February 21, 2024

When are 2023 Business Taxes due?

When Can Business Owners File Taxes in 2023?

The process for filing 2023 business taxes starts early in 2024, with different due dates depending on your organization’s structure. It’s pivotal for businesses to plan ahead to ensure they meet these deadlines without rush or error. For efficiency and accuracy, consider Tesseon’s suite of payroll and HR solutions designed to streamline this process. Whether you’re an LLC, S corporation, sole proprietorship, or C corporation, knowing when to file is the first step in managing your tax obligations successfully.

What is the Deadline for Taxes in 2023?

The critical deadlines for filing 2023 business tax returns hinge on the entity type.

March 15, 2024: Partnerships and S Corporations

Entities such as partnerships and S corporations that follow a calendar year must file their 2023 income tax returns by this date. This early deadline allows the partners or shareholders to receive Schedule K-1 forms in time to file their personal returns.

April 15, 2024: Individual, Sole Proprietor, and C Corporations

This is the deadline for individuals, sole proprietors (Schedule C filers), and C corporations operating on a calendar year to file their 2023 income tax returns. It’s also the due date for first quarter estimated tax payments, making it a significant day for a wide range of taxpayers.

April 17, 2024: Extended Deadline for Maine and Massachusetts Residents

Due to Patriots’ Day observances, taxpayers in Maine and Massachusetts have until April 17 to file their returns. This extension applies across individual, sole proprietor, and C corporation filings.

June 17, 2024: Second Quarter Estimated Tax Payments

Business owners and individuals making estimated tax payments have their Q2 payments due by this date. Proper estimation helps avoid penalties at year-end.

September 16, 2024: Extended Deadline for Partnerships and S Corporations

For partnerships and S corporations that requested an extension, this is the final day to file their 2023 income tax returns. This extension helps businesses needing more time for accurate return preparation.

October 15, 2024: Extended Deadline for Individual, Sole Proprietor, and C Corporations

Individuals, including sole proprietors and C corporations that filed for an extension, must submit their 2023 tax returns by this date. It’s the last chance to fine-tune returns and ensure all deductions are correctly claimed.

July 31, 2024: Form 5500 for Retirement Plans

Employers who offer retirement plans are required to file Form 5500 by this day for the previous year. This deadline keeps retirement plans in compliance with the IRS and Department of Labor regulations.

December 16, 2023: Q4 Estimated Tax Payments for C Corporations

C corporations must make their fourth quarter estimated tax payments for the calendar year by this date. Staying on top of estimated payments can help corporations manage their cash flow more effectively.

January 15, 2025: Q4 Estimated Tax Payments for Individuals

This is the deadline for individuals, including sole proprietors, to make their fourth quarter estimated tax payments for 2024. Making this final payment closes out the year’s estimated tax responsibilities, setting the stage for the upcoming filing season.

What is the S Corp Tax Extension Deadline for 2023?

In instances where your S Corporation can’t meet the initial March 15, 2024, deadline, it’s possible to request an automatic six-month extension by filling out IRS Form 7004. This move extends your filing deadline until September 15, 2024. While this extension grants more time for filing, it does not extend the time allowed to pay any taxes owed. Tesseon advises estimating and settling any expected taxes by the original due date to circumvent potential late-payment penalties.

What is the Due Date for Fiscal Year Corporate Tax Returns?

For corporations operating on a fiscal year different from the calendar year, the tax return filing deadline is set for the fourth month following the end of their fiscal year. This adaptability allows businesses with unique operational timelines to manage and fulfill their tax obligations effectively. However, it’s crucial to stay informed about specific filing requirements based on your corporation’s structure and fiscal schedule.

Filing Extensions and Additional Information

Being unable to meet the prescribed deadlines necessitates filing for an extension, utilizing IRS Form 7004 for entities and Form 4868 for individuals and sole proprietors. However, Tesseon stresses that while an extension defers the filing due date it does not postpone the due date for tax payments. As part of a comprehensive strategy in managing finances and tax obligations, maintaining organized records, and potentially consulting with a tax advisor can ease your filing process and help avoid common pitfalls.

Engage Professional Guidance

Navigating through business taxes can be intricate. Tesseon advocates for leveraging professional advice or utilizing robust payroll and HR software solutions to ensure compliance and optimization of tax benefits. The upcoming tax season could introduce new complexities; staying proactive by consulting with professionals can help demystify these challenges.

As tax laws evolve and businesses grow, Tesseon remains committed to supporting companies with strategic payroll and HR solutions that align with regulatory demands. Whether you’re looking toward filing taxes promptly or seeking to enhance your overall compliance strategies, Tesseon aims to empower businesses with knowledge and innovative solutions tailored to meet ever-changing tax obligations. Schedule a demo today and learn more about how Tesseon can help your organization thrive!

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Disclaimer: The information provided on this blog page is for general informational purposes only and should not be considered as legal advice. It is advisable to seek professional legal counsel before taking any action based on the content of this page. We do not guarantee the accuracy or completeness of the information provided, and we will not be liable for any losses or damages arising from its use. Any reliance on the information provided is solely at your own risk. Consult a qualified attorney for personalized legal advice.

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