Filing your taxes can be a daunting time for many, but it’s even worse when facing a penalty for being too late filing. Granted the deadlines are quite a while away from the filing date, but factoring in all the things that businesses have to do every year can have that deadline catch up fast. Luckily, we have tax experts who provide a comprehensive tax deadline calendar of the deadlines for all document types in order. The creators of the document made this guide for startups, C-corps, partnerships, and S-Corps so you can stay on top of your filing requirements and have this handy at-a-glance infographic to add a little color to your tax year!
The earliest documents that are used when paying employees (ex.1099s & W-2s) are due to them on January 31st. If an extension is requested, that deadline is moved to February 1. In most cases, extensions are recommended due to the penalty risk of $25,000 for missing Form 5472 foreign investment information. For partnerships, February 28 is the deadline for providing the documents needed for that business type for the March deadline. Lastly, the S-Corp deadline to submit documents is March 15. Must be filed within 75 days of the start of the tax year. Benefits foreign-owned LLC members to be taxed as a C-Corp. US C-Corp shareholders can save taxes as an S-Corp.
