Changes in tax laws occur every year, affecting businesses of all types. These changes affect the planning and preparation of taxes for businesses ranging from sole proprietorships to large corporations. Here is a quick look at the changes which take effect during the 2017 filing season. Stay Informed: Explore insights on Small Buisness tax changes. Navigate evolving regulations with expert guidance, ensuring financial stability for your organization.
Tax Changes Small Businesses Should Know
Tax Related Dates for 2017 Filing Season The tax year for sole proprietorships filing Schedule C, S corporations, and partnerships ended on December 31, 2017. For other types of corporations, the tax year ends on the final day of their fiscal year, and may be different than the traditional end of year. Because April 15 falls on a weekend in 2018, and the Monday immediately following is a holiday in Washington D.C., most businesses will have a filing deadline of April 17 this year. The exception is for S corporations and partnerships, which have an earlier filing date of March 15. The April 17 deadline includes tax filings for the following types of businesses:- Sole Proprietors filing Schedule C
- LLCs with single memberships filing Schedule C
- Corporations