Dear M & M: When do I need to file for an extension for my business taxes for 2022? — Joe
Dear Joe: Remember, even if you file an extension to file your taxes you still have to pay the taxes you owe by the initial deadline. You are just asking for an extension to file not an extension to pay. According to the IRS, the business tax deadline for federal tax returns for sole proprietorships and C corporations is April 17, 2023, but the deadline is March 15, 2023 for partnerships, multimember LLC and S corporations.
A tax extension generally provides six more months to file, but not more time to pay. Important dates or deadlines to file federal tax returns; Sole proprietorships: Schedule C and personal tax return (IRS Form 1040) due April 17, 2023. Partnerships: IRS Form 1065 due March 15, 2023. Multimember LLCs: IRS Form 1065 due March 15, 2023. S-corporations: IRS Form 1120S due March 15, 2023. C-corporations: IRS Form 1120 due April 17, 2023. If you get a tax extension, the filing deadline changes to the following: Sole proprietorships: October 16, 2023. Partnerships: September 15, 2023. Multimember LLCs: September 15, 2023. S-corporations: September 15, 2023. C-corporations: October 16, 2023.
Important notes about business tax extensions: Sole proprietors and owners of certain single-member LLCs use IRS Form 4868 to get an extension. Corporations, LLCs, and partnerships use IRS Form 7004 to get an extension. Remember. An extension gives you more time to file but it does not give you more time to pay. You typically have to pay any taxes you owe by the initial deadline to avoid penalties. If you can’t afford your tax bill, the IRS offers installment plans that may let you pay your bill over time. Source: IRS.gov
ASK M&Mis prepared and submitted by Mark Schmitt, director of the Small Business Development Center at Cochise College; and Mignonne Hollis, executive director at the Arizona Economic Development Foundation. To ask your questions: Call the Small Business Development Center (SBDC) at Cochise College (520) 515-5478 or email schmittm@cochise.edu or contact the Arizona Regional’ Economic Development Foundation at (520) 458-6948 or email hollism@aredf.org; www.aredf.org.
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