Hey, Abe! Things have been pretty busy with my business, and it’s looking like I may not be able to file in time. Should I be worried? What do I need to do?

You are not alone. It isn’t easy balancing the workload when you are self-employed. Fortunately, the IRS understands this as well and gives the opportunity to have an extension in place to waive the failure to file penalty. This will give you valuable time to gather any relevant tax documents, business records, and more to ensure you have an accurate filing.

It’s important to remember that while the filing can be extended, the payment deadline cannot be extended. Any balance owed for 2022 following the April 18th, 2023 deadline will still accrue late payment penalties and interest. One way to avoid this headache is by paying quarterly estimated taxes. This can lower or even eliminate your balance altogether!

See below for important 2022 Tax Deadlines:

  • C-Corp (1120):
    • Original deadline = March 15, 2023 
    • Extended deadline = September 15, 2023
  • S-Corp (1120-S):
    • Original deadline = March 15, 2023 
    • Extended deadline = September 15, 2023
  • Multi-Member Partnership (1065):
    • Original deadline = March 15, 2023 
    • Extended deadline = September 15, 2023
  • Single Member LLC:
    • Original Deadline = April 18, 2023
    • Extended Deadline = October 16, 2023
  • Sole-Proprietor:
    • Original Deadline = April 18, 2023
    • Extended Deadline = October 16, 2023
  • Individual (1040):
    • Original Deadline = April 18, 2023
    • Extended Deadline = October 16, 2023

We’re here to help!

You can reach us by phone at 417.380.5000 or by email at transportation@abacus.cpa.