Tax Return Due Dates
When it comes to taxes everything revolves around due dates. There are due dates for filing individual income tax returns, business tax returns, employment tax returns, exempt organization returns, and fiduciary returns. It is very important that taxpayers comply by filing their respective returns by the due date otherwise there could be significant penalties for late filing. The following summarizes the five basic sections of tax returns and their due dates.
Individual Income Tax Returns
All individual income tax returns have a due date of April 15th. If a taxpayer cannot file their tax return by the due date then they can file an automatic extension for six months in which the tax is extended until October 15th. If a taxpayer is projected to owe taxes with their tax return then the taxpayer must pay at least 90% of what their estimated tax would be when they file their extension.
Business Tax Returns
There are four types of business tax returns: Corporation, S-Corporations, Partnerships, and Limited Liability Companies. Both corporations and S-Corporations have due dates which are due by the 15th day of the third month following the end of the year. For example a corporation that is on a calendar year the due date would be March 15th. If need be these corporations may also extend their tax returns for six months from the original due date of the tax return. These corporation extensions are also automatic. If it is projected that the corporations would owe taxes when they file their tax returns then they must pay at least 90% of what the projected tax liability would be. Both partnerships and limited liability companies have tax return due dates of April 15th. These type of entities may also file extensions for up to six months until October 15th. These extensions are also automatic.
Employment Tax Returns
There are various due dates for employment tax returns based on the type of returns being filed. For quarterly employment tax returns the due date is the last date of the month following the end of the quarter. For example the first quarter of a calendar year has a due date of April 30th which is the last date of the month following the end of the quarter. All annual employment tax returns i.e. W-2s, W-3, and Form 940 have a due date of January 31st. Forms 1096 and forms 1099 have a due date of February 28th.
Exempt Organization Tax Returns
All exempt organization tax returns have a due date which is the 15th day of the fifth month following the end of the year. For example a calendar year corporation would have a due date of May 15th. Extensions can be filed which is three months from the original due date. A corporation with a due date of May 15th that files an extension would have a extended due date of August 15th.
Fiduciary tax returns
Fiduciary tax returns typically include all types of trust income tax returns as well as estate income tax returns. These returns are typically due by April 15th, although the trustee or executor could make an election to have a fiscal year instead of a calendar year. If this is the case the due date would be the 15th day of the fourth month after the year end. Fiduciary tax returns can also file extensions which are automatic. The returns can be extended for five months after the due date.