EasyTaxUSA Business Tax

For calendar-year businesses, partnership and S corporation returns are due March 15, and C corporation returns are due April 15. If a date falls on a weekend or holiday, it moves to the next business day. Filing Form 7004 gives you an automatic six-month extension to file, but any tax owed is still due on the original date.

The IRS charges a penalty for every month the return is late, up to 12 months, multiplied by the number of partners or shareholders. Even a small business with a few owners can quickly owe thousands, so file on time or request an extension before the deadline.

Plan to provide your profit and loss statement, balance sheet, business bank and credit card statements, payroll filings, any 1099s you received or issued, details of assets you bought or sold, loan statements, and a copy of last year’s business return. If ownership changed during the year, include those details too.

Usually, yes. Corporations must file a return every year whether or not they had income. A partnership only skips filing if it had no income and no deductible expenses or credits at all. Filing a return that shows a loss can also help you carry that loss forward or pass it through to owners.

Partnerships and S corporations generally don’t pay income tax themselves. Instead, each partner or shareholder receives a Schedule K-1 showing their share of the business’s income, deductions, and credits, which they report on their personal return. We prepare a K-1 for every owner along with your business return.

All three packages include preparation of your federal and state return, a professional review, and e-filing once you approve. Choose Do It Yourself if your books are tidy and you simply need an accurate return filed. CPA Review with Filing adds unlimited CPA consultation and three years of return safeguarding. CPA Review with CPA Sign & File adds audit protection, a bound file copy, and a CPA’s signature on your return.