LLC Tax Filing Deadline – Important Due Dates for Your Business

LLC Tax Filing Deadline

Knowing what company taxes, you must file and when you should pay them is a common concern when starting a business. Moreover, there are other significant corporate tax deadlines throughout the year, even though some people just have Tax Day on their calendars. The deadlines for filing your corporation taxes depend on both your income and the way your company is set up. Depending on the kind of organization you operate, there are various filing deadlines that you should be aware of. If you are running an LLC, then you should be aware of the LLC tax filing deadline. The important tax calendar days for 2023 are listed below.

When is the LLC Tax Filing Deadline?

To prevent fines and fees, it’s critical for business owners to be mindful of tax reporting deadlines. For businesses, however, trying to keep track of taxes can be challenging,

Questions like “When is the LLC tax filing deadline?” are common.

Depending on your business structure and even the due dates for corporation and partnership tax returns, if your company is an LLC, you may file as a single proprietor, partnership, or corporation. The specifics of these typical business entities and the deadlines for reporting their taxes are given below.

When is the LLC Tax Filing Deadline
When is the LLC Tax Filing Deadline

January 1 to March 31 – Q1 2023

January 17, 2023, Tuesday

Estimated quarterly tax payments are due for Q4-2022. If you pay taxes on a quarterly basis, this is the deadline for the fourth quarter of 2022.

January 31, 2023, Tuesday

  • Businesses must submit the non-employee remuneration forms 1099-NEC to the IRS. Also, send a copy of the form to the independent contractor.
  • Also, submit 1099-MISC, 1099-K, and other various 1099 forms.
  • Businesses must send paper or electronic W-2 forms to their employees for the prior tax year (2022).

March 15, 2023, Wednesday

The tax deadline for S corporations and LLC partnerships is by Wednesday, March 15, 2023. Additionally, by this date, S corporations and partnerships must file tax extensions by filling out Form 7004.

From April 1 until June 30 – Q2 2023

18 April 2023, Tuesday

  • Schedule C of your personal income tax return (Form 1040) must include tax returns for sole proprietorships and single-member LLCs. It’s also the time to submit an extension for these kinds of enterprises if you require extra time to submit.
  • If you pay your taxes quarterly, this is the deadline for the first quarter of 2023.
  • It is the deadline for making retirement contributions. For the prior 2022 tax year, it is also the last day to make contributions to other tax-advantaged savings accounts. These include things like Health Savings Accounts, Traditional IRAs, and Roth IRAs.
  • Moreover, you must file for SEP IRA, and single 401(k) contributions by April 18.
  • It is the last date for a six-month extension.
  • Businesses who own foreign accounts should file for The FBAR, Form 8938, or Report of Foreign Bank and Financial Accounts.
  • On this day, partnerships, LLCs, and S company shareholders should file their Schedule K-1, K-2, and K-3 personal income tax returns, or request an extension of time to file.

June 15, 2023, Thursday

If you pay income tax on a quarterly basis, this is the deadline for the second quarter of 2023.

July 1 to September 30 – Q3 2023

  • If you file quarterly taxes, this is the tax due date for LLC for the third quarter of 2023.
  • It is the deadline for filing business tax extensions for partnerships and multi-member LLCs if your company files a Form 1065 for the fiscal year and did so this year.
  • It is also the deadline for filing an S corporation business tax extension if your company submits Form 1120-S for the financial year.

October 1 to January 15 – Q4 2023

  • Until Monday, October 16, 2023, tax extensions are due. For those who requested a tax extension on their 2022 tax return, such as sole proprietors, single-member LLCs, S corporation owners, partnerships, and corporations, it is the deadline.
  • Q4-2023 projected quarterly tax payments are due on Monday, January 15, 2024. If you pay taxes on a quarterly basis, this is the deadline for the fourth quarter of 2023.

What Tax Filing Status Does an LLC Have?

The fact that LLCs are formed at the state level makes them special. If you choose to form an LLC, your state will view your company as a corporation. However, if your company has a single owner, you are still considered a sole proprietorship, and if you have numerous owners, you are considered a partnership.

Tax Filing Status

To put it simply, these corporate organizations do not pay corporate income tax. LLCs can obtain the liability protection of corporations while avoiding double taxation by filing as one of these entities (sole proprietorships and partnerships).

Estimated Tax Payments and LLCs

A small-scale business owner who owns an LLC is obligated to make yearly anticipated tax payments. You should also take care of self-employment taxes if you are self-employed. Starting in January, a small business owner is required to pay quarterly taxes every three months.

It’s critical for all small business owners and independent contractors to comprehend how to submit approximated tax payments. If you don’t know what to do when your LLC tax filing deadline, it can become perplexing.

Therefore, it is advisable to hire a professional tax preparer to streamline things for you.

Frequently Asked Questions

What are the forms necessary for filing taxes for LLC?

Your business’s organizational structure will determine the forms you require for your income tax return. You could require these IRS forms.
●     For sole proprietors – use Form 1040.
●     For limited liability corporations – use form 1040 or 1040SR.
●     Form 1120 for businesses.
●     For S corporations – use Form 1120S
●     For partnerships – use Form 1065.

What is the quarterly due tax date?

Remember the following crucial quarterly tax dates for 2022:
●     On April 18, the first quarter of 2022’s projected taxes is due.
●     Tax payment for the second quarter of 2022 is due on June 15.
●     The estimated tax payment for the third quarter of 2022 is due on September 15.
●     Tax payment for the fourth quarter of 2022 is due on January 17, 2023.

What are the deadlines for business tax extensions?

You might be able to acquire a tax extension if you submit your request before the deadline. The filing deadline changes according to the business structure.
●     September 15, 2023, for S-corporations, Partnerships, and LLCs with several members.
●     October 16, 2023, for C-corporations and sole proprietorships.

When do LLCs pay their excise taxes?

Excise tax is due on small enterprises on the taxable goods and services they offer. Excise tax differs from income tax in several ways. Company owners must submit IRS Form 720 and make quarterly payments.
●     Excise tax returns are due by April 30 for January to March.
●     July 31 for April to June.
●     October 31 for July to September.
●     January 31 for October to December.

What occurs if an LLC fails to file taxes?

LLC will have to bear interest and penalties if they miss the filing deadline. Also, the state may revoke your LLC’s business license if you don’t file your taxes. Moreover, for this, the Secretary of State will impose a fine or penalty.

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