Tax season is upon us, and many of us are wondering, "What's the last day to file taxes?" Whether you're a sole proprietor, a small business owner, or just someone who needs to file a tax return for personal reasons, it's crucial to know the deadlines to avoid any surprises. Let's break down the key dates you need to know.
1. Individual taxpayers and small businesses
For individuals, the deadline to file your tax return depends on your type of income:
Selfemployed individuals: You have 90 days after the last day of your tax year to file your return. For example, if your tax year ends in April, you have until June 30 to file.
Small businesses (with annual revenue under $1.5 million): The deadline is also 90 days after the last day of your tax year.
But wait—what if you owe taxes? Don't forget that you have up to 30 days after the deadline to pay your taxes. If you still owe money after that, you can request an extension by filing a Form 4868, but you'll need to pay a penalty for late filing.
2. Corporations and partnerships
Corporations and partnerships have different deadlines. For corporations, you have 10 days after the close of the tax year to file your return, but you must pay the taxes by the 30th day. Partnerships, on the other hand, have a 30day window after the close of the tax year to file, but you have until the 60th day to make payments.
It's important to note that these deadlines are strict. Missing them can result in penalties and interest on any unpaid taxes. So, it's always a good idea to plan ahead and get your returns filed early.
3. Special cases and regions
Some industries and regions have unique deadlines. For example:
Certain professions: Some professions, like dentists and optometrists, have extended deadlines. Check with your state or IRS for specific details.
Small businesses in rural areas: These businesses may have an additional 30 days to file their taxes, but the deadline is still 90 days after the last day of the tax year.
Selfemployment taxes: If you're selfemployed, you have to pay quarterly taxes, but your annual return deadline remains the same.
Final tips
Always doublecheck the deadlines for your specific situation. The IRS provides a Tax Finder tool to help you find the right information. Also, keep in mind that tax laws can change, so it's a good idea to stay updated on any new developments.
Remember, staying organized and keeping track of your deadlines can save you a lot of stress and potential fines. Now you know the key dates—file early, stay on top of your taxes!
