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Forming a business in the United States is simple, from California to South Carolina. LLC and corporation applications are easy to find online. It is a very quick process. If you use the IRS-EIN website, you can even get a taxpayer ID number (TIN) within an hour. No matter how you apply for the number, it is easy to check TIN number status online.
Business Taxes Have an Earlier Deadline for Extensions
Establishing a business entity is the easy part, but filing taxes for a business is not as simple as filing them for an individual. As an individual, if your taxes are not done on time, you have right up until the April 15 deadline to file for an extension. In fact, every year on Tax Day, lots of people line up outside their local IRS offices early in the morning to file for a last-minute extension.
With businesses, the IRS is stricter. While businesses still have until the middle of April to file a tax return, the deadline to apply for an extension is March 15. If you don’t apply for an extension by March 15 and don’t file your return by April 15, the IRS can start charging interest.
What to Do If You Miss the Deadline
If you miss the March 15 extension deadline, file your tax return as close to the April 15 deadline as you can. Usually the interest you will have to pay is not much. Even if you can’t pay all the taxes you owe by April 15, at least file the return so that it is on time. You could see about a payment plan to pay your tax obligations in installments.
It’s not the end of the world if you miss the extension deadline; just file your taxes as soon as you can.