Arizona small businesses may elect to file a separate small business income tax return to report their share of Arizona small business gross income. A taxpayer makes the small business income tax election by timely filing a Small Business Income Tax return along with their timely filed individual income tax form.
Federal individual and calendar year corporate returns (except S Corporations) are due October 15, 2020, and calendar year fiduciary returns were due September 30, 2020.
The majority of the new tax law changes expire at the end of 2025. With the right strategies and planning, business owners can maximize opportunities offered by the new tax law.
The Arizona Department of Revenue (ADOR) reminds individuals that April 15, 2019 is the tax deadline for filing their individual return. ADOR recommends electronic filing since it is more secure, efficient, and faster than paper returns. With e-filed returns, average refund processing times are currently six days compared to 12 days for paper returns.