If you have an S Corp or Multi-Member LLC, the tax filing deadline for your business is March 15th. You're basically reporting how well you did last year; your expenses, income, profit, and distributions.

If you need to extend, you can, up to September 15th but you may not want to. Why? You and other partners in your business need a page from that return called the K-1. So if you extend the March deadline you also have to extend your personal taxes, and it just throws off the whole timeline.

* Related episodes: 208. Live Q&A: How Much Money Am I Actually Making in My Business?212. How to File 1099s214. How to Track Your Business Miles

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.