Tax Deadline Changes Every Business Owner Should Be Aware Of

As a small business owner, there are a few dates you should already have circled on your 2017 calendar. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 created several changes to filing deadlines. Even if you’re working with a tax advisor, these new tax deadline changes are important for you to know.

Here are a few to be aware of:

C-Corporations

If you’re a C-Corporation filing Form 1120, your due date was pushed back a month to April 15. If you’re a fiscal year corporation, your due date is the 15th day of the fourth month after the close of the fiscal year.

Partnerships and S-Corporations

If you are a partnership filing Form 1120 , your due date has moved up one month to March 15. This is not a new change for S-Corporations filing Form 1120-S. Similar to c-corporations, this means the 15th day of the third month after the close of the fiscal year for fiscal year partnerships

If you are a small business owner and miss the deadline, you will have to request an extension from the IRS, as well as make any estimated payments if you expect to owe money. As a reminder, any money owed to the IRS is still due on tax day, even if you are given an extension.

This is a great time to speak with a tax advisor to determine what changes apply to your company specifically, and what you should be doing to prepare.

We’d be happy to meet with you to discuss any tax credits available to you and your company! Adrian Clayborn Authentic Jersey

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