Are you a first-time investor and/or a new business owner?
Have you circled March 15, 2024, on your calendar?
That’s the deadline for filing your business tax return if you’re running an S Corporation or Partnership.
You might be used to the April 15th deadline for personal taxes, but this one’s different, and it’s crucial not to miss it. I’ve seen too many new business owners learn this the hard way, facing unnecessary headaches because they weren’t aware.
What happens if you miss this deadline?
Filing late isn’t just a slap on the wrist; it comes with hefty penalties that can quickly add up. Imagine you and your business partner are running behind and filing six months late. That delay could cost you over $2,500 in fines.
And trust me, you don’t want to catch the IRS’s attention for all the wrong reasons.
For each month you’re late, the fine is $210 per partner in your business. The longer you wait, the bigger the hole you dig for yourself. It’s not just about the money, either. Being labeled delinquent by the IRS can lead to more scrutiny and stress than needed.
Mark that deadline in bold, set reminders, and get your documents in order well in advance.
Remember, being proactive about your taxes isn’t just about avoiding penalties; it’s about taking control of your financial health and setting your business up for success. So, take this as a friendly nudge to get ahead and keep your business in good standing with the IRS.
