FAQs

WHAT IS THE DEADLINE FOR BUSINESS TAXES?

March 15th for federal S-Corp and Partnership tax returns are due. 

April 18th for federal corporate tax returns are due — as well as your first estimated tax payment.

DO I HAVE TO FILE ESTIMATED TAXES?

YES, if you meet the requirements for estimated taxes you MUST file.

Individuals, including sole proprietors, partners, and S-corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

You may have to pay estimated tax for the current year if your tax was more than zero in the prior year.

If you receive salaries and wages, you can avoid having to pay estimated tax by asking your employer to withhold more tax from your earnings. To do this, file a new Form W-4 with your employer. There is a special line on Form W-4 for you to enter the additional amount you want your employer to withhold.

You don’t have to pay estimated tax for the current year if you meet all three of the following conditions:

You had no tax liability for the prior year if your total tax was zero or you didn’t have to file an income tax return.


DO I NEED TO DECLARE MY ENTITY IN 75 DAYS?

A corporation or LLC must file an S-Corp election within two months and 15 days (75 days total) of the date of formation for the election to take effect in the first tax year.

WHEN ARE PERSONAL/INDIVIDUAL TAXES DUE?

April 18th for personal federal tax returns or to request an extension (Form 4868) are due — as well as your first estimated tax payment if you meet the requirements for estimated taxes. (See previous section for more information on estimated taxes)

An extension provides an extra six months to file your return.

CAN I FILE MY TAX RETURN BEFORE I RECEIVE MY W2 FORM FROM MY EMPLOYER?

You can absolutely start the filing process, but unfortunately you will not be able to have your tax return submitted until you receive your W2 form(s), and any other forms needed to complete your tax return. 


DO I HAVE TO FILE AN END OF YEAR TAX RETURN IF I MADE $0 THIS YEAR?

If your net business income was zero or less, you may not need to pay taxes.

The IRS may still require you to file a return, however, if you don't owe the IRS any money, there's no financial penalty if you don't file.


STILL HAVE MORE QUESTIONS? 

Feel free to contact us here.