Few small business owners to benefit from May 17 tax extension

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Editor’s note: Regulations and guidance from the Internal Revenue Service and U.S. Treasury Department is evolving. Please refer to the latest guidance from the IRS and Treasury to confirm how it applies to your particular situation.

The IRS and Treasury Department have announced a federal tax filing and payment deadline extension for individual filers.

Individuals can now file and pay any balance due for their 2020 tax returns up until May 17th with no penalties or interest. However, the new deadline doesn’t necessarily mean business owners have extra time beyond April 15.

In addition, many states have also updated their filing deadline. Please visit the TurboTax blog for up-to-date filing information.

To help you determine when you need to file and pay your business taxes, we’ve outlined some guidelines depending on your business structure.

  • Sole proprietors filing a Form 1040 with a Schedule C: You’re able to take advantage of the extended deadline. Your taxes are due on May 17.
  • Partnership: Were due on 3/15 unless you filed an extension.
  • S corporations: Were due on 3/15 unless you filed an extension.
  • C corporations: Your tax deadline remains the same, April 15.

The IRS also offers automatic extensions for those businesses or individuals that need additional time to file.

Note: Additional guidance from the Internal Revenue Service and U.S. Treasury Department is likely to come soon, with details related to the individual filing extension . Please refer to the latest guidance from the IRS and Treasury to confirm how it applies to your particular situation.


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This article originally appeared on the QuickBooks Resource Center and was syndicated by MediaFeed.org.


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