Due Dates + Extensions
For S Corporations, Partnerships, and LLCs with more than one member: March 15th – can be extended until September 15th.
For C Corporations: the 15th day of the 4th month following year end – can be extended for 5 months. (For calendar year end C corps, the due date is April 15 and can be extended until September 15th.)
For sole proprietorships and LLCs that file as sole proprietors: April 15th – can be extended until October 15th.
penalties + interest
C Corp penalties for filing late are 5% of the balance due per month, not to exceed 25%. (So, if there’s no balance due, there’s no penalty for filing late.)
The penalty for paying late (after March 15th) is .5% (one half percent) of the balance due per month.
S Corp penalties for filing late are $195 per shareholder per month.
Partnership penalties for filing late are $195 per partner per month.
There are no S corp or partnership penalties for paying late since these entities don’t pay Federal income tax. S corps and partnerships are pass-through entities. The taxes are paid on the individual returns of the shareholders or partners.
A Limited Liability Company can be taxed as a sole proprietorship, partnership, C corporation or S corporation. If you’ve not made an election, the default taxation for a single member LLC is sole proprietorship (filed as a schedule C on your personal return). The default taxation for an LLC with more than one member is partnership.
quarterly estimated tax payments
HOW MUCH TO PAY – Corporations must pay estimated taxes if their estimated tax liability is $500 or more. If estimated taxes are due, the corporation must payer the smaller of the tax liability from the previous year (as long as the previous year was a full 12 month year and the return showed at least some amount of tax due) or the tax owed in the current year.
MD estimated tax payments are due if the corporation has an expected tax liability of $1,000 or more. MD estimated tax payments should be at least 90% of the current year tax liability or 110% of the previous year’s tax liability.
VA estimated tax payments are due if the corporation has an expected tax liability of $1,000 or more.
DC estimated tax payments are due if the corporation has an expected tax liability of $1,000 or more. DC estimated tax payments should be at least 90% of the current year tax liability or 110% of the previous year’s tax liability.
WHEN TO PAY – Estimated tax payments are due on the 15th day of the 4th, 6th, 9th, and 12th month.
ESTIMATED TAX COUPONS – Coupons are not required for federal payments.
MD estimated tax coupon
VA does not require estimated tax coupons because the tax must be paid online.
ways to pay
FEDERAL: All Federal corporate payments must be made electronically through EFTPS (Electronic Federal Tax Payment System)
C Corporation Tax Rates:
|15%||0 – $50,000|
|25%||$50,001 – $75,000|
|34%||$75,001 – $100,000|
|39%||$100,001 – $335,000|
|34%||$335,001 – $10,000,000|
|35%||$10,000,001 – $15,000,000|
|38%||$15,000,001 – $18,333,333|
Partnerships and S Corps do not pay Federal income tax. The tax is paid by the shareholder or partner on their individual returns.
DC 9.2 %
$250 minimum tax, if DC gross receipts are $1million or less
$1,000 minimum tax, if DC gross receipts are more than $1 million