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Filing Income Tax Returns and Paying Taxes

It's one of the facts of a business owner's life to file returns and pay taxes. The filing deadlines and tax payment rules for businesses and their owners may be different than those for individuals. Making sure you comply with filing and payment requirements is essential for avoiding unnecessary penalties and interest.

For more information about the electronic federal tax payment system, see IRS Publication 966, Electronic Federal Tax Payment System.

Filing Deadlines and Extensions

The date by which your business return must be filed depends on your type of entity and tax year. The information in Table 30.1 applies to businesses reporting on a calendar-year basis.

Partnerships, limited liability companies, and S corporations must also furnish owners with a Schedule K-1 by the due date.

For corporations on a fiscal year, the due date is 2½ months after the close of their fiscal year. For example, a C corporation on a fiscal year ending on June 30 has a filing deadline of September 15.

TABLE 30.1 Filing Deadlines

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For all other entities on a fiscal year, the due date is 3½ months after the close of their fiscal ...

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