Don’t Miss Out on Filing Your Business Returns | USTaxAid

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Don’t Miss Out on Filing Your Business Returns

Written by Diane Kennedy, CPA on February 29, 2020

The IRS doesn’t like it when you file your tax returns late. They especially don’t like it when you file a passthrough entity like an S Corp or a partnership return late. The 2019 tax returns for the year-ended 12-31-2019 are due on 3-16-2020.

If you have a C Corporation with a 12-31-2019 year end, you have until 4-15-2020 to file.

I recommend extensions, just in general, for several reasons. Filing later means you have a better sense of what’s going to happen with tax law for the year. That knowledge can make your tax strategies smarter for the current year.

The biggest reason why most people file extensions when they really have most of the info they need is because it means less of a chance of an audit.

So, don’t be afraid to file an extension for your partnership or S Corporation return. Use Form 7004. You may need to also file an extension for your state return. That will depend on applicable state law for your business.

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