Everyone knows the federal government expects to receive your personal income tax filings by April 15 each year, or by October 15 if you filed an extension. Falling in line, the states have all agreed to accept your personal tax returns at the same time.
However, if you are a business owner, your corporate tax returns might be due on different dates. The federal and state governments sometimes have different deadlines for filing various tax returns for C Corporations, S Corporations, LLC's, Partnerships and Sole Proprietorships. If you are an eCommerce business selling across multiple states, you may have state tax obligations in states you don't live in or have never even visited!
Missing tax filing deadlines can be costly, so it's important to always be aware of when your tax filings are due. Finaloop has gathered all the tax filing deadlines for all the states and can help your business to always prepare and file your tax returns on time, and even alert you to the possibility of owing taxes in another state.
Below is a list of the state and city corporate tax deadlines for 2020.
* Alaska and Florida do not have a personal income tax, and therefore there are no partnership tax filings.
** South Dakota and Washington State do not have personal or corporate income tax. Be aware there may be other tax liabilities such as sales taxes.
*** Ohio does not have a corporate income tax, but has a commercial activity tax.
LLC for Tax Purposes
It is important to remember that there is no LLC designation for income tax purposes. By default, a single member LLC will be taxed as a sole proprietor and a multi-member LLC will be taxed as a partnership. LLCs (as well as S Corporations) are pass-through entities, meaning the taxes are listed on your personal income tax return. There is an option for a multi-member LLC to elect to be taxed as an S Corporation. A single member LLC does not have the option to elect to be taxed as an S Corporation.
Sales Tax Deadlines
In addition to personal and corporate income taxes, most states also charge sales tax with differing tax payment and filing deadlines. Given the rapidly changing sales tax laws following the Supreme Court decision in South Dakota v Wayfair, we strongly advise any business owners to familiarize themselves with the changing sales tax laws in every state with which they do business.
Preparing tax filings for so many different jurisdictions can be confusing and difficult. The time expended on gathering and organizing the information is time you could have spent on running your business, and money spent on expensive accountants and tax advisors could have been spent taking the family on vacation.
By accessing all of your business applications, Finaloop can organize all of your business financial information, handle all of your accounting procedures, and accurately prepare all of your business tax filings for you. You will be alerted when there is an upcoming tax filing or payment deadline, and always be aware of your financial standing and tax obligations, saving you lots of time and money better spent elsewhere.
The information provided on this website does not, and is not intended to, constitute legal advice. All information, content, and materials available on this site are for general informational purposes only. Readers are advised to consult with their attorney or accountant with any questions or concerns.