As a business owner, it’s essential to stay on top of tax filing deadlines to avoid penalties and maintain good standing. Limited Liability Companies (LLCs) and S Corporations have varying federal and state tax deadlines, depending on their structure and tax classification.
Federal Tax Deadlines
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S Corporations: File Form 1120-S by March 15, 2025, for the 2024 tax year. An extension can be filed using Form 7004, granting an extension until September 15, 2025.
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LLCs:
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Single-Member LLCs: Typically treated as disregarded entities, with income and expenses reported on the owner’s personal tax return (Form 1040), due April 15, 2025.
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Multi-Member LLCs: Generally treated as partnerships, requiring Form 1065 to be filed by March 15, 2025.
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LLCs Electing Corporate Taxation: File Form 1120 by April 15, 2025.
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California State Tax Deadlines
In California, both LLCs and S Corporations have specific state filing requirements:
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LLCs:
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Annual Tax: An $800 annual tax is due by April 15, 2025, for calendar-year taxpayers.
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Annual Fee: LLCs with income above certain thresholds must pay an additional fee, also due by April 15, 2025.
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S Corporations:
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Franchise Tax: A minimum franchise tax of $800 is required, due by April 15, 2025, for calendar-year taxpayers.
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Annual Statement of Information: Must be filed annually with the California Secretary of State during the six-month period ending on the last day of the anniversary month of incorporation.
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State-Specific Deadlines
Filing requirements and deadlines for LLCs and S Corporations vary by state. It’s essential to verify your state’s specific requirements and deadlines to avoid penalties or loss of good standing.
Recommendations
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Verify State Requirements: Consult your state’s Secretary of State or Department of Revenue websites for specific filing deadlines and requirements.
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Set Reminders: Mark your calendar with all relevant federal and state filing deadlines to avoid penalties.
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Consult Professionals: Engage with a tax professional familiar with your state’s regulations to ensure compliance and optimize your tax strategy.
By staying informed and proactive, you can ensure timely compliance with all necessary tax filings for your LLC or S Corporation.
Schedule a consultation with LadyTech Consulting to review your tax filing requirements and ensure compliance.
