March Tax Deadlines You Can’t Afford to Miss: A Guide for Individuals and Small Businesses

As March approaches, it's time to prepare for the crucial tax deadlines that could impact your finances. Whether you're an individual filing your personal taxes or a small business owner managing S Corp filings, knowing the important dates and staying on top of your tax responsibilities is essential to avoiding penalties and maximizing savings.

In this guide, we'll walk you through the key March tax deadlines for both individuals and small businesses in Rochester, NY, and Greece, NY, and explain what you need to do to stay compliant and make the most of tax season.

1. S Corporation Tax Filing Deadline – March 15th

If you own an S Corporation, March 15th is a critical deadline you cannot afford to miss. S Corps are required to file their annual tax returns by this date, using Form 1120S. Failure to file on time could result in penalties for both the business and its shareholders.

What You Need to Do:

• Gather your financial documents, including income statements, balance sheets, and any other necessary tax records.
• File Form 1120S by March 15th, or file for an extension (if necessary). Keep in mind that an extension only extends the time to file, not to pay any taxes owed.
• Ensure that shareholders receive Schedule K-1, which reports their portion of the S Corp’s income, deductions, and credits.

If you need help navigating the complexities of S Corp filings, Nacca & Capizzi is here to help. Call us at (585) 225-9290 or visit www.naccacpas.com to schedule a consultation.

2. Deadline for Making Contributions to Retirement Accounts – March 31st

For individuals and business owners looking to reduce their taxable income, March 31st marks the last day to make contributions to certain retirement accounts for the previous year. Specifically, you have until this date to contribute to IRAs (Traditional and Roth) and SEP IRAs for the tax year 2024.

What You Need to Do:

• Consider contributing to your retirement accounts to reduce your taxable income. Contributions to traditional IRAs can be deducted from your taxable income, potentially lowering your tax bill.
• Keep in mind that there are contribution limits. For example, the maximum contribution for IRAs is $6,500 (or $7,500 if you’re over 50) for 2024.
• If you own a small business, consider making contributions to a SEP IRA, which allows for higher contribution limits.

Reach out to Nacca & Capizzi to get assistance in maximizing your retirement contributions and ensuring you're making the most of tax-saving opportunities. Call (585) 225-9290 or visit www.naccacpas.com.

3. Deadline for Filing Partnerships and LLCs – March 15th

Similar to S Corps, partnerships and LLCs that are treated as pass-through entities must file their tax returns by March 15th. This is the deadline for filing Form 1065 for partnerships and multi-member LLCs. Each partner or LLC member will receive a Schedule K-1 reporting their share of the business’s income and deductions.

What You Need to Do:

• Make sure your partnership or LLC is ready to file Form 1065 and provide members with their Schedule K-1.
• Ensure that all expenses, deductions, and income are properly reported to minimize tax liabilities.
• Like S Corps, if you can’t meet the deadline, file for an extension, but be aware that it does not extend the time to pay any taxes owed.

Don’t let deadlines slip by! Call Nacca & Capizzi at (585) 225-9290 or visit www.naccacpas.com to ensure your business files on time.

4. Individual Tax Return Filing Deadline – April 15th (Reminder)

Although the filing deadline for individual tax returns isn’t until April 15th, now is the time to start preparing. Get your documents organized—W-2s, 1099s, and any other forms you need. If you wait until the last minute, it can be difficult to get everything in order.

What You Need to Do:

• Collect all your tax documents, including forms that report your income, deductions, and any credits you plan to claim.
• Review potential tax credits you may be eligible for, such as the Child Tax Credit or the Earned Income Tax Credit (EITC).
• If you’re self-employed, make sure to track all of your business expenses to maximize deductions.

While April 15th is the official filing deadline, don't wait to start preparing. Contact Nacca & Capizzi at (585) 225-9290 or visit www.naccacpas.com for professional help with your individual tax return.

5. Make Quarterly Estimated Tax Payments – March 15th (for Small Business Owners and Self-Employed Individuals)

If you're self-employed or a small business owner, you may be required to make quarterly estimated tax payments. March 15th marks the due date for the first installment of estimated taxes for 2025.

What You Need to Do:

• Calculate your estimated tax liability for the year and make your first quarterly payment by March 15th.
• Keep track of all business expenses, including income and deductions, to help you accurately estimate taxes owed.
• Failure to pay on time could result in penalties, so it’s essential to stay on top of these payments.

Need assistance in calculating your estimated tax payments? Nacca & Capizzi is here to guide you. Call us at (585) 225-9290 or visit www.naccacpas.com.

Stay Ahead of Your Tax Deadlines

March is a busy month for taxes, with deadlines for both individuals and businesses. It’s essential to stay organized and file your taxes on time to avoid penalties and maximize your deductions. If you need help with your tax filings or need assistance with tax planning, Nacca & Capizzi is here to provide expert advice and support.

For personalized assistance with your taxes or business filings, call us at (585) 225-9290 or visit www.naccacpas.com.

Disclaimer: This article provides general tax information and should not be considered as tax advice. Tax laws are subject to change, so be sure to consult with a professional accountant like Nacca & Capizzi for personalized guidance.