*Please note: Some of the above due dates are different from standard filing dates due to holidays or weekends.
For fiscal year filers:
Partnership and S Corporation tax returns will be due the 15th day of the third month after the end of their fiscal tax year.
C Corporation tax returns will be due the 15th day of the fourth month after the end of their fiscal tax year. A special rule to defer the due date change for C Corporations with fiscal years that end on June 30th defers the change until December 31, 2025.
Employee Benefit Plan tax returns are due the last day of the seventh month after the plan year ends. It is important to confirm when tax returns are due for all states in which taxpayers operate, because individual states may not conform to the Federal filing dates.
Estimated Tax Payment Due Dates
In addition to the statutory due dates listed above, estimated tax payments also have their own due date schedule. Often, taxpayers are confused about the due dates for estimated tax payments since they do not fall on a typical quarter end. The first quarter’s estimated tax payment is due at the same time as the prior year’s tax or extension payment is due. The fourth quarter payment is due in the year following the tax year. This is practically the only time a payment made in the following year impacts the prior year’s tax return for cash basis taxpayers.
Our tax system is a “pay as you go” system, meaning that taxpayers are expected to pay in tax, on at least a quarterly basis, for the income they have earned. If there is adequate withholding by employers, then this can be a seamless process. However, some taxpayers, especially those with dual incomes, fluctuating income, or significant passive income, or those who are high earners, or self-employed may find themselves under-withheld at tax time. In addition to a significant tax bill, these taxpayers may also find themselves with an underpayment penalty.
Set up an appointment to talk to one of our specialists today!
Do you have any questions about our services? Contact us today, and we’ll get in touch!