When is my business tax return due? It depends on the type of legal entity of your business. If the tax return due date falls on a weekend, the due date is moved to the next following work day; for example, if the 15th of April is on Sunday, the due date is April 16.

Here is a list of the types of business entities and their tax return due dates:

Sole Proprietorship


A sole proprietorship business is an extension of the person running the business, so its year end is December 31, and the tax return due date is the same as the individual's - April 15 of the following year. A sole proprietor fills out Schedule C.

LLP & LLC


A partnership return is filed as an information return on Form 1065, and tax is owed on the individual partner tax return. Thus, the partnership year end is typically December 31, and taxes are due on April 15, when the individual partners file their K-1 forms showing their share of the partnership income.

Multiple-member LLCs are taxed as partnerships, so the partnership filing and payment regulations above apply.

Single member LLC


A single member LLC is taxed like a sole proprietorship, so the tax returns are due and taxes are payable on April 15, for the prior year.

Corporations


A corporation that has not filed a Subchapter S election may choose any convenient date as their year end (usually a quarter end date). Corporation tax returns are due and taxes are payable on the 15th day of the third month after the end of the company's fiscal (financial) year. So, a corporation with a year-end date of December 31 must file and pay taxes by March 15; a corporation with a year-end date of September 30 must file and pay taxes by December 15.

S Corporations


Corporations which have filed a subchapter S election are taxed on individual income tax returns. So an S corporation must usually take a calendar year end date (December 31) unless the corporation can establish a reasonable business purpose for a different date. The filing date and tax return due date is the same as for other corporations (March 15 for a December 31 year end.)

Payroll rates and bases

2012

Employee Social Security and Medicare
4.20% / 1.45%
Employer Social Security and Medicare 6.2% / 1.45%
Social Security Wage Limit $110,100
Medicare Wage Limit Unlimited
Self Employment tax 13.3%
FUTA (Federal Unemployment Tax Act) taxable wage base $7,000
FUTA rate 6.0%
FUTA maximum credit* 5.4%
Minimum FUTA deposit rate .6%
*Credit is reduced in states with outstanding UI trust fund loans to the Federal Government.

Qualified Retirement Plan Limits

2012

Pretax contributions for 401(k)and SEP plans
$17,000
Workers aged 50 and over (Catch-up) $5,500
Combined employer/employee pay-in limits for all defined contribution plans $50,000
SIMPLE plan limits $11,500
Workers aged 50 and over (Catch-up) $2,500

Standard mileage rates

2012

Business* 55.5¢ per mile
Medical 23¢ per mile
Charitable 14¢ per mile
* Only for owned/leased passenger autos, vans, pickups or panel trucks not used for hire (e.g. taxis) on which no § 179 or depreciation was taken.

2011

Business* 51¢/ 55.5¢ per mile
Medical 19¢/ 23¢ per mile
Charitable 14¢ per mile
* Only for owned/leased passenger autos, vans, pickups or panel trucks not used for hire (e.g. taxis) on which no § 179 or depreciation was taken.

2010

Business* 50¢ per mile
Medical 16.5¢ per mile
Charitable 14¢ per mile
* Only for owned/leased passenger autos, vans, pickups or panel trucks not used for hire (e.g. taxis) on which no § 179 or depreciation was taken.