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Tax season is a time that needs to be on every company’s radar. Filing your annual federal tax return or corporate income tax is extremely important with the IRS, especially if you’d like to remain in good standing and avoid any late penalties. But when exactly is the next deadline to file taxes for business?
Depending on your specific business entity structure (i.e LLCs, corporations, partnerships, multi-member LLCS, Sole proprietors, etc), the 2023 tax due dates may vary.
Below, we share a list of the 2023 upcoming federal tax deadlines and have attached forms that may be due based on your business entity type:
The IRS tax return deadline for C corporations, also known as C-corp, is due on April 18, 2023.
Forms include the U.S Corporation Income Tax Return known as Form 1120 (Note: This is the 2021 tax year form).
This tax form needs to be submitted to the International Revenue Service (IRS) so that C corporations can understand their tax liability and find out how much business tax they owe.
• Form 1120 Instructions, the U.S. Corporation Income Tax Return
The IRS tax return deadline for S corporations, also known as S-corp, is due on March 15, 2023.
Forms include the U.S Income Tax Return for S Corporations known as the Form 1120S and Schedule K-1 (Note: These are the 2021 tax year forms).
These tax forms need to be submitted to the International Revenue Service (IRS) so that S Corporations can understand their tax liability, find out how much business tax they owe, and report each party’s share of the corporation's income, deductions, credits, etc.
• What is a K-1 Schedule Tax form?
• About Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc.
• Form 1120-S Instructions , the U.S. Income Tax Return for an S Corporations
The IRS tax return deadline for partnerships and multi-member LLCs is due on March 15, 2023.
Forms include a U.S Return of Partnership Income known as the Form 1065 and Schedule K-1 (Note: These are the 2021 tax year forms).
These tax forms need to be submitted to the International Revenue Service (IRS) so that Partnerships and multi-member LLCs can understand their tax liability, find out how much business tax they owe, and report the tax amount that is being passed to each partner.
• What is a K-1 Schedule (1065) Tax form?
• About Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc
• Form 1065 Instructions, the U.S. Return of Partnership Income
The IRS tax return deadline for sole proprietorships and single-member LLCs is due on April 17, 2023.
Forms include the U.S Individual Income Tax Return known as Form 1040 and a Profit or Loss from Business known as a Schedule C (Note: These are the 2021 & 2022 tax year forms respectfully).
These tax forms need to be submitted to the International Revenue Service (IRS) so that sole proprietors and single-member LLCs can understand their tax liability, find out how much business tax they owe, and report the income or loss of their business.
• About Schedule C, Profit of Loss from Business (Sole Proprietorship)
• Form 1040 Instructions, the U.S. Individual Income Tax Return
Note: The 2022 business tax deadlines are still subject to change. These dates usually remain the same every year, however they can sometimes be extended due to special circumstances — For example, the 2021 business tax deadline was extended for sole proprietors and single-owner LLCs due to the Covid-19 virus.
Business filing extensions are also available if you’d like to have your business tax filing deadline extended for an additional 6 months. For Corporations, LLCs, partnerships, file a Form 7004. For sole proprietors and single-member LLCs, file a Form 4868 (Note: These are the 2020 tax year forms).
The deadlines to submit these forms are the same as the federal tax deadlines for your business, and it’s also important to note that any extension granted is for filing of the tax returns only and not for the payments due. This means you’ll still need to pay estimated taxes by the original due date. More information on business tax extensions here.
It’s important to understand and keep track of when business deadlines are due that may be applicable to your business. Especially as an early stage startup or a small business owner that isn’t relying on a corporate lawyer to manage these deadlines, it’s critical for your business that the upcoming 2023 business tax return deadlines are being met.
At Stable, we understand how frustrating it can be to pay fines for simple oversight and generally how outdated it has become to receive physical mail in the first place — that’s why we built Stable Reminders, email notifications sent directly to your inbox before important federal and state filings are due!
These reminders are customized to your entity type and state(s) you've registered to do business in, and you’ll get reminded for any business tax day. It’s nothing fancy, just reminders, and all for free.
👉 How to sign up for 2023 tax reminders?
Enter your email here!