March is a crucial month for many taxpayers, particularly farmers, fishermen, and businesses. Several important deadlines fall within this month, and missing them can result in penalties and interest charges. This guide equips you with the knowledge to navigate key March tax deadlines, streamline your filing process, and ensure timely completion, avoiding any potential penalties.
Key Deadlines for Farmers and Fishermen
March 1st:
- File your 2023 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have an extension until April 15th (April 17th for residents of Maine or Massachusetts) if you paid your estimated taxes by January 16th, 2024.
Deadlines for Businesses
March 1st:
- Applicable Large Employers (ALEs): Provide Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage to responsible individuals. Refer to the instructions for these forms for detailed information on reporting requirements.
March 15th:
- Partnerships: File a 2023 calendar year return (Form 1065) and provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. Additionally, provide Schedule K-3 (Form 1065) or a substitute Schedule K-3 if applicable. To request a 6-month extension, file Form 7004. Then, file Form 1065 and provide Schedules K-1 or substitute Schedules K-1, and if applicable Schedules K-3, to partners by September 16th.
- S-Corporations: File a 2023 calendar year income tax return (Form 1120-S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. Additionally, provide Schedule K-3 (Form 1120-S) or a substitute Schedule K-3 if applicable. To request a 6-month extension, file Form 7004 and pay the estimated tax owed. Then, file the return, pay any tax, interest, and penalties due, and provide each shareholder with their Schedule K-1 and Schedule K-3 (if applicable) by September 16th.
- S-Corporation Election: File Form 2553 to elect S corporation status for the 2024 calendar year. If filed late, S treatment will begin in 2025.
March 15th (if applicable):
- Social Security, Medicare, and Withheld Income Tax: Deposit the tax for February payments if the monthly deposit rule applies.
- Non-Payroll Withholding: Deposit the tax for February payments if the monthly deposit rule applies.
Important Notes
Weekends and holidays: If a due date falls on a weekend or legal holiday, it automatically extends to the next business day that is not itself a holiday.
Disaster area extensions: In case your area is designated a disaster zone, tax filing deadlines might be extended. Visit the FEMA and IRS websites for filing relief and extension dates.
Staying Compliant
Meeting tax deadlines isn’t just about avoiding penalties; it’s about achieving peace of mind and compliance. Proactive filing and timely payments ensure smooth sailing through tax season. When questions arise, consult tax professionals or utilize IRS resources. Let’s navigate this together!
