March Tax & Financial Deadlines
What is the biggest TAX Month?
When it comes to your business...March!!
There are 4 Important Deadlines to remember.
They are fairly easy to remember because they are all on the SAME DAY!!
MARCH 15th Deadlines:
#1. Partnership Returns (Form 1065)
You will need to file your tax return so that the business can issue the K1 to yourself or any other partners.
NOTE: You can file an extension...moving your due date to September 15th.
#2. S-Corporation Returns (Form 1120S)
Same with as the Partnership...your S-Corp must complete its tax return so that you can issue a K1 to yourself or other shareholders.
NOTE: You can file an extension...moving your due date to September 15th.
#3. K1 Deadline
You may be a limited partner in an investment, the expectation to receive your K1 is March 15th.
Important Note, you will need your K1 to file your taxes...so if your K1 is late, speak with your accountant about the potential need to file an extension for your personal return in April.
#4. S-Corporation Election
Last, but not least...the deadline to file an election to be an S-Corp.
If you are a calendar year business...which if you are reading this, that is most likely the case.
You have until March 15th to decide if 2023 is the year you become an S-Corp.
If you miss this deadline, you can file "late", but then you are asking for permission from the IRS and need to provide a valid reason for issuing late.
In my opinion, if you already know it will save you money...don't miss this deadline...make the election ON-TIME!
If you are not sure if an S-Corp makes sense for you, our latest program:
BIZ START-UP & MONEY ORGANIZATION Program includes an S-Corp election for those that qualify!!!
Best
Pat
Disclaimer: This is meant to be educational only. This is NOT advice for your specific situation. Please consult a qualified tax and financial professional before making changes to your tax or financial situation.