The due date for filing federal and state income tax returns is typically the 15th of April. This, of course, assumes that the 15th does not fall on a weekend or that it is not a federal holiday. Many people, however, are under the erroneous belief that this deadline applies in all circumstances. In order to help you file your tax returns on time each year, here is an overview of the more common tax filing dates.
When are Taxes Due?
Personal Tax Return Filing Date – When it comes to personal tax returns, individuals have until April 15th each year to file their returns. What this means is that the post office must postmark your return no later than the 15th. In order to help more people reach this deadline, many post office locations stay open as late as midnight.
Although the IRS only requires that your file be postmarked by this date, it is the individual’s responsibility to prove that it was filed on time. Perhaps the easiest way to do this is to send your return via certified mail.
Corporate Tax Return Filing Date – Unlike personal tax returns, corporations with a December 31st year end are required to file their tax returns by the 15th of March each year. If a company has a September 30th year end, their tax returns are required to be filed by December 15th.
It is important to note that only businesses that file as either a C-Corp or an S-Corp must file by these earlier dates. As sole proprietors, LLCs, and partnerships are considered disregarded entities, they must file their tax returns by the 15th of April.
Estimated Taxes – Many businesses, and individuals, must pay estimated taxes each quarter. More often than not this occurs because they have earned income that was not subjected to normal payroll withholding. A few examples include dividends, alimony, self-employment income, or lotto winnings.
If you file your taxes as a sole proprietor, partner, as a member of an S-Corp, or are self-employed, AND you expect to owe at least $1,000 in taxes when you file your tax return you must pay estimated taxes. C-Corps must pay estimated taxes if they will have a tax liability of at least $500. Payments are made quarterly and are due by the following dates:
April 15 – for January 1 – March 31
June 15 – for April 1 –May 31
September 15 – for June 1 – August 31
January 15 (of the next year) – for September 1 – December 31
This year, when your spouse asks when are taxes due, don’t automatically assume that every type of entity has the same deadline. Doing so, can be costly!
