What are things you can do to avoid tax penalties? First, it’s important to have a stable year-round accounting system and second, you need to be on time. In this article, we’ll focus on the latter to help you build a simple but structured 2017-2018 calendar for both your business and personal tax returns!
Your business’s tax return deadline is based on its entity type. The table below details when each type of business entity needs to file 2017 taxes in 2018 (using the calendar year)
2018 Business Tax Deadlines for 2017 Tax Filing
Original deadline for partnerships (Form 1065) and S Corporations (Form 1120S): 3/15/18
Original deadline for C Corporations (Form 1120) and individuals (Form 1040): 4/17/18
Original deadline for exempt organizations (Form 990): 5/15/18
Final deadline for partnerships and S Corporations (with extension): 9/17/18
Final deadline for C Corporations and individuals (with extension): 10/15/18
Final deadline for exempt organizations (with extension): 8/15/18
Typically, the tax return due date for flow-through entities is the fifteenth day of the third month of the company’s fiscal year. So the S Corporation and LLC tax return due date in 2018 will fall on March 15 (for partnerships that follow the calendar year). The extended due date for flow-through taxes will be September 17, 2018.
The tax return due date for individuals and corporations typically falls on the fifteenth day of the fourth month of the company’s fiscal year. For calendar year companies, this date tends to fall on or around Emancipation Day, which can impact the deadline. (Emancipation Day is April 16, but the government recognizes it on a Friday if that day falls on a Saturday and Monday if it falls on a Sunday.) So the corporate and individual tax return date in 2018 will fall on April 17. The extended due date for corporate and individual taxes will be October 15, 2018.
Exempt organizations, such as nonprofits and charities, must file taxes on the fifteenth day of the fifth month of the organization’s fiscal year. The 2018 due date for calendar year nonprofits is May 15. When an exempt organization files for an extension they get three months instead of six months (like other entity types, so the 2018 extended due date for exempt organization taxes is August 15, 2018.
If you need help managing any aspect of your business’s or nonprofit’s taxes, or you need help filing an extension, we want to hear from you. Call us at (301) 913-0008 or email firstname.lastname@example.org to make an appointment.