For S Corporations, Partnerships, and LLCs with more than one member: March 15th – can be extended until September 15th.
For C Corporations: the 15th day of the 4th month following year end – can be extended for 5 months. (For calendar year end C corps, the due date is April 15 and can be extended until September 15th.)
For sole proprietorships and LLCs that file as sole proprietors: April 15th – can be extended until October 15th.
C Corp penalties for filing late are 5% of the balance due per month, not to exceed 25%. (So, if there’s no balance due, there’s no penalty for filing late.)
The penalty for paying late (after March 15th) is .5% (one half percent) of the balance due per month.
S Corp penalties for filing late are $195 per shareholder per month.
Partnership penalties for filing late are $195 per partner per month.
There are no S corp or partnership penalties for paying late since these entities don’t pay Federal income tax. S corps and partnerships are pass-through entities. The taxes are paid on the individual returns of the shareholders or partners.
Tracking your tax refund is easy if you have the right tool. Use our refund tracker to quickly check the status of your refund.
A Limited Liability Company can be taxed as a sole proprietorship, partnership, C corporation or S corporation. If you’ve not made an election, the default taxation for a single member LLC is sole proprietorship (filed as a schedule C on your personal return). The default taxation for an LLC with more than one member is partnership.
When to Pay – Estimated tax payments are due on the 15th day of the 4th, 6th, 9th, and 12th month.
Ways to Pay
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