Hi, I’m Bette Hochberger, CPA, CGMA, and on today’s Tax Tip Tuesday, it is your one-week countdown warning for March 15. What is essential about March 15?
Well, it’s a pretty important tax deadline. We have your S-corporations. We have your partnership returns. We have your multi-member LLCs, which is similar to the partnership tax return. But it sounds fancy, and you might not know that’s what you’re filing. But, as we call them, those pass-through entities generate a K-1, and those returns have to be due March 15.
Now, if you’re not ready to file, you need to go on extension. In that case, you’re going to use the Form 7004 application for automatic extension time to file particular business income tax and other returns. So we do have a video of how to fill that out. I’ll throw a link to that here. It is something you can DIY. If you don’t want to DIY and would like some help with that, contact my office.
The other big important thing, if you have been considering making an S-election, meaning you have a corporation or an LLC, and you want to be taxed as an S-corporation, the deadline for that is also March 15.
So that means you need to get that 2553 form if you’ve been in business and you’re saying I want for the year 2022 to be an S-Corp, starting this year. I also have a video for the 2553 Form. So that form is due on March 15 as well. And my advice on that one is going to be that you fax it in to make sure it doesn’t get lost in the mail since the IRS has been having a lot of trouble with their mail recently.
It’s the tax deadline for your S-corps, partnerships, and multi-member LLCs. So file your extension if you’re not ready and make that S-election.
And if you’re not sure if the S-election’s right for you, we have some videos about that, and always feel free to schedule a call with my office. We can even quantify how amazing it will be for you to be an S-corporation. So that’s it for me. I’ll see you next time. Thanks.