As a business grows, it becomes more important to get tax help from a skilled professional to avoid careless mistakes that could cost a lot of money. This is something that most successful San Diego businesses have long since learned, and that up-and-coming businesses are quickly learning as they expand. Tax returns vary greatly depending on what type of business you are involved in, such as a sole proprietorship, LLC partnership or corporation. If you and your business are responsible for filing corporate tax returns, it would be wise to get some help, especially if you are affected by but haven’t yet prepared for the next big deadline that’s coming up on March 15.
If your corporation has filed a Subchapter S election, then you should definitely be concerned about the upcoming tax deadline. Organizations like yours are taxed through individual tax returns based on the traditional end of the calendar year, although there are a few rare exceptions where S-corporations may choose a different end-of-year date. Since your tax returns and payments are due on the 15th day of the third month of your business year, the March 15 deadline certainly applies to your business in this case. If you haven’t contacted a San Diego tax consultant yet, it’s about time you do so.
If your business is considered a corporation but has not filed a Subchapter S election, then you have the option of choosing any convenient date for your end-of-year. Many businesses still opt for the traditional December 31 date, though, and if you fall into this category, then you will still be required to file your tax returns and make any applicable payments by March 15. If you chose another date, then you will need to figure out what the 15th day of the third month from your end-of-year date is to determine when your taxes are due.
Other Types of Business Taxes
If you are the sole proprietor of a business, then you will be responsible for filing and paying your taxes by April 17 like everyone else, since your business is considered an extension of you. Most partnerships, including single- and multiple-member LLCs, are also responsible for filing tax returns and making tax payments by the traditional April deadline. All of these business types have their own unique and complex tax requirements, though, so you’ll be better off if you get help from a San Diego tax consultant like Allen Barron. Please give us a call at866-631-3470 for a complimentary initial consultation and help with your tax filing needs.