We finally made it through the long hot summer. For the first time in months there is no 100 degree day in our 10 day forecast. This means some big IRS deadlines are coming up, mostly for extended tax returns. Most individuals know about the October 15th deadline for extended individual tax returns (i.e., Form 1040) but business know their extended business returns are coming due, too.
In the tax industry, we call the Fall Busy Season because there are so many deadlines coming down the line. Sometime you start feeling like Lucy on the candy factory conveyor belt but somehow all the work always get done.
Here’s a breakdown of the main fall deadlines that you need to watch out for:
FALL TAX DEADLINES
September 17, 2018
- Form 1065 – Extended Partnerships
- Form 1120S – Extended S Corporations
- Estimated Tax Payments
October 1, 2018
- Form 1041 – Extended Trusts
October 15, 2018
- Form 1040 – Extended Individuals
- Form 1120 – Extended Corporations
November 15, 2018
- Form 990 – Extended Tax-Exempts
- Extended Texas Franchise Tax Returns
One final word, aways check with your tax preparer about the specific deadlines for your returns – and when they need your information. You may have other returns that have different deadlines like state returns or if you have a fiscal year. My list also only includes the primary income tax returns so other tax returns can have different filing requirements. Therefore, not tax advice is intended to be given since I don’t know your specific situation.
As for getting your extended returns prepared, get your information to your tax preparer ASAP! I always tell clients to assume it will take a couple of days up to a couple of weeks in order to complete your return. It all depends on how complicated your return is and how many returns for other clients are already in the queue.