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Tax filing deadline is this week for S corporations

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news Alexandria, 56308
Alexandria Minnesota 225 7th Ave E
P.O. Box 549
56308

March 15 is the tax filing deadline for S corps with fiscal year ending December 31. S corps are "flow-through" entities, meaning the corporation is not taxed, but instead the owners are taxed while reaping the legal benefits of incorporation.

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The number of small business tax returns filed quadrupled to 4 million from 1986 to 2006, making S corporation status the most popular corporate entity for small businesses, according to H and R Block.

Even those who haven't incorporated their businesses have different tax rules. Anyone who receives compensation that does not have taxes withheld from it should investigate if they need to make quarterly estimated tax payments to cover their tax liability.

For the most part, this applies to those who are self-employed. But, other sources of income that could cause a taxpayer to need to make estimated quarterly payments are interest, dividends, alimony, rent, capital gains, prizes and awards. Payments are due mid-month in April, June, September and January.

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