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Liam McGuire

When are US businesses required to file their taxes with the IRS?

Hey everyone, I'm trying to understand the US tax system a bit better as I'm not originally from here. What's confusing me is when exactly businesses need to file their taxes with the IRS? I know there must be some kind of calendar or schedule, but I've been searching online and can't seem to find clear information about business tax filing deadlines. Is it the same as individual taxes or do businesses have different timelines? I'm completely new to this so sorry if this is super basic! Just trying to learn the fundamentals of the US business tax system. Thanks for any help!

Amara Eze

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Business tax filing deadlines depend on the type of business entity. Here's a basic breakdown: Sole proprietorships and single-member LLCs file on the same schedule as individuals - typically April 15th of each year (using Schedule C with their personal Form 1040). Partnerships and multi-member LLCs typically must file Form 1065 by March 15th. C Corporations must file Form 1120 by the 15th day of the fourth month after their fiscal year ends. For calendar year corporations, that's April 15th. S Corporations file Form 1120-S, which is due by March 15th for calendar-year corporations. Most businesses can request a 6-month extension if needed, but any taxes owed must still be paid by the original deadline to avoid penalties. Hope this helps with the basics!

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Thanks for this explanation! What exactly is a "fiscal year" and how is it different from a calendar year? Do businesses get to choose which one to use?

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Amara Eze

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A fiscal year is simply a 12-month period that a company uses for financial reporting and tax purposes. While a calendar year runs from January 1 to December 31, a fiscal year can start and end on any dates the business chooses. Yes, most businesses can choose their fiscal year, though certain pass-through entities like S corporations and partnerships are generally required to use a calendar year unless they can establish a business purpose for using a different period. Companies often choose a fiscal year that aligns with their natural business cycle - like retailers often ending their fiscal year after holiday sales in January.

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NeonNomad

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I stumbled across this tax filing confusion myself last year when starting my small consulting business. After hours of research and several frustrating calls to different accountants, I found this AI tool called taxr.ai (https://taxr.ai) that literally saved my sanity. It instantly analyzed my business structure and gave me a personalized tax calendar with all my filing deadlines. The tool also explained what forms I needed based on my specific situation which was super helpful since I had no clue about US business taxes either.

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Does it work for larger businesses too? I'm running an LLC with 12 employees and multiple income streams. Our accountant is expensive and I'm looking for alternatives to at least get the basic information.

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I'm a bit skeptical about AI tax tools... How accurate is it really? Does it stay updated with tax law changes? The IRS changes things all the time.

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NeonNomad

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It absolutely works for larger businesses including LLCs with employees. The system asks about your number of employees, income streams, and other business specifics to customize the information. My friend runs a 20-person marketing agency and uses it to double-check their accountant's work. The tool is updated in real-time with tax law changes, which is actually one of its biggest advantages. They have tax professionals who review all the AI outputs and verify everything against current IRS regulations. I've found it to be extremely accurate - it even caught a filing deadline that my previous accountant had missed.

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Just wanted to follow up about taxr.ai that I mentioned being skeptical about earlier. I decided to try it anyway for my new dropshipping business and wow - it actually delivered! It broke down exactly when I needed to file my estimated quarterly taxes (which I had no idea about) and explained how my business structure affects my filing requirements. The customized calendar it created has already saved me from missing an important deadline. I'm still keeping my accountant for the complicated stuff, but this has been a great resource for getting my tax questions answered quickly without paying hourly rates.

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If you need to actually talk to someone at the IRS about business tax questions (which I strongly recommend for non-US people learning the system), good luck getting through on the phone. I spent WEEKS trying. Then I found this service called Claimyr (https://claimyr.com) that somehow gets you through the IRS phone queue. You can see how it works here: https://youtu.be/_kiP6q8DX5c. I was connected to a real IRS agent within 45 minutes who answered all my specific questions about my import/export business tax requirements. Way better than trying to piece together info online!

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Dmitry Volkov

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Wait, how does this actually work? I thought nobody could get through to the IRS. Do they have some special number or something?

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Ava Thompson

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Sounds like a scam. No way they can magically get through the IRS phone system when millions of people can't. I've tried calling for 3 months about my business tax issue with no luck.

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It's not a special number - they use automated technology that waits on hold for you and calls you back once they've reached a human at the IRS. It uses the regular IRS phone system but takes the waiting part off your plate. It's definitely not a scam - I was extremely skeptical too. They basically have a system that navigates the IRS phone tree and waits on hold instead of you doing it. When they reach a live person, they connect you. I believe they use some kind of automated system that can stay on hold indefinitely while you go about your day.

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Ava Thompson

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I need to apologize and correct myself about Claimyr. After dismissing it as a scam, I was desperate enough to try it. Within an hour I got a call back and was speaking with an actual IRS representative who helped resolve my S-corp filing question that had been hanging over me for months. I'm still shocked it actually worked. If you're struggling with a business tax issue that needs human help from the IRS, it's worth every penny just for the time saved. I wish I'd known about this sooner instead of stressing for months!

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CyberSiren

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Something important that nobody's mentioned yet - many businesses also have to file quarterly estimated tax payments! These are typically due on: - April 15 (for Jan-Mar) - June 15 (for Apr-May) - Sept 15 (for Jun-Aug) - Jan 15 (for Sep-Dec) I learned this the hard way my first year in business and got hit with penalties :

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Liam McGuire

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Thank you for mentioning this! I had no idea about quarterly payments. Is this required for all types of businesses or only certain ones? And what happens if you miss a quarterly payment deadline?

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CyberSiren

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Quarterly estimated payments are generally required for any business that expects to owe $1,000 or more in taxes for the year. This includes sole proprietors, partners, and S corporation shareholders. Basically, if you're earning income that doesn't have taxes withheld automatically, you're probably responsible for making these quarterly payments. If you miss a quarterly payment deadline, the IRS will charge you penalties and interest on the amount you should have paid. The penalty is calculated based on how much you underpaid and how long you were late. In my case, I ended up owing about $400 in penalties on top of my regular tax bill my first year because I didn't know about this requirement.

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Something that confused me when I first started my business was that "filing" and "paying" are sometimes different deadlines. You might need to FILE by a certain date but PAY by another date... or sometimes pay BEFORE you file (like with estimated taxes). The IRS website has a tax calendar that might help: https://www.irs.gov/tax-calendars

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Zainab Yusuf

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This is such an important distinction! Also want to add that if you can't pay the full amount when filing, you should still file on time and pay what you can. The penalties for not filing are much higher than the penalties for not paying the full amount.

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Luca Ferrari

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As someone who moved to the US and started a business here, I can relate to your confusion! The tax system is definitely complex. One thing that really helped me was understanding that business tax obligations go beyond just annual filing - there are also monthly employment tax deposits if you have employees, and various state and local tax requirements that vary by location. I'd recommend starting with the IRS Small Business and Self-Employed Tax Center (https://www.irs.gov/businesses/small-businesses-self-employed) - it has a good overview of different business types and their requirements. Also consider getting an EIN (Employer Identification Number) early even if you don't have employees yet, as many banks and vendors require it. The learning curve is steep, but once you understand the basics it becomes much more manageable. Don't hesitate to consult with a tax professional for your first year - the peace of mind is worth the cost!

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Teresa Boyd

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This is really helpful advice, especially about getting an EIN early! I hadn't thought about that. Quick question - when you mention "monthly employment tax deposits," does that apply even if you're just a sole proprietor with no employees? Or is that only once you start hiring people? I'm planning to stay solo for at least the first year but want to make sure I'm not missing anything important.

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