What You Need To Know About Tax Day (April 15th)
For most Americans, April 15th is more than just another day on the calendar—it's Tax Day, the deadline to file your federal income tax return. For small business owners, freelancers, and entrepreneurs, it can feel especially stressful. But with the right preparation and a little guidance, Tax Day doesn’t have to be a last-minute scramble.
At Accountability Plus, we help small businesses stay compliant and make the most of every deduction. Here’s what you need to know about Tax Day, how to prepare for it, and why it’s crucial not to put it off.
What Is Tax Day?
Tax Day is the annual deadline to file your federal income tax return and pay any taxes you owe to the IRS. In most years, this falls on April 15th, unless it lands on a weekend or holiday—then the deadline may shift to the next business day.
This deadline applies to:
Individuals
Sole proprietors
Single-member LLCs
Many small businesses filing as pass-through entities
If your business is a corporation, your tax deadline may differ (typically March 15th), but April 15th remains the key date for personal returns and many small businesses.
What Happens If You Miss the Deadline?
Missing Tax Day can have serious consequences. Here’s what might happen if you don’t file or pay on time:
Late Filing Penalty: 5% of the unpaid taxes for each month your return is late (up to 25%)
Late Payment Penalty: 0.5% of the unpaid taxes per month (also up to 25%)
Interest: Accrues daily on unpaid taxes
If you can’t pay your full tax bill by April 15th, it's still important to file on time to avoid the larger failure-to-file penalty.
How to Prepare for Tax Day
Preparation is key. Here are steps every small business should take to be ready for April 15th:
1. Gather All Financial Documents
Make sure you have:
Income statements (1099s, sales reports, etc.)
Expense receipts
Payroll records
Bank and credit card statements
Last year’s tax return
If you work with an accountant or bookkeeper, they’ll use these to prepare an accurate return.
2. Double Check Your Books
Good bookkeeping throughout the year makes tax time much easier. If your records are messy or incomplete, now is the time to clean them up. Organized financials help you:
Avoid errors
Maximize deductions
Reduce the risk of an audit
3. Know Your Deductions
Small businesses are eligible for a range of tax deductions that can lower your tax bill. These include:
Home office expenses
Vehicle mileage
Business meals and travel
Office supplies and software
Professional services (like accounting!)
Your accountant can help you identify every deduction you qualify for—without raising red flags with the IRS.
4. File Electronically for Speed and Security
The IRS recommends e-filing your return and setting up direct deposit for refunds. It’s faster, more secure, and helps you avoid common paper filing mistakes.
Need More Time? File for an Extension
If you’re not ready to file by April 15th, you can request a tax extension using IRS Form 4868. This gives you until October 15th to file your return—but it doesn’t extend the time to pay any taxes owed.
To avoid penalties, estimate your tax liability and make a payment by April 15th, even if you plan to file later.
How an Accountant Can Help You Beat the Deadline
Working with an accounting professional can take the pressure off. Here’s how we help our clients leading up to Tax Day:
Review and organize financial records
Ensure all eligible deductions are claimed
File accurate, timely returns
Minimize tax liability and avoid costly errors
Assist with payment plans or extensions if needed
Final Thoughts
Tax Day doesn’t have to be stressful. With solid preparation, good bookkeeping, and expert guidance, you can file on time and keep more of your hard-earned money.
At Accountability Plus, we specialize in helping small businesses navigate tax season with confidence. Whether you need help getting organized, filing your return, or planning ahead for next year, we’re here to support you every step of the way.