Small business owners listen up, we’re just days away from the deadline for S corporations and partnerships to file their 2016 taxes. March 15th is the day your 2016 income tax return is due. It’s also the date any tax payments are due.
What if you’re not an S corporation and should be? What if you don’t have the money to pay your taxes? Good questions. Here are some answers to questions you might have about the upcoming corporate tax deadline:
- FILE YOUR 2016 TAXES – Whether you’re an S corporation, an LLC or are a partnership, if you haven’t filed your 2016 return, now is the time to do it. You must provide all shareholders or members with a copy of their Schedule K-1; this includes income, deductions or credits. If you’re not an S corporation and should be, you should file Form 2553, which is an election by a small business corporation. Talk to your accountant or bookkeeper about specifics to your corporate taxes. If he or she can’t help you, then call me or one of my Brigade Bookkeeping team members.
- ASK FOR AN EXTENSION – If you’re an S corporation or a partnership and want some extra time to file your 2016 tax return, then you can file for an automatic six-month extension with Form 7004.
- SEPTEMBER 15TH – This is the day your six-month extension ends. If you decide to file for this extension, remember by this later date, you must file a 2016 return and provide each shareholder or member with a copy of Schedule K-1.
If you’re a business owner, you know there are a lot of dates you need to adhere to. March 15th is a big one, the S corporate and partnership tax filing deadline. If you or your accountant haven’t filed your S corporate or partnership taxes yet or asked for an extension, then find out why. If your accountant can’t answer, call us NOW. We still have a couple of days to make sure you’re in compliance with federal tax laws.