IRS Filing and Extension Deadlines for Your 2016 Tax Return

By Cameron McCool

Wondering when you need to file your taxes? You’re in the right place.

Below you’ll find a list of IRS filing and extension deadlines for 2016 small business tax returns.

If you need help completing your 2016 bookkeeping before you submit your return, let us do it for you. Our team can get your financials tax-ready in no time.

IRS Filing and Tax Extension Deadlines

These deadlines are relevant to your 2016 small business tax return.

March 15, 2017

Partnership

Today is the deadline to file partnership (including multi-member LLCs filing as a partnership) tax returns (Form 1065) and pay any taxes owed.

For an automatic six-month extension, file Form 7004 and deposit your estimated taxes owed by today.

S Corporation

Today is the deadline to file S corporation (including multi-member LLCs filing as an S corporation) tax returns (Form 1120S) and pay any taxes owed.

For an automatic six-month extension, file Form 7004 and deposit your estimated taxes owed by today.

April 18, 2017

Individual and Sole Proprietorship

Today is the deadline to file individual (Form 1040, 1040A, 1040EZ) and sole proprietorship (including single-member LLCs filing as a sole proprietorship) (Schedule C 1040) tax returns.

For an automatic six-month extension, file Form 4868 and deposit your estimated taxes owed by today.

C Corporation

Today is the deadline to file C corporation tax returns (Form 1120).

For an automatic six-month extension, file Form 7004 and deposit your estimated taxes owed by today.

What Happens If You Miss the Filing Deadline?

All 2016 tax returns that are due a refund have until April 18, 2020 (October 17, 2020 with an extension) to be filed with the IRS before the statute of limitations on the refund runs out. If you don’t file your return by then, the US Treasury simply keeps your “donation.”

The penalty for late filing can be much higher than the penalty for late payment. Unfortunately, the longer you wait, the worse it gets.

If you owe additional tax, file your return (the paperwork) as soon as you can—even if you can’t pay your tax bill right away.

How to File for a Federal Tax Extension

If you need more time to file your return (the paperwork), you can file for an extension of time to file your federal taxes. Just make sure you submit it to the IRS on or before the corresponding tax extension filing deadline (outlined above).

Keep in mind, an extension won’t get you out of paying your taxes owed for the year by the regular tax deadline. But it will give you more time to get your bookkeeping done, work with your accountant, and ensure you’ve taken advantage of the right tax deductions before you file your tax return (the paperwork) with the IRS.

If you’re going to apply for an extension, work with your CPA to estimate your taxes owed for the year and file for the extension sooner rather than later.

How to File for a State and Local Tax Extension

If your business needs to file a tax return with one or multiple states, it’s likely that you can also apply for an extension of time to file your state and local taxes. You’ll need to apply for the extension with each state where your business is required to file a state tax return. Just be aware that state tax extension deadlines and filing requirements vary by state.

Depending on the nature of your business, you may also need to meet other filing deadlines and requirements not listed in this post. Do your research and work with your accountant early on to ensure you’re across your filing obligations during tax season and throughout the year.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.