Bookkeeping and tax services for contractors and trades in Long Beach and across Greater LA.

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When is the deadline for filing a business tax return?

The deadline depends on how your business is structured. For calendar year filers, which covers most small businesses, here are the key dates.

Sole proprietors file a Schedule C with their personal tax return, which is due April 15. Partnerships filing Form 1065 and S-corporations filing Form 1120-S are both due March 15. C-corporations filing Form 1120 are due April 15. If the deadline falls on a weekend or holiday, it shifts to the next business day.

California state returns generally follow the same deadlines. If you’re an LLC taxed as a partnership or S-corp, follow the March 15 federal deadline for both your federal and California returns.

You can file an extension if you need more time. Sole proprietors and C-corporations get until October 15. Partnerships and S-corporations get until September 15. Filing an extension is straightforward and doesn’t raise red flags with the IRS. But here’s the part that catches people off guard: an extension gives you more time to file, not more time to pay. If you owe taxes, the original deadline still applies. Interest and penalties start accumulating on any unpaid balance after that date, even if you filed a valid extension.

Late filing penalties are steeper than late payment penalties. If you owe money and don’t file or extend by the deadline, the failure-to-file penalty is 5% of unpaid taxes per month, up to 25%. The failure-to-pay penalty is much smaller at 0.5% per month. The takeaway is that filing an extension when you’re not ready is always better than missing the deadline entirely.

For partnerships and S-corps, there’s an additional penalty most owners don’t know about. Late filing triggers a penalty per partner or shareholder, per month late. Even if the business owes no tax, a two-partner LLC that’s three months late could face over $1,400 in penalties for what feels like a harmless delay.

The real challenge for most construction and trades businesses isn’t knowing the deadline. It’s having books that are ready when the deadline arrives. If your records are a mess in February, a March 15 deadline for your S-corp return becomes a scramble that leads to either a rushed filing or an extension followed by months of procrastination. Keeping your books current throughout the year means your CPA for construction businesses can prepare your return on time without guessing at numbers or chasing down missing records.

If you’re already behind, file the extension and use the extra time to get your books right rather than filing an inaccurate return. An accurate late return beats an inaccurate early one every time.

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More Questions

Should I offer payment plans to my customers?

You can, but understand you're essentially financing the job yourself. If your cash flow can handle delayed payments and you track receivables carefully, payment plans can help you win bigger projects. Without structure and follow-through, they create collection headaches.

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How do I do job costing in QuickBooks?

Use the Projects feature in QuickBooks Online Plus or Advanced to create a project for each job, then code every expense, invoice, and time entry to the correct project. Run the Project Profitability report to see margins by job.

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When should I switch from sole proprietor to LLC?

Most trade and service business owners should consider forming an LLC once they have real liability exposure, steady income, or assets worth protecting. The tax benefits of an LLC with an S-corp election typically kick in when net profit exceeds $40,000 to $50,000 annually.

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How does my business structure affect my taxes?

Your business structure determines how your income is taxed, how much self-employment tax you owe, and what filing requirements you face. For most trades businesses, the biggest decision is whether and when to elect S-Corp status.

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What's the difference between an accountant and a bookkeeper?

A bookkeeper handles day-to-day financial recording like categorizing transactions and reconciling accounts. An accountant uses those records for tax prep, compliance, and strategic planning. Most trades businesses need both.

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How do I set up QuickBooks for my construction business?

Start with a construction-specific chart of accounts, enable Projects for job costing, and build out your items list to match how you estimate and invoice. Generic setup won't give you the reporting contractors actually need.

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Long Beach CPA firm specializing in contractors, trades, and service businesses. Bookkeeping, tax preparation, IRS representation, and advisory services for businesses across the South Bay and Greater LA. Owned and operated by a CPA with over a decade of hands-on experience.

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