One of the primary, avoidable, problems encountered by businesses is failure to pay income taxes on time. Here’s a handy, quick reference of the most significant dates in 2015.
March 16
Corporations. File a 2014 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6month extension of time to file the return, file IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe.
S corporations. File a 2014 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K1. If you want an automatic 6 month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
April 15
Sole Proprietors. A sold proprietor business is an extension of the person running the business, so its year end is December 31, and the tax return due date is the same as the individual’s – April 15 of the following year. Sole proprietor businesses file their business tax return on Schedule C to form IRS Form 1040,
Single Member Limited Liability Company. Treated like a Sole Proprietor for federal income tax purposes. Schedule C.
Partnerships. File a 2014 calendar year return (IRS Form 1065). Provide each partner with a copy of Schedule K1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K1. If you want an automatic 5 month extension of time to file the return and provide Schedule K1 or a substitute Schedule K1, file IRS Form 7004. Then, file Form 1065 by September 15.
Multiple Member Limited Liability Company. Treated like a Partnership for federal income tax purposes. IRS From 1065; Schedule K-1.
You can access a more detailed 2015 tax calender here.