It is the common duty of all citizens to be vigilant about paying the taxes that are due to them for each year. The annual tax returns activity is held every year at a massive scale and everyone needs to prepare their statements. It is vital that every person, Who is liable for paying taxes to file their dues within the allotted time and ensure their vigilant participation. However, with different dates being assigned to different entities, it does get a little bit confusing. Knowing what category you fall in and when your window for filing tax returns opens and closes is quite crucial. With the tax returns due to be filed in 2017 already upon us, we have prepared a comprehensive overview of all the different dates for filing federal tax return 2017. Read on to find out more.
Sole Proprietors/ Single Person LLC
For anyone conducting business as a sole proprietor or as a single person LLC, the due date for federal tax return 2017 is April 18th, 2017. It is always a good idea, especially for entities of this type to file their taxes within this date. However, it is not uncommon for people to miss the initial deadline due to some different reasons. Therefore, to accommodate such instances, an extension period of six months has also been provided. The final date after the six-month extension comes on October 16th, 2017. For those of you who are unaware of the appropriate forms, the designated form to be used for federal tax return 2017 in this category is Form 1040.
Partnership/Regular LLC and S-Corporation
The final date for Partnerships/Regular LLCs and S-Corporations for filing federal tax return 2017 has been set to March 15th, 2017. Both the categories have been allotted this same date, and there is an accommodation period also provided. The time of housing for both S-Corporations and Partnerships/Regular LLCs is the same i.e. six months. As per the due date, the deadline for the inclusion of extension period is set on September 15th, 2017. For Partnerships/Regular LLCs, the designated form is Form 1065 and Form the 1120s is to be used by S-Corporations for filing federal tax return 2017.
The Calendar Year C-Corporations & Trusts
As far as Calendar Year C-Corporations and Trusts are concerned, the due date for filing of federal tax return 2017 is the same as Sole Proprietorships/ Single Person LLCs i.e. April 18th, 2017. However, the amount of extension time in these two cases is lesser than the rest. The time given for Calendar Year C-Corporations is five months which brings the deadline including the extension to September 15th, 2017. Trusts have been given an extension period of 5 1/2 months, so their final date inclusive of the expansion comes on September 30th, 2017. The designated form for filing Calendar Year C-Corporation taxes is Form 1120 and Trusts are to file their federal tax return 2017 using Form 941.
As far as late submission of tax returns is concerned, the Internal Revenue Service has not set any specific time limit which is to be adhered to. However, if you want to claim tax refunds, it is important that you file your tax returns within three years of the original due date for a particular year’s returns. If this deadline passes, the tax refund will be considered forfeit.
Do you like to learn more about IRS 2017 Tax Refund Schedule For Tax Year 2017?