Missed Your Partnership or S Corp Tax Deadline? Here’s How Hudson & Empire Can Help

Hey East Coast business owners, we get it. The September 16th, 2024, S Corp and Partnership tax deadlines have just passed. But before you hit the panic button, let’s take a deep breath. It’s not the end of the world, and here at Hudson & Empire, we’re ready to help you navigate the next steps. Missed your S Corp or Partnership tax deadline? No problem. You can still minimize penalties by filing as soon as possible, and there’s a great chance we can even get those penalties abated.

Why Filing Late Isn’t the End of the Road

If you haven’t filed yet, the key is to act quickly. The IRS is much more forgiving if you get your return in sooner rather than later. And with Hudson & Empire in your corner, we’ll work to get your late filing penalties reduced—or even wiped out entirely. The bottom line is this: the longer you wait, the higher the penalties stack up, but filing now could save you from paying extra, unnecessary costs.

Upcoming Deadlines You Shouldn’t Miss

Now that we’ve cleared up the immediate concern, let’s talk about what’s next. Here are some important deadlines coming up:

September 30th, 2024

• Estates and Trusts: Last day for calendar-year estates and trusts to file their 2023 income tax return (Form 1041) if they obtained a 5 ½-month filing extension.

October 15th, 2024

• Individuals: If you filed for a six-month extension, this is your last chance to file your 2023 individual income tax return (Form 1040 or Form 1040-SR). Don’t let this one sneak up on you!

• C Corporations: This is also the final day for calendar-year C corporations to file their 2023 returns (Form 1120) if they received a six-month extension.

October 31st, 2024

• Employers’ Taxes: Employers must file Form 941 to report income tax withholding and FICA taxes for the third quarter of 2024.

December 16th, 2024

• Estimated Tax Payments: Calendar-year corporations must make their final installment of 2024 estimated tax.

January 15th, 2025

• Estimated Tax Payments: Final installment of 2024 estimated tax (Form 1040-ES) is due for individuals unless you plan to file your tax return by January 31, 2025.

• Nonresident Aliens: Those who have no wages subject to U.S. withholding must also pay their final installment of 2024 estimated tax (Form 1040-ES (NR)).

January 31st, 2025

• Individuals and Trusts: Last day for calendar-year individuals and trusts to file their 2024 income tax returns (Form 1040 or Form 1040-SR and Form 1041) if they did not pay their final estimated tax by January 15th.

• Employers’ Taxes: Employers must file Form 941 for fourth-quarter 2024 income tax withholding and FICA taxes.

Why This Is the Perfect Time for Tax Planning

Okay, we’ve got the deadlines covered—but now, let’s talk about something even more exciting: tax planning. Now is the time to get ahead of the game. Instead of just worrying about your tax obligations, you could be optimizing them.

Take one of our clients, Sam, who owns a small tech consulting firm. Last year, he came to us with a hefty tax bill looming over his head. With some quick thinking and smart planning, we delayed billing for some of his clients until January and prepaid expenses like his office lease and insurance. That strategy reduced his taxable income by $90,000, saving him thousands in taxes.

This could be you! Tax planning isn’t just about lowering your tax bill—it’s about making smart decisions that keep more money in your pocket.

What’s Your Next Move?

So here’s the deal: if you missed the September 16th deadline, don’t panic. Hudson & Empire can help you file as soon as possible to limit penalties. And while you’re at it, why not use this moment to get proactive with tax planning? Whether you’re looking for ways to reduce your tax burden before the end of the year or just want a clearer picture of your financial future, we’re here to guide you.

Get in touch with Hudson & Empire today, and let’s turn tax season into an opportunity instead of a headache. The clock is ticking—don’t let those penalties stack up when we’ve got the strategies to help you win!

Frequently Asked Questions:

• What should I do if I missed the S Corp or Partnership tax deadline?

If you missed the deadline, it’s best to file as soon as possible to reduce potential penalties. Filing promptly can help minimize any financial impact.

• Will there be penalties for missing the S Corp or Partnership tax deadline?

Yes, late filing usually results in penalties. However, you may be eligible to request a penalty abatement, especially if you can demonstrate reasonable cause for the delay.

• How can I reduce penalties for filing late?

You can minimize penalties by filing quickly and accurately. Additionally, requesting penalty abatement or exploring other relief options may help reduce costs.

• Is it possible to have my penalties waived?

In many cases, penalties may be waived if there’s a reasonable cause for the late filing. Providing detailed documentation to support your situation can improve your chances of abatement.

• What if I missed the deadline last year too?

Even if there’s a history of missed deadlines, it’s still possible to address past filings, bring accounts current, and work on a strategy to avoid future delays.