Tax Season Deadlines for 2016
While April 15 is “tax day” for individuals, if you own a business, your company might have a different filing deadline. The first step in figuring out the tax return filing deadline for your business is determining what type of business entity you have. We’ll address the tax filing deadlines for a sole proprietorship, partnerships, single-member LLCs, multiple-member LLCs, and corporations. The IRS has an online tax calendar for businesses that can be a helpful tool. Certain types of business entities are required to file tax returns or file tax extensions by March 15, 2016.
A sole proprietorship is simply an extension of the individual running the business, so its tax return is due on the same date as the individual – April 15, 2016. A single-member LLC is taxed as a sole proprietorship, so its deadline is also April 15.
The same is true for a partnership tax return. Its tax return is due on the same day as the individual partners’ returns – April 15, 2016. A multi-member LLC is taxed as a partnership as well, therefore it has an April 15 filing deadline. (Note, LLCs can opt to be taxed as corporations, in which case they would have deadlines discussed below.)
A corporation’s deadline for filing its tax return (Form 1120, Form 1120A, and Form 1120S) is the 15th day of the third month after the corporation’s fiscal year. Therefore, if a corporation’s year-end date is December 31, 2015, its tax deadline is March 15, 2016.
Corporations can also get a six-month extension of time to file by filing Form 7004 with the IRS. Partnerships, on the other hand, can request an automatic 5-month extension via Form 7004.
Whether filing taxes as a corporation or an individual, it’s always important to be mindful of identity theft tax scams.
Important Tax Return and Extension Dates 2016
- Sole Proprietorships April 15, 2016
- Single Member LLC April 15, 2016
- Partnership April 15, 2016
- Multi-member LLC April 15, 2016
- S-Corporoation* March 15, 2016
- C-Corporation* March 15, 2016
- LLC filing as Corp* March 15, 2016
*Corporations with year end date of December 31, 2015
Montana Life Group does not offer tax guidance. This information is intended to be helpful and it should not be considered as tax advice. Contact your tax professional with tax related questions.
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