To help you stay prepared this tax season, we’ve assembled a list of tax deadlines specific to C corporations and LLCs that elect to be taxed as C corporations.
Deadlines
January 16, 2024
September-December quarterly payment deadline
If you expect to pay $500 or more in taxes for the year, you need to make estimated tax payments to the IRS. January 16th is when the estimated quarterly tax payment for the September 1 to December 31, 2023 period is due. (Keep in mind that this is the last quarterly payment due for the prior year.)
Forms:
January 31, 2024
Form W-2 deadline
If you have employees, you need to file a wage and tax statement for each one with the IRS, also known as a Form W-2. You’ll need to fill out and send off two copies for each employee by January 31, 2024—one copy to the IRS and the other to the employee.
Forms:
Form 1099-NEC deadline
If you work with independent contractors, you’ll also need to file Form 1099-NEC, which is also due on January 31, 2024. Copy A must be filed with the IRS, while Copy B must be sent to the contractor.
Forms:
February 28, 2024
Form 1099-MISC paper filing deadline
Some miscellaneous payments (like attorney fees or rent) might require a 1099-MISC form—Copy A goes to the IRS, and Copy B to the payee. The February 28, 2022, due date only applies if you’re filing 1099-MISC on paper. If you file electronically, the filing date is March 31, 2022.
Forms:
March 31, 2024
Form 1099-MISC electronic filing deadline
Some non-wage payments you made to certain payees over the year (rent and attorney fees are the most common examples) might require you to file a 1099-MISC form. Copy A goes to the IRS, and Copy B goes to your recipient. Keep in mind that the March 31, 2024, due date only applies if you’re filing 1099-MISC electronically. If you’re filing on paper, you must file by February 28, 2024.
Forms:
April 15, 2024
January-March quarterly payment deadline
If you expect to owe more than $500 in taxes this year, your estimated quarterly tax payment for the period spanning January 1 to March 31, 2022, is due today.
Forms:
C corporation tax returns deadline
If you’re a calendar year filer, April 15, 2024, is also the deadline to file your C corporation’s federal tax return (Form 1120) for 2023 or to file for an extension to file your corporate tax return. This is also the deadline to pay any tax due—even if you successfully file for an extension.
Forms:
- Form 1120, U.S. Corporation Income Tax Return
- Form 7004, Application for an Automatic Extension of Time
Further reading: What is Form 7004 and How to Fill it Out
June 17, 2024
April-May quarterly payment deadline
The estimated quarterly tax payment for the period spanning April 1 to May 31, 2024, is due today.
Forms:
September 16, 2024
June-April quarterly payment deadline
The estimated quarterly tax payment for the period spanning June 1 to August 31, 2024, is due today.
Forms:
October 15, 2024
C corporation tax return extension deadline
If you are a C corporation that filed for an extension, your income tax return is due today.
Forms:
How to file taxes as a C corp
C corporations and LLCs that elect to be taxed as C corporations use Form 1120, the U.S. Corporation Income Tax Return, to file their income taxes.
Whether you’re filing Form 1120 yourself or getting a tax professional to do it for you, you’ll need the following information on hand to complete and file the form:
- Your Employer Identification Number (EIN)
- The date you incorporated
- Total assets held by your corporation
- Total income
- Gross receipts
- Cost of Goods Sold (COGS)
- Dividends earned
- Interest earned
- Royalties earned
- Capital gains
- Tax deductions (These vary by company. There’s a wide range of tax deductions for businesses.)
- Business tax credits you plan to apply for
You have the option to file Form 1120 either online using the IRS e-file service or by mail. Once you’ve completed Form 1120, you should have an idea of how much your corporation needs to pay in taxes. If it’s more than $500 for the whole year, you’ll be required to pay them in quarterly installments.
What if my company uses a different tax calendar?
If your company doesn’t use the calendar year and instead follows its own fiscal year, your tax return (Form 1120) is due on the 15th day of the 4th month after the end of the corporation’s tax year. So, for example, if your company’s fiscal year ends on February 1st, your 1120 deadline is May 15th.
However, there’s an exception to this rule: a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year, i.e., September 15th.
What if I elect to be taxed as an S corp instead?
If you were previously a C corp or an LLC electing to be taxed as a C corp, and you end up changing your mind and decide to file as an S corp or a partnership instead, most of the above deadlines will apply to you except for one: the C corporation tax return deadline on April 15th.
March 15th is the deadline to file your S corporation tax return (Form 1120-S) or partnership return (Form 1065).
Note that S corporations and partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.
March 15 is also the deadline to file for an extension for S corp and partnership tax returns.
Forms:
How Bench can help
Filing your small business’ corporate tax return is no small task. Thankfully, Bench can handle your tax preparation for you, taking the stress of the upcoming deadlines off your shoulders so you can stay focused on running your business.
World-class bookkeeping services will have you prepared for anything
Bench’s team of bookkeepers will compile your books every month and prepare your financial statements and other information for tax filing season. We also provide an end of year financial package that provides you with everything you’ll need to file a corporate tax return.
We’ll do your taxes for you
If you’d rather not do your own taxes, we can even complete your tax filing for you, making tax time stress and scrambling a thing of the past.
Gain a trusted partner
Bench provides tax advisory sessions that help business owners better understand their tax situation. Bench customers gain access to on-demand and unlimited tax consultations so they can ensure they’re remaining compliant with the IRS while also receiving consultation on tax savings, deduction limits, entity reclassification, and more. Learn more.
Tax extensions
C corps, S corps, LLCs and partnerships all use Form 7004 to file for an extension on their tax paperwork (unless you’re a sole proprietor, in which case you’ll use Form 4868).
Form 7004 is due on or before the day that your 1120-S is due, which means that if you’re a calendar year S corp, your deadline to file 7004 is March 15, 2024.
Form 7004 grants you a 6 month extension—until September 15, 2024—to file Form 1120-S. However, remember that it doesn’t grant you a tax payment extension.
If you expect to owe taxes, you still have to pay them on time. Check out our guide to estimating your tax liability for determining how much you owe.
Rather than filing a paper 7004 form, you’re likely better off using the IRS’ e-file service. Just create an account to get started, and the website will guide you through the rest of the process.
2022 C corp deadlines at-a-glance
If you’re a C corporation or LLC electing to file your taxes as one for 2023, your corporate tax return is due on April 15th, 2024—unless you use your own fiscal calendar, in which case it’s due on the 15th of the 4th month following the end of your tax year.
You might also want to keep in mind your W-2 and 1099-NEC deadline (January 31) and the paper and digital copy deadlines for Form 1099-MISC (February 28 and March 31, respectively).
Finally, you have four quarterly tax payment deadlines to worry about in 2024: January 16th, April 15, June 17, and September 16.
