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Business Tax Deadlines: Don’t Miss These Crucial Dates! 📅 #shorts

24 Sept 2024 · 1 min

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A brief YouTube #shorts by Bob Gauvreau explaining when business taxes must be filed and when balances are due, varying by entity type. For sole proprietors and partnerships he states filing is due June 15 each year but any balance owing is due April 30; for corporations he states filing is due six months after year-end while balances owing are due 90 days after year-end (example: for Dec 31 year-end, file by June 30 and pay balances by March 31).

Questions this video answers

June 15th each year.

April 30th.

No penalties on late filing, but interest accrues on unpaid balances.

Within six months of the corporation's year-end date.

90 days after the corporation's year-end date.

Chapters

Your business taxes are due to be filed at different times during the year depending on what type of entity you have. If you're a sole proprietor or you are a partnership, your taxes are due to be filed on June 15th every single year. A word of caution though. If you owe any money, the balance is due April 30th. Now, if you don't pay it by April 30th, there's no penalties on late filing. You start to file June 15, but there would be interest. Now, if you have a corporation, the circumstances change a little bit. The requirements for a corporation are that you have to file taxes within six months of your year end date. For example December 31, year end. My taxes need to be filed by June 30. The other area is that even though your taxes are due to be filed six months after, if you have a balance owing, it's due 90 days after your year end. So again, back to my December example. If you owe taxes, they're due March 31, but you actually don't have to file them until June 30.