It seems so simple, right, it’s always April 15th. Well, it’s not exactly always April 15th. If you are filing your individual, personal tax return, your due date this year is Tuesday, April 18th. You can file for an extension until October 16, 2023 by completing an extension form, a link to a form approved by the IRS is at https://www.freefilefillableforms.com/home/default.php.
If you have a C-Corporation, you also have a tax filing due date of April 18th. The C-Corporation tax filing date may be extended to October 16th, 2023 by filing an extension. Your tax accountant can likely complete this for you, however you may also complete and mail in a form located here https://www.irs.gov/pub/irs-pdf/f7004.pdf.
If you have an LLC (Limited Liability Company), then it depends on how you have elected to be treated for tax purposes. If you are a partnership with multiple partners and issue K-1s or have elected to be treated as an S-Corporation (you will know if you have, and if you are uncertain, you may ask your accountant), then your due date is actually March 15, 2023. If you missed the date and didn’t file an extension, do not worry there is no time like the present to file your return. The penalties for late filing are 5% of the taxes you owe, up to 25%, so if you file now the penalties are not insurmountable. If you filed an extension then your due date is September 15, 2023.
If you have an LLC and you are the only owner or you and your partner who you file a joint tax return with are the only owners (and you are not an S Corporation as described above) then you are likely required to file your business return along with your personal return. When you are the only owner, the company is called a “single member” LLC or when married it’s generally treated the same way, depending on how your state looks at communal property. So if this is you, your business taxes are filed with your personal return and are due on April 18, 2023 unless you file for an extension.
Clear as mud right, well good luck this year and let us know if you need any help. We’re always here to lend a hand at TruSpan Financial, where we provide finance as a service and help you find strategic financial solutions to your accounting and back office needs.