Tax Compliance – Important Tax Dates

Below are the due dates for both individual and business income tax returns:

March 15th, 2024 – This is the deadline to file your S Corp (Form 1120S) and/or Partnership (Form 1065) tax return for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 7004) if you are not prepared to file your 1120S and/or 1065 return. No late filing penalty applies.

April 15th, 2024 – This is the deadline to file your Individual tax return (Form 1040). This is also the deadline to request an automatic 6-month extension (using form 4868) if you are not prepared to file your 1040 return.

April 15th, 2024 – This is the deadline to file your C Corporation tax return (Form 1120) for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 7004) if you are not prepared to file your 1120 return.

May 15th, 2024 – This is the deadline to file your Tax-exempt Corporation tax return (Form 990) for calendar year taxpayers. This is also the deadline to request an automatic 6-month extension (using form 8868) if you are not prepared to file your 990 return.

Tax Extension Due Dates

September 15th, 2024 – You may still be able to timely file your S Corp (Form 1120S) and/or Partnership (Form 1065) tax return if you file by this date. This due date applies only if you had timely requested an automatic 6-month extension to file the appropriate business tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing. Avoid the stress and file your tax return timely to remain in tax compliance.

October 15th, 2024 – You may still be able to timely file your Individual (Form 1040) tax return if you file by this date. This due date applies only if you had timely requested an automatic 6-month extension to file your individual 1040 tax return. If you did not timely request an automatic 6-month extension you can still file your tax return but it will be considered a late filing. Any tax, interest, and penalties are due for payment at this time.

C Corporations and 501c3 Organizations

October 15th, 2024 – You may still be able to timely file your C Corporation (Form 1120) tax return if you file by this date. This due date applies only if you had timely requested an automatic 6-month extension to file the appropriate business tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing. Any tax, interest, and penalties are due for payment at this time.

November 15th, 2024 – You may still be able to timely file a Tax-exempt Corporation (Form 990) tax return if you file by this date. This due date applies only if you had timely requested an automatic 6-month extension to file a tax-exempt corporation tax return. If you did not timely request an automatic 6-month extension you can still file the tax return but it will be considered a late filing.

Tax Implications of Ignoring Tax Deadline Dates

Now, having said that, here’s what you need to know:
• A failure to file penalty can be very expensive but the good news is that it is completely avoidable.
• A failure to pay penalty is not avoidable if you do not pay your taxes by the original due date; but the good news is that it does not have to be expensive.
Know your options; know your tax situation; keep your tax compliance status in good standings. Call Sanz Virtual Enterprise at 404-300-3340 or email us at admin@sve-accountingandtaxes.com for a free consultation and schedule an appointment to get your taxes done today!

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