with a copy of Schedule K-1 or Form 1120S.

If you’re a business owner, you know you must adhere to several tax deadlines. March 15th, the corporate tax filing deadline, was a big one. If your accountant hasn’t filed your corporate taxes yet, or asked for an extension, then find out why. If your accountant can’t answer, call us NOW. We can help make sure you are in compliance with federal tax laws.

Have a wonderful week!

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