Most individual taxpayers have until April 15 to file a tax return for the previous year. However, tax extensions, estimated payments and certain money-saving moves can add other tax deadlines to your calendar. Tax Day for the 2019 tax year is April 15, 2020. With an extension, the deadline to file your tax return for the 2019 tax year is Oct. 15, 2020. Consult the tax professionals at Schell & Hogan, LLP’s headquarters on St. Simons Island, GA to discuss your options in more detail.
The form of business you operate determines what taxes you must pay, how you pay them and when you pay them. All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to the IRS Business Structures webpage to find out which returns you must file based on the business entity established.
If you are taxed as a C-Corp, you need to file a Form 1120 by the 15th day of the fourth month following the close of the tax year, which for most taxpayers is April 15. If you are taxed as an S-Corp, you need to file a Form 1120S by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return.
Business owners should strongly consider the bookkeeping, accounting and tax services of Schell & Hogan, LLP to create a streamlined process for your business.