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Businesses – Partnerships (including LLCs), C Corps (Form , and S Corps (Form 1120S)

There are differences and we have split the information to be presented for both. We’ll also tell you what forms are needed for each business type. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. Learn how they impact your finances, tax filing with insights on federal and state taxes, deductions, and effective tax rates. Profit and prosper with the best of expert advice – straight to your e-mail.

What if I made a mistake and need to re-file my taxes?

• The IRS typically grants a six-month extension of the tax filing deadline to anyone who requests it.
• It’s important to keep in mind that the extension doesn’t buy you more time to pay your taxes.
• It buys you more time to file your return, but it doesn’t help with other things.
• The latest date for a tax extension is typically October 15 of the filing year.
• The agency offers several options for those who can’t afford their tax bill, including IRS payment plans, that can help you whittle away the balance over time.
• A benefit to filing your extension online via the IRS or other providers is digital tracking.
• If you mail a paper version of the form, it must be postmarked by the regular due date of your return.

The due date pertains to the payment of taxes, while the deadline marks the final opportunity to submit a completed tax return. If you live in an area of Georgia that was impacted by recent natural disasters, you’ll have until October 16 to file your federal individual and business taxes. If you live in parts of Alabama affected by recent storms and natural disasters, you’ll have until October 16 to file your federal individual and business taxes. If you live or own a business in an area of Arkansas that was impacted by last month’s deadly tornadoes and severe storms, you’ll have until July 31 to file your taxes. Prior year returns can only be filed electronically by registered tax preparers for the two previous tax years. Otherwise, taxpayers must print, sign and mail prior year returns.

Pro: You have more time to seek a refund later

If you miss an estimated tax payment, make your payment as soon as you can. The penalties and interest the IRS charges depend on how much you owe and how late you are, but you can minimize the damage by making your payment as soon as possible. To do so, you’ll print Form 4868 and then mail it to the address specified on page four of the instructions accompanying the form. And while it isn’t entirely free, fans of regular mail will find the cost https://www.bookstime.com/articles/incremental-cost of an envelope and stamp negligible.

What if I miss a tax deadline?

Still, you must attach a statement explaining which of the two situations described above applies when you eventually file your return. If you’re married and filing a joint return, either you or your spouse can qualify for this extension. However, if you and your spouse file separate returns, this extension only applies only to the spouse who qualifies for it.

• Here’s what you need to know about federal tax extensions and their deadlines.
• The IRS announced tax relief for residents and businesses affected by the LA County wildfires and straight-line winds that began on Jan. 7, 2025.
• You very well may have other tax obligations to fulfill in the meantime (e.g., making estimated tax payments or reporting tips to your employer).
• As part of ongoing IRS improvement efforts, the agency is working to build on the success of the 2023 and 2024 filing seasons.
• Once taxpayers have completed their federal tax return, the Direct File system automatically guides them to state tools to complete their state tax filings.

The TAS website has additional information on Free File options and additional information on options for filing a tax return. The Internal Revenue Service reported that it received 90 million returns as of March 30. In total, the IRS said more than 168 million individual tax returns are expected to be filed this year “with the vast majority of those coming before the April 18 tax deadline.” You can ask the IRS for up to 120 days to pay your tax bill or apply for an offer in compromise or a payment plan that allows you to spread out the debt over months or years. If you can prove financial hardship you can qualify for “currently not collectible status” and avoid having to pay until your circumstances improve.