Tax Deadlines

By: Lauren Gines

Tax season can be… a lot. So let’s break it down—one deadline at a time.

If you’re running a business and you don’t file your taxes on your personal return, this one’s for you. We’re talking about partnerships (which file a 1065) and S Corporations (which file an 1120-S). The big date to know? March 15th. That’s your deadline.

What about individual taxes?

Individual tax returns (that’s a 1040) are due April 15th. Easy, right? But here’s where things can get a little confusing:

“I have a small business—do I need to file by March 15th too?”

The answer? It depends.

Here’s how to tell:

Ask yourself: Do I have an EIN (Employer Identification Number) for the business?

• No EIN? Your business income and expenses will just go on your personal tax return. That means you’re filing a 1040, and your deadline is April 15th.
• Yes EIN? Time to pull out your IRS letter (you know, the one that came when you got your EIN). It’ll tell you what form you’re supposed to file: partnership, S corp, or individual.

If it says 1065 or 1120-S, then yep—you need to file by March 15th.

Let’s talk extensions

We hear this all the time:

“If I file an extension, I get more time to pay, right?”

Nope. Filing an extension only gives you more time to file, not more time to pay.

So if you owe taxes, that bill is still due by March 15 (for business returns) or April 15 (for personal returns). Otherwise, you’re looking at penalties and interest. We’ll talk about those in a sec.

Can’t pay on time?

You’re not alone. The IRS knows this happens, and they actually offer payment plans to help.

Here’s the breakdown:

1. Short-Term Payment Plan

• Pay off within 180 days
• No setup fees
• You must owe less than $100,000 (including tax, penalties, and interest)

2. Long-Term Payment Plan

• Spread it out over up to 72 months
• There are setup fees (they vary depending on how you apply and how you pay)
• You must owe less than $50,000 in total

Just know: interest and penalties still apply with a payment plan. But don’t worry—we can help with those too.

Here’s the silver lining…

If you file an extension, you avoid the failure-to-file penalty (which can be steep). And if you’re on a payment plan, the failure-to-pay penalty drops from 0.5% to 0.25% per month.

Even better? We can often work directly with the IRS on your behalf to get penalties reduced—or even removed.

Phew! That was a lot, but we’re here to help.

Have questions or want help filing an extension?
Just head to pack.tax to find a location near you or get in touch. We’ve got your back—tax season and beyond.