For those with extended C Corporation or Individual tax returns, October 15th is the final deadline.
Ensure your returns are accurate to avoid fines and interest.
C Corporations: Required filings
- Form 1120: Required for reporting your corporation’s income, gains, losses, deductions, and credits.
- Supporting Schedules: Include necessary schedules, like Schedule M-3 for large corporations.
Individuals: Required filings
- Form 1040: Required for reporting your personal income, deductions, and credits.
- Individuals involved in partnerships (Form 1065) or S Corporations, remember to file Schedule K-1 to report your share of income, deductions, and credits.
Penalties for late filing
- C Corporations: 5% penalty per month on unpaid tax, up to 25%.
- Individuals: 5% penalty per month on unpaid taxes, plus accruing interest.
- Reminder: Penalties and interest add up rapidly. File on time to avoid additional costs.