When is the Deadline for a Business Tax Extension in 2014?

Tax Season 2014

We all know April 15 is “tax day.”  But 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.  This blog post will address the tax filing deadline for sole proprietorships, partnerships, single-member LLCs, multiple-member LLCs, and corporations. Certain types of business entities are required to file tax returns or file tax extensions by Monday, March 17, 2014.

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, 2014.  A single-member LLC is taxed as a sole proprietorship, so its deadline is also April 15.

Similarly, a partnership tax return is due on the same day as the individual partners’ returns – April 15, 2014.  A multi-member LLC is taxed as a partnership, 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, 2013, its tax deadline is March 15, 2014.  However, because March 15 falls on a Saturday this year, the deadline is pushed to Monday, March 17, 2014.

If the corporation is unable to file by its filing deadline, it can obtain 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.

Important Tax Return and Extension Dates 2014

• Soul Proprietorships     April 15, 2014
• Single Member LLC       April 15, 2014
• Partnership                       April 15, 2014
• Multi-member LLC        April 15, 2014
• S-Corporoation*             March 17, 2014
• C-Corporation*               March 17, 2014
• LLC filing as Corp*         March 17, 2014

*Corporations with year end date of December 31, 2013

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.