Did you know that S-Corporation and Partnership returns are due March 15, 2023?

In the United States, S-Corporation and Partnership tax returns are due on March 15th of each year. S-Corporations and Partnerships are considered pass-through entities, meaning that the business income is passed through to the owners, who report the income on their individual tax returns. The March 15th deadline gives the business additional time to prepare its tax return compared to C-Corporations, which must file their tax return by April 15th. However, if the business requires additional time to prepare its tax return, it may request an extension by filing Form 7004, which extends the due date to September 15th.

For truck drivers who are classified as S-Corporation shareholders or partners in a partnership, the March 15th deadline for S-Corporation and Partnership tax returns means that they must have their share of the business income reported on their individual tax return by that date. As a shareholder or partner, the truck driver will receive a Schedule K-1 form, which will report their share of the business income, deductions, and credits.

It’s important for truck drivers to understand their tax obligations as a shareholder or partner in a S-Corporation or Partnership and to seek the assistance of a tax professional or accountant if necessary to ensure that their tax return is prepared and filed accurately and timely. Additionally, truck drivers who operate as an S-Corporation or Partnership may need to make estimated tax payments throughout the year to ensure they have sufficient funds to pay their tax liability when the return is due.

It is recommended that truck drivers consult with a tax professional or accountant to determine the best approach for their individual circumstances.