As the fiscal year unfolds, businesses and individuals alike are gearing up for crucial tax deadlines that demand attention and adherence. We’ll break down two significant dates that could impact your financial landscape.
March 15: S-Corporations and Partnerships
The first date, March 15, holds particular importance for those operating S-Corporations and Partnerships. Here’s a quick rundown of what you need to know:
For S-Corporations:
Filing Requirement: S-Corporations must file Form 1120S or request an automatic six-month extension.
Extension Considerations: If additional time is needed, filing for an extension is an option, but bear in mind that any outstanding payments are due by March 15, regardless of the extension.
For Partnerships:
Filing Requirement: Partnerships must submit either Form 1065 or 1065-B, or opt for an automatic six-month extension.
Payment Deadline: Similar to S-Corporations, Partnerships must settle any owed amounts by March 15, even if an extension is filed.
April 15: Individuals and Corporations
Mark your calendars for April 15 – a Monday this year – a day that holds significance for both individuals and corporations.
For Individuals:
Filing Your Return: Individuals must file their income tax return using either Form 1040 or 1040-SR by April 15. Alternatively, filing for a six-month extension is an option.
Payment Requirement: Regardless of filing an extension, any taxes owed must be settled by the April deadline.
Retirement Contributions: This is the final day for individuals to make 2023 contributions to traditional IRAs, Roth IRAs, SEPs, and certain other retirement plans.
Estimated Taxes: Individuals not paying income tax through withholdings should note that the first installment of 2023 estimated taxes is also due on April 15.
For Corporations:
Estimated Taxes: Corporations are required to pay the first installment of 2024 estimated income taxes by April 15.
Income Tax Return: The deadline for filing a 2023 income tax return (Form 1120) or requesting an extension falls on the same day.
Payment Reminder: As with the earlier deadlines, all owed amounts must be settled by April 15.
In the complex landscape of tax obligations, staying informed and meeting deadlines is paramount. Whether you’re a business owner or an individual taxpayer, these key dates can significantly impact your financial standing. Mark your calendars, gather your documents, and navigate these deadlines with confidence!
If you have any questions, you can reach us at 417.823.7171 or at info@abacus.cpa.
