The Business of Tax Time
Question:
I’m a retail gift store owner, and after the busy holiday season I often struggle with organizing my tax documents and meeting filing deadlines. What are the key business tax deadlines I should be aware of for 2025, and what steps can I take if I need more time to file or can’t pay my taxes in full?
A: Thanks for reaching out, as this is a common concern as we start a new year.
- Business tax deadlines are different from individual tax filing dates, and are based on the type of business. The first tax returns are due on March 17, 2025. This deadline applies to partnerships, LLCs taxed as a partnership and S Corporations.
- The next deadline is April 15, 2025. This deadline applies to C corporations and sole proprietorships, which report on a Schedule C. April 15 is also the tax deadline for individual income tax returns.
- If you need more time, you can file a business tax extension with Form 7004 (multi-member LLCs, partnerships, corporations) by March 17, or Form 4868 (C corporations, LLCs taxed as C Corps, sole proprietors and individuals) by April 15.
Once you file for a tax extension, your new updated deadlines will be:
- September 15: Partnership and S Corp tax deadlines
- October 15: Individual, sole proprietorship, and C Corp filing deadline
- If you owe more than you can pay, you may qualify for a short-term or long-term payment plan. The IRS will determine what you qualify for, depending on your individual tax situation. For specific questions, visit irs.gov/businesses.
Central Oregon Community College has a Small Business Development Center that offers free, confidential professional business advising and a variety of low-cost courses to help entrepreneurs through the business lifecycle: cocc.edu/sbdc.
About the Expert:
With decades of small business ownership, teaching and advising experience, Sue Meyer works alongside the skilled team of business advisers at Central Oregon Community College’s Small Business Development Center.
