As we approach the end of the year, it’s crucial to stay informed about upcoming tax filing deadlines. Here’s a guide to help you ensure that you meet your obligations on time for the following forms:
Form 1040: Individual Income Tax Return
Due Date: April 15
Who Must File: U.S. citizens and resident aliens who earn income above certain thresholds, and anyone who needs to report income, claim deductions, or receive a tax refund.
Form 1065: U.S. Return of Partnership Income
Due Date: March 15.
- Who Must File: Partnerships, including LLCs treated as partnerships for tax purposes. This form reports the income, deductions, and other financial details of the partnership. Note that while the partnership itself does not pay income taxes, it must file this form to provide information to the IRS, and each partner reports their share of the income on their individual tax returns.
Form 1120: U.S. Corporation Income Tax Return
Due Date: April 15.
Who Must File: C corporations, including those organized as a corporation in the U.S. This form is used to report the corporation’s income, gains, losses, deductions, and credits, and to calculate the income tax owed by the corporation.
Form 1120S: U.S. Income Tax Return for an S Corporation
Due Date: March 15.
Who Must File: S corporations, which are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders report their share of the S corporation’s income on their personal tax returns.
Form 990: Return of Organization Exempt From Income Tax
Due Date: May 15, 2024
- Who Must File: Tax-exempt organizations, including charities, foundations, and other nonprofit entities. This form provides information about the organization’s mission, programs, and finances to the IRS and the public.
Additional Notes:
- Extensions: You can request an automatic extension for most of these forms if you need more time. For Forms 1065 and 1120S, the extension is generally until September 15, while for Forms 1040 and 1120, it is until October 15.
- Penalties: Missing the deadline can result in penalties and interest. Ensure you file your forms on time or request an extension if needed.