Multi-Owner Business? Don't Miss The March Deadline
Feb 24, 2023If you have an S Corp or Multi-Member LLC, the tax filing deadline for your business is March 15th. You're basically reporting how well you did last year; your expenses, income, profit, and distributions.
If you need to extend, you can, up to September 15th but you may not want to. Why? You and other partners in your business need a page from that return called the K-1. So if you extend the March deadline you also have to extend your personal taxes, and it just throws off the whole timeline.
"Mark your calendar, March 15th. Business tax returns are due and you'll need them to complete your personal taxes."
In this episode, you will learn the following:
1. If you have a multi-member LLC, partnership, or S-corporation, you have a tax filing deadline of March 15th?
2. What happens if you don't file your business tax return by the March 15th deadline?
3. If you delay filing your business tax return, you may be "holding your partner's return hostage" and potentially delaying your own refund.
What you'll hear in this episode:
- What happens if you have a business with this deadline?
- If you have good bookkeeping and you have your financial statements ready, you have everything you need to file your business tax return really quickly.
- If you can’t file your personal taxes by March 15, then you’re entitled to a refund sooner. Just be careful.
Here are some brief snippets from this episode:
[00:00:40]
March 15th is your tax filing deadline for partnerships, multi-member LLCs, and S corporations. You'll need something from these in order to file your personal taxes. What I would recommend doing is not extending a business tax return.
[00:04:19]
March 15th is the deadline for partnerships. S corporations partnerships are also known as multi-member LLC. March 15 business tax returns are due and you'll need them to complete your personal taxes.
Related episodes:
208. Live Q&A: How Much Money Am I Actually Making in My Business?
214. How to Track Your Business Miles
Resources:
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
