Jacksonville Small Business Owners What You Need to Know About the March 16 Tax Extension Deadline

As tax season approaches, many small business owners focus on filing their individual tax returns. However, businesses structured as partnerships and S-corporations have an important deadline that comes earlier than many people realize.

For the 2025 tax filing season, Federal Forms 1065 and 1120-S are due March 16.

If your business is not ready to file by that deadline, you may need to file an extension to avoid potential IRS penalties.

Understanding these deadlines is important for small business owners in Jacksonville, St. Augustine, and throughout Northeast Florida.

Which Businesses Are Affected by the March 16 Deadline?

The March 16 deadline applies to businesses that file the following returns:

Form 1065 – Partnership Return

This return is filed by businesses structured as partnerships or multi-member LLCs.

The partnership itself usually does not pay income tax, but the return reports income and provides Schedule K-1 forms to each partner showing their share of the business income.

Form 1120-S – S Corporation Return

Businesses that elect S-Corporation status must file Form 1120-S.

Similar to partnerships, S-Corporations pass income through to shareholders, who report the income on their personal tax returns.

What Happens If You Miss the Deadline?

Failing to file a business return on time can result in penalties from the IRS.

For partnerships and S-Corporations, penalties are often calculated per partner or shareholder, per month, which can add up quickly if the return is delayed.

This is why filing an extension is often the safest option when your records are not fully ready.

What Does Filing an Extension Do?

A tax extension gives businesses additional time to prepare and file their return.

For Forms 1065 and 1120-S, filing an extension generally provides six additional months to file the return.

However, it’s important to remember that an extension only extends the time to file the paperwork, not the time to pay any taxes that may be owed.

Why Organized Financial Records Matter

Many business extensions occur because financial records are incomplete or bookkeeping has not been finalized.

Maintaining organized financial records throughout the year can help businesses:

• Prepare tax returns more quickly• Avoid penalties and filing delays• Identify deductions accurately• Maintain clearer financial reporting

Strong bookkeeping practices make tax season much smoother.

Tax Support for Businesses in Northeast Florida

At CoreLogix Consulting, we work with small businesses in Jacksonville, St. Augustine, and Northeast Florida to help organize financial records, prepare tax filings, and ensure businesses stay compliant with IRS deadlines.

With over 26 years of accounting experience, we help business owners navigate tax season with confidence and clarity.

Need Help Filing a Business Extension?

If your partnership or S-Corporation is not ready to file before the March deadline, it may be important to submit an extension as soon as possible.

CoreLogix Consulting can assist with preparing business tax filings and extensions.

📞 Phone: (904) 980-8191📧 Email: rdavis@corelogixconsulting.com