When Are Taxes Due

In the United States, tax dates can change depending on the type of tax return you are filing. When it comes up to when taxes are due, it is actually a starting point for a lot of ground work. A lot of times people like to think our job ends on April 15^th and then we go on vacation. Unfortunately, that’s just not true! We still have to find time to enjoy all the extensions and additional deadlines. 

As the seasons change and the year progresses, it’s crucial for individuals and businesses alike to stay informed about their tax obligations. Understanding when taxes are due ensures compliance with legal requirements and avoids potential penalties or fines. Whether you’re a seasoned taxpayer or new to the process, knowing the deadlines for filing and paying taxes is essential for managing your finances effectively.

Tax For Individuals

For most individuals, the deadline for filing federal income tax returns falls on April 15th of each year. This date is etched in the minds of many Americans as Tax Day, marking the culmination of the tax season. However, certain circumstances may warrant an extension of the filing deadline. Taxpayers can request an automatic extension, giving them an additional six months to file their returns. This extension, granted upon filing Form 4868, extends the deadline to October 15th. It’s important to note that while this extension provides more time for filing, it does not extend the deadline for paying any taxes owed. Payments are still due by the original April 15th deadline to avoid interest and penalties.

Tax For Businesss

Businesses, on the other hand, may have different tax deadlines depending on their entity type and fiscal year. For corporations operating on a calendar year, the deadline for filing federal income tax returns is also April 15th. However, businesses operating on a fiscal year that ends on a date other than December 31st may have a different filing deadline. It’s essential for businesses to be aware of their specific filing requirements to ensure timely compliance with tax laws.

Local Taxes

In addition to federal taxes, individuals and businesses must also consider state and local tax obligations. Each state sets its own deadlines for filing income tax returns, which may vary from the federal deadline. For example, in Florida, state income tax returns are not required, but businesses may still have other state and local tax obligations to fulfill. These could include sales tax, property tax, or business license renewals, each with its own deadline and requirements.

Organization

Staying organized and proactive throughout the year is key to meeting tax deadlines and avoiding last-minute stress. Keeping accurate records of income, expenses, and deductions can streamline the tax filing process and ensure accuracy when preparing tax returns. Utilizing tax planning strategies, such as estimated tax payments and retirement account contributions, can also help minimize tax liabilities and maximize savings.

Here are the key dates to remember:

1. Individual Income Tax Returns (Form 1040):

• Regular Due Date: April 15 (But if April 15 falls on a weekend or holiday, the due date is the next business day).
• Extended Due Date: October 15 (If an extension is filed). 
• Remember: An extension to file is not an extension to pay. Any taxes owed must still be paid by April 15 to avoid interest and penalties. 

2. Foreign Bank Account Reports (FinCEN Form 114):

• Regular Due Date: April 15
• Automatic Extension: October 15 (no need to file a separate extension request)

3. Partnership Tax Returns (Form 1065):

• Regular Due Date: March 15
• Extended Due Date: September 15 (If an extension is filed).

4. S-Corporation Tax Returns (Form 1120S):

• Regular Due Date: March 15
• Extended Due Date: September 15 (If an extension is filed).

5. C-Corporation Tax Returns (Form 1120):

• Regular Due Date: April 15 (For calendar year corporations).
• Extended Due Date: October 15 (For calendar year corporations, if an extension is filed).

6. Trusts and Estates (Form 1041):

• Regular Due Date: April 15
• Extended Due Date: September 30 (If an extension is filed).

7. Charity & Other Tax-Exempt Organizations (Form 990):

• Regular Due Date: May 15
• Extended Due Date: November 15 (If an extension is filed).

Resources:

• IRS Online account for individuals: https://www.irs.gov/payments/online-account-for-individuals 
• IRS Payment Options: https://www.irs.gov/payments
• IRS Extension Forms and Instructions: https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return 

How We Can Help

At ELVT Financial, we understand the importance of timely tax compliance and the impact it has on our clients’ financial well-being. Our team of experienced professionals is dedicated to providing personalized tax planning and preparation services tailored to meet your individual or business needs. Whether you’re navigating complex tax laws or seeking guidance on maximizing deductions, we’re here to help you navigate the tax landscape with confidence and peace of mind. Contact us today to learn more about how we can assist you in achieving your financial goals.