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Small Business Tax Deadlines: When Are They & How to Prepare

Small businesses have a number of responsibilities and requirements when it comes to filing and paying taxes. Remembering deadlines and taking care of all of the required tasks can be daunting, especially when you have many other items on your to-do list. Below is some information to help you prepare properly and meet all of the necessary deadlines.

Tax Return Deadlines

The deadline for filing your 2018 tax return depends on the structure of your business. S corporations, multiple-member LLCs and partnerships need to file their tax returns by March 15, 2019. Single-member LLCs and self-employed taxpayers need to file their tax returns by April 15, 2019.

If you operate a C corporation that ends the tax year on December 31, your tax return is due on April 15, 2019. However, if you are a C corporation with a fiscal year ending on June 30, your tax return is due on the 15th day of the third month after your tax year ends.

Tax Return Extensions

If you are not prepared to submit your tax return on the required due date, you can file for an extension. If you are a sole proprietor or you are filing on behalf of a single-member LLC and you request an extension, your new deadline will be October 15, 2019. Your new deadline will also be October 15 if you are filing on behalf of a corporation. If you are filing on behalf of an S-corporation, a partnership or a multiple-member LLC and you request an extension, your new deadline will be September 16, 2019.

Keep in mind that any tax you owe must still be paid by the original due date even if you request an extension on your return.

Preparing to File Your Taxes

Tax filing preparation begins at the beginning of the year with careful record keeping. As tax time approaches, however, you will want to take other steps to make sure you are ready to file. For example, you will need to collect all of the documentation you need to complete your tax return. This may include inventory purchase receipts, proof of interest paid on business credit cards, documentation of business mileage and any other records related to your tax return. You will also want to be aware of relevant deadlines so you can be sure your taxes are filed on time.

Business tax returns can be complicated. As a result, many business owners choose to prepare their returns with professional help. If you are in need of professional help, it is important to find a provider well before your tax return is due so you can be sure that you have plenty of time to complete it.