March 15th is the deadline to file Form 1120 Corporate Income Tax Returns and Form 1120S Subchapter S Corporate Income Tax Returns. If you aren’t able to finalize your return, you will need to file a federal extension on Form 7004, and any applicable state extension form, as required by your state. Taxes due for Corporations (other than Subchapter S) will need to be paid by March 15th. Depending upon your state, you may owe State taxes such as franchise or net worth tax. Filing an extension does not extend the time to pay any taxes owed. To avoid underpayment penalties, all taxes owed should be paid by the March 15th deadline. Tick, tick, tick…time is running out!