When do businesses file taxes?
Every business owner in America has an obligation to submit tax returns. The Internal Revenue Service (IRS) normally begins processing tax returns in the first month of every year. Sole proprietorship, which is a business usually owned and run by one person, submits its tax returns on April 15, which is the same as the individuals. While April 15 is the official tax deadline to file federal income tax returns, the date can be moved to the next business if it falls on a weekend.
The US government mandates that all businesses operating in America File a tax return within a predetermined due date. Failure to do this will invite penalties from the IRS. If you don’t submit tax returns, or even pay your taxes, you can be charged and sent to jail. Something that can be avoided by doing the right thing, which is, submitting your tax returns.