It's crunch time for those of you who applied for an extension on a corporate or partnership tax return. That return is due Monday, September 17, 2012. September 15, the due date, is a Saturday in 2012, so the return is due on the first business day after that date, which is Monday. No further extensions are available, so no more excuses.
There's still time to get your documents together and give them to your tax preparer. Here's a list of the documents you need:
- to file a federal income tax return for a corporation
- to file a federal income tax return for a partnership
Remember, you have already paid your taxes - at least, most of them. If your final tax return shows that you owe more than you originally paid, you must pay the difference, and you may owe fines and penalties on the amount not paid when the return was originally due.
What about the state income tax return for your business?
Each state has different rules for filing extensions and paying business and personal taxes. The SBA has a web page with links to the pages for each state's department of revenue or similar taxing authority. One common question asked by businesses is whether they must taxes in each state in which they do business. If your business is registered in a state and does business in that state, you must pay income taxes on business income to that state. This is one of those "ask your CPA about this" issues.
Read more about paying business taxes in several states.