Will The Real Tax Deadline...Please Stand Up!

For what seemed like forever, there were a few things that seemed to never change, one being when personal and business tax returns were due. Generally, your business returns for entities such as Multi-member LLC’s, Partnerships, and S-corps were due on March 15th and your personal and C corporation returns were due on April 15th.

However, as we know a lot of things have changed over the last three years including the tax filing deadlines. This year is no exception there are some changes to the filing deadlines. For all tax filers except, for California and parts of Alabama and Georgia, the deadline for business returns for LLC’s, Partnerships, and S-Corps remains March 15th, and for all personal of C Corporation returns not in these covered areas the due date is April 18th.

In disaster areas in California and parts of Alabama and Georgia, both business and personal tax filers now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments. The Internal Revenue Service announced this on February 24th. Previously, the deadline had been postponed to May 15th for these areas.

California’s Franchise Tax Board announced it was extending the filing deadline as well until October 16th. The Alabama Department of Revenue will also grant filing and payment extensions to taxpayers residing in areas designated as disaster areas by the federal government have until Oct. 16, 2023.

These deadline extensions also affected the deadlines for estimated tax payments and 2022 contributions to IRAs and health savings accounts. So, the deadline changes can affect more than when your tax return is due.

With all the changes it can be confusing as to when exactly your business and personal returns are due. This is why we always recommend contacting a tax professional. We will gladly provide you with the insight, and even assist with the filing of your return. The IRS and State taxing agencies also offer free assistants as well.

Remember, it never hurts to ask. Because like my Aunt Myrtle used to tell me “There is always help, you just have to ask”.

Bottom line, the most important thing is filing the tax return prior to the deadline. And this year you may have few extra days or months to do it.