S Corporation, LLC, Partnership Due Dates for Filing and Small Business Deadlines
Did you know there are more than 31.7 million small businesses inside the US alone? That is a considerable number, and every single one of these entities is required to file tax paperwork to the IRS every single year. Just try to imagine for a moment the sheer volume of information that has to flow through the government just for this one segment of our economy during a window that is typically less than half the year.
That means tax preparers like ours at Green Valley Tax Services are going to have their hands full as these businesses reach out for help. Getting started right now by picking up the phone or submitting a consultation request today is the best way to ensure your company pays its obligations on time and with accuracy. The closer we get to these upcoming deadlines, the harder it will be to get the help you need.
What are S Corporations, LLCs, and Partnerships?
For the most part, small businesses have already decided on what kind of incorporation they will be operated on when they first file articles to the state or local government in their area. However, there can be confusion for first-timers or those CEOs/CFOs that are trying to pick up the pieces of recently acquired subsidiaries, so let’s do a quick breakdown.
S Corporations - A business entity that has elected to pass its corporate income, losses, credits, and deductions to its shareholder to include on their tax forms. In general, the tax obligation of these companies is relatively low or distributed among a group of investors that can be written off using compensation mechanisms.
LLCs - Limited Liability Companies are created to protect the owner/operators from personal responsibility like debts, lawsuits, liabilities, and other obligations. These are hybrid entities that combine corporate rules and partnership ideas. The taxes can be a bit complicated as most owners are intertwined with the business operations.
Partnerships - This is a company shared between the relationship of two or more people that have contributed some form of physical or value investment into the business. The taxes are unique in this entity because they are not paid by the company but are passed directly on to the partners as profits or losses that are then reported on their personal tax returns.
What About Filing Dates?
Okay, now that we’ve gotten the review out of the way, let’s get to the actual filing dates. Please remember that the IRS’s tax-filing calendar is currently finalized. That means at this time there will not be shifting due dates because of Covid-19 concerns like it has in the previous couple of years.
The current filing dates for S Corporations, multi-owner LLCs, and Partnerships is March 15, 2022 extension to September 15, 2022. Please keep in mind that single-member LLCs are going to be the same as personal tax filing, which would be April 18, 2022 extension to October 15, 2022.
Where to Get Tax Help Now
The good news is that finding a qualified business to help you navigate the different challenges and deadlines of filing for this tax season has never been easier. Visit us at Green Valley Tax Services to schedule a consultation. Our professional team stays current with all IRS filing dates and will guide you through the process or file on your behalf. Visit our website today!
If you would like to learn more about current tax changes and how they will affect you and your family, try reaching out to the professionals at Green Valley Tax Services. Their combined years of experience navigating the complicated world of tax law make them one of the best choices for getting the most out of your tax obligation experience. Contact their expert support staff today to schedule a consultation and learn how Green Valley Tax Services can help you!