Taxes can be the bane of any individuals or corporations existence. There’s a lot of reasons for this, but that reason should not be a missed deadline. Tax day, April 18th, has arrived. This doesn’t mean one has to be completely ready to file, extensions are available. What it does mean is one should be aware of the impact for one’s business.
Another prominent set of dates to remember are the due dates of estimated tax payments. Any profitable corporation owes estimated payments, big or small. These are due in a quarterly format, it goes as so. Q1 April 18th, Q2 June 15th, Q3 September 15th, and Q4 January 17th. And while these dates aren’t relevant to everyone, September 15th actually serves as a double due date.
S-corp and partnerships filing date for both returns and elections was March 15th. This means the extension, due six months later, is set for September 15th. This is just one month earlier from the tax day extension due date, set at October 16th. Again, knowing these dates themselves isn’t the challenge. The challenge is being prepared. It’s important as failing to do so can lead to harsh penalties. Or at the very least a hassle when looking at taxes in the future. So keep these dates in mind, stay ahead, and taxes don’t have to be half bad.
Learn more about important tax deadlines below: