Corporations that have a calendar year-end generally file their corporate tax returns on the extended deadline of September 15 each year. In most cases, a third party prepares the return and submits it to the company officer for signature. This can cause a filing deadline to be missed due to last-minute preparation, but preparers can now file electronically, and company officers receive the completed return on or before the due date. Here are some important dates to remember for filing corporate tax returns.
The first step in preparing a corporate tax return is determining all business expenses that qualify as tax deductions. Depending on the nature of your business, you can claim deductions for employee salaries and medical insurance, as well as some investment expenses. Some taxes and insurance payments may also be deductible, and you can make sure to review Internal Revenue Code section 162 for specifics. The goal of the entire filing process is to maximize tax savings, so it’s best to have a CPA or qualified tax preparer prepare your corporate tax returns.