Did you know that you might need to do a tax filing on March 15th? The good news is that most people don’t need to worry about it. However, if it is something you’ll need to worry about you really shouldn’t forget it.
Who needs to worry?
March 15th is the tax filing deadline for partnerships and S-corporations. Additionally, it’s the last date at which you could make an S-corp election for 2019. For more info on why you might care about S-corporations check out this article.
That means you need to actually get your taxes done earlier than you’re expecting. The reason is because these are pass through entities meaning any profits pass through to you without being taxed at the business level. Therefore, the forms need to send out before you need to do your personal filing so you actually have the info to file!
Of course, you could always file an extension… but you need to make that filing by March 15th so if you didn’t know it was required that wouldn’t help much.
Who should I reach out to if I need to worry?
You should talk to a CPA. The one I work with is Ernest Jones.
Potential consequences
If you’re late to file you might owe penalties and interest on your tax payments. Generally, these aren’t prohibitively expensive but it’s still nice to not pay more than you have to.
Conclusion
There’s an earlier filing deadline than most people expect. Fortunately, it only impacts those who work in a partnership or have an S-corporation. I know for sure that a lot of full-time streamers have gone the S-corp route so this is something to keep top of mind. Talk to a CPA if you aren’t certain!
You don’t have to figure this out alone. This is what we do- help streamers make great money and business decisions. If that’s something that sounds interesting to you reach out me or schedule some time for a free consult. You can check out what I do here.
