Key Takeaways
- Most business tax returns can be extended by filing Form 7004. You must file it by the original due date of the return.
- If you need an extension, check with your state taxing authority to see if you need to file one with them as well.
- If your business is organized as an S corporation or partnership and is a calendar-year taxpayer, your income tax return or extension is due by the 15th day of the 3rd month after the end of your tax year, usually March 15th.
- If your business is a C corporation and is a calendar-year taxpayer, your income tax return or extension is due by the 15th day of the 4th month after the end of your tax year, usually April 15.
What is a business tax extension?
If you need extra time to complete your 2025 business tax return, you can request a filing extension. However, even with an extension, you need to estimate how much you owe (if you owe) and send in that amount by the original due date of the return.
You can extend most business tax returns by filing Form 7004. You must file it by the original due date of the return.
What is the tax return or extension deadline for corporations?
The tax return or extension deadline for corporations depends on the type of corporation.
If your business is an S corporation, you must file the tax return or extension by the 15th day of the 3rd month after your tax year ends. For example, if your S corporation is a calendar-year taxpayer with a December 31 year end, you need to file a 2025 tax return or extension by March 16, 2026.
If the business is a C corporation, then the tax return or extension is due by the 15th day of the 4th month after the end of your tax year. For example, let's say if your C corporation is a calendar-year taxpayer with a December 31 year end. In that case, you need to file a 2025 tax return or extension request by April 15, 2026.
What is the tax return or extension deadline for partnerships?
If your business is organized as a partnership, your income tax return or extension is due by the 15th day of the 3rd month after the end of your tax year. For example, suppose your partnership is a calendar-year taxpayer, with a December 31 year end. In that case, you must file a 2025 tax return or extension request by March 16, 2026.
What else should you be aware of when filing a business tax extension?
First and foremost, it is important to meet the IRS deadlines. If you underestimate your taxes, file your return late, or do not furnish certain information by the due date, you may face penalties and interest.
The dates above assume your business entity is a calendar-year taxpayer. If you are a fiscal year taxpayer, adjust your due dates using the information above. For example, the due date for the tax return of a C corporation for the fiscal year ending March 31, 2026, is July 15, 2026.
Are there any exceptions to the tax extension deadline?
An exception to this rule is corporations with a fiscal year from July 1 to June 30. For these corporations, the initial deadline will remain September 15th. The extension deadline remains February 15th. This exception applies to fiscal years ending through June 30, 2026. For fiscal years that end on June 30, 2027, the filing deadline moves to October 15th (the 15th day of the 4th month after the year ends). The extended deadline moves to March 15th (6 months after the first deadline).
TurboTax Tip:
Even if you file an extension, you need to estimate how much you owe (if you owe). Then, you need to send in that amount by the original due date.
Does an S corporation owe taxes?
Whether or not an S corporation owes taxes depends on your circumstances. If your business has always been an S corporation, it is treated as an extension of the shareholders for many tax purposes. It will generally not owe any tax.
However, if your S corporation was once a C corporation, it may owe a corporate-level tax. This only happens in certain limited situations. An S corporation must give a Schedule K-1 to all shareholders. It shows their share of the corporation's income and deductions for the tax year.
What are the penalties and deadlines for late payment or filing for S corporations?
- If your calendar-year S corporation owes taxes for the year, you'll have to pay interest on the amount you fail to pay by the original due date, typically March 15.
- The S corporation is required to pay all of the tax by that date. If it does not, it may owe a penalty of 0.5% of the unpaid tax for each month the tax is not paid. The penalty can reach up to 25% of the unpaid tax.
- If you do not file or extend the S corporation's return by the original due date, typically March 15 (unless another date due to holidays or weekend), it may owe a penalty. The penalty is 5% of the unpaid tax for each month the return is late, up to a maximum of 25% of the unpaid tax.
- The S corporation needs to file its return on time (including a Schedule K-1 for each shareholder). If a return for the 2025 tax year is late and there's no tax due, a penalty of $255 per shareholder per month, up to 12 months, may be imposed.
- If you think you may need more time to prepare the S corporation's return, file for an extension with Form 7004. The due date for your calendar-year S corporation return will typically be extended until September 15.
Does a partnership owe taxes?
Like most S corporations, a partnership does not owe income tax. It is treated as an extension of the partners. Partnerships are required to provide a Schedule K-1 to all partners. It shows their share of the partnership's income and deductions for the year.
What are the penalties and deadlines for late payment or filing for partnerships?
- If you don't file your partnership return on time, you may owe a late filing penalty. For returns for the 2025 tax year, the penalty is $255 per partner for each month the return is late, up to 12 months.
- The due date for a calendar-year partnership's return is typically March 15. If you think you may need more time to prepare your return, you should file for an extension using Form 7004. The due date for your partnership return will be extended until September 15.
Do you need to request a state business tax extension?
State guidelines for filing extensions vary. In many cases, if you don't owe state taxes, your federal extension can also extend your state return(s). Refer to the tax form instructions or tax help for your state(s) before you request a state extension.
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