If you have a partnership, LLC, or S-corp, remember that business tax filing deadline is March 15, not April 15! Many entrepreneurs don’t realize this and end up filing late.
The penalties for late filing business taxes can be thousands of dollars – the IRS does not mess around. However, they may give you a one-time pass, especially if it’s your first time filing for that entity.
If you get hit with late filing penalties, try calling the IRS to explain it’s your first time – they are often willing to waive it once. But don’t rely on this, it’s a one-time courtesy. Mark your calendars for March 15 going forward!
Let me know if you have any other tax or accounting questions for your small business! Proper filing and money management from the start prevents issues down the road.
