Key Fall Tax Deadlines for Businesses: September 15th and October 15th

As we transition into the fall season, two critical tax deadlines loom on the horizon for businesses: September 15th and October 15th. These dates are essential for different types of tax filings, and understanding what’s required can help your business stay compliant and avoid unnecessary penalties. Whether you’re a small business owner or managing a larger enterprise, here’s what you need to know about these upcoming deadlines.

Call Turner Business Solutions at (316) 285-0125 if you need help filing your taxes before the fall tax deadline.

1. The September 15th Deadline: Estimated Tax Payments and Filing of S Corps & Partnerships

Estimated Tax Payments: For businesses that pay estimated taxes, the third quarter payment is due on September 15th. This deadline applies to corporations, self-employed individuals, and those who expect to owe $1,000 or more in taxes when their return is filed. Timely estimated tax payments help avoid underpayment penalties and ensure you stay on track with your annual tax obligations.

Partnerships and S Corporations: September 15th is also the extended filing deadline for partnerships and S corporations that requested an extension back in March. These entities need to submit their Form 1065 or Form 1120S by this date. It’s crucial to file on time, as failing to do so can result in late filing penalties, which can be significant depending on the size of your business.

2. The October 15th Deadline: Final Call for C Corporations and Individuals

C Corporations: For C corporations that filed for a tax extension, October 15th is the final deadline to submit their returns. This is your last chance to finalize and file Form 1120, ensuring that all financial records and deductions are accurately reported. Missing this deadline can lead to steep penalties and interest on any taxes owed, so it’s important to be prepared.

Individuals: If you’re a sole proprietor or a business owner who also filed for a personal tax extension, October 15th is the final date to file your individual tax return (Form 1040). This deadline is especially important if your business income is reported on your personal return. Ensure all relevant business income, expenses, and deductions are accurately reported to avoid any issues with the IRS.

3. Review and Organize Your Financial Records

As these deadlines approach, it’s essential to review and organize your financial records from the past year. Make sure all income, expenses, and deductions are accurately recorded. If your business experienced any significant changes—such as acquiring new assets, expanding operations, or restructuring—these should be carefully documented to maximize tax benefits.

4. Consult with a Tax Professional

If you haven’t already done so, consider consulting with a tax professional. They can provide valuable insights into your specific tax situation, ensure your filings are accurate, and help you meet these critical deadlines. A tax advisor can also help you navigate any complex tax issues or recent changes in tax law that may affect your business.

Turner Business Solutions has several experts that can assist you with your books, payroll and tax returns. Please give us a call at (316) 285-0125 or schedule a free consultation online.

5. Plan Ahead for Future Tax Obligations

These fall deadlines offer an opportunity to start planning for future tax obligations. By assessing your current tax situation, you can develop strategies to minimize your tax burden in the coming year. This might include adjusting estimated tax payments, exploring new deductions or credits, or making strategic investments that offer tax advantages.

6. Stay Informed About IRS Updates

The IRS frequently updates its guidelines and regulations, which can impact how you file your taxes. Staying informed about these changes is essential for ensuring compliance and optimizing your tax strategy. Consider subscribing to IRS updates or regularly checking their website to stay informed about any new developments.

Turner Business Solutions will also periodically release blog posts and monthly newsletters that will include some of the changes the IRS puts into place.

Final Thoughts

The September 15th and October 15th tax deadlines are critical for businesses of all sizes. By understanding the requirements, organizing your financial records, and seeking professional guidance, you can ensure that your business meets these deadlines without stress. Don’t wait until the last minute—take action now to keep your business in good standing with the IRS.

Schedule a Free Consultation with Turner Business Solutions!