Business Owners Should Know These Tax Extension Deadlines…

As a business owner, you have a lot on your plate. You probably wear a lot of hats, and one of these hats may be “tax preparer”. 

This can put a lot of added pressure on you, so here is an easy guide to help you remember your crucial business income tax deadlines.
If you can’t quite make this deadline, we can also help you file an extension!

Calendar Year vs. Fiscal Year

The income taxes for your business are not one size fits all, the timing of your deadlines will depend on whether you operate on a calendar year or a fiscal year. We will focus on the calendar year considering it is more common. 

However, if you do operate on a fiscal year rather than the calendar year, here are the general rules.

• Your corporation must file the income tax return on the 15th day of the fourth month after the tax year ends.
• An S corporation generally must file their income tax return on the 15th day of the 3rd month after their tax year ends. 
• A Partnership will file their income tax form on the 15th day of the third month after the end of their tax year. 
• If your corporation has dissolved, you must file on the 15th day of the fourth month after the date that the corporation was dissolved.
• If this date falls during a  weekend, you will file on the following business day.  

If you function on a calendar year, please take note of these dates…

March 16, 2020

• The deadline for S corporations to file Form 1120-S
• The deadline for Partnerships to file Form 1065

April 15, 2020

• The deadline for personal tax Form 1040, or the personal tax extension Form 4868
• The deadline for corporations to file Form 1120 or 1120-A
• The deadline to file Form 1041
• The deadline to file the Gift Tax Form 709
• The deadline to file the Estate Tax Form 709
• The deadline to make a contribution to your (IRA, Roth-IRA, HSA, etc.) retirement account.

September 15, 2020

• This is the extended deadline for S-corporations to file the 1120-S
• This is the extended deadline for Partnerships to file the Form 1065
• This is the third-quarter deadline for estimated individual tax payments

September 30, 2020

• This is the extended deadline to file the Estate Tax Form 1041

October 15, 2020

• This is the last day that the IRS will accept ANY electronically filed tax returns for the Tax Year 2019, therefore this is the extended deadline for the following form
  • Form 1040
  • Gift Tax Form 709
  • Estate Tax Form 706
  • Form 1120, 1120-A
  • Extended deadline to make a contribution to your  IRA, Roth-IRA, HSA, etc. account 

Need More Time?

These forms are complex, and you may find that you need more time to file. If so, there is no need to be concerned. You can file an extension for an additional six months. 

The extension form that you will need for your corporate business income tax returns is the Form 7004.

If you are a part of a partnership, you will also file Form 7004. Remember, in order to be granted an extension, it must be filed before your income tax form’s deadline.  
You can easily file this extension form with ExpressExtension within minutes AND you get your extension automatically! ExpressExtension is fast, accurate, and secure. Choosing ExpressExtension will ensure you file an error-free extension to the IRS every time!