Business Tax Deadlines for 2023

The deadline for filing business taxes for the 2022 tax year is April 18, 2023. However, the deadline for different types of businesses may vary.

  • Sole proprietorships and single-member LLCs must file their tax returns on Schedule C of Form 1040. The deadline for filing these returns is April 18, 2023.
  • Multi-member LLCs, partnerships, and S corporations must file Form 1065, which is the U.S. Return of Partnership Income. The deadline for filing these returns is March 15, 2023.
  • C corporations must file Form 1120, which is the U.S. Corporation Income Tax Return. The deadline for filing these returns is April 18, 2023.

If you are unable to file your business taxes by the deadline, you can request an extension. To do this, you must file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. The deadline for filing an extension is October 16, 2023.

It is important to note that filing late can result in penalties and interest. The IRS charges a penalty of 5% per month of the unpaid tax, up to a maximum of 25%. The IRS also charges interest on unpaid taxes at a rate of 30% per year.

To avoid late filing penalties and interest, it is important to start preparing your business taxes early. You should gather all of your income and expense documentation, and you should work with a tax professional if you need help.

Here are some tips for preparing your business taxes:

  • Gather all of your income and expense documentation. This includes your W-2s, 1099s, receipts, and other records of your business income and expenses.
  • Keep track of your estimated tax payments. If you make estimated tax payments, you will need to report them on your tax return.
  • Review your business records for the previous year. This will help you to identify any potential deductions or credits that you may be eligible for.
  • Work with a tax professional if you need help. A tax professional can help you to ensure that your taxes are properly prepared and filed.

By following these tips, you can help to ensure that you are in compliance with the tax laws and that you are not subject to late filing penalties or interest.