The deadline for filing a business tax return or tax extension is the same date. For example, if your business return is due by March 16, you must file Form 7004 by March 16 in order to get an extension.

Business owners who report their business activities on their personal tax return (including sole proprietorships and single-member LLCs) should not request a business extension with Form 7004. Instead, these taxpayers should request a personal extension with Form 4868 to extend the filing deadline for both their personal and business taxes. Form 4868 must be filed by the original due date of your personal tax return (usually April 15).

Here are the original filing due dates for various types of business entities (for calendar year filers):

• Sole Proprietorships (Form 1040): April 15
• Single-Member LLCs (Form 1040): April 15
• Partnerships (Form 1065): April 15
• Estates & Trusts (Form 1041): April 15
• Corporations (Form 1120): March 15 (March 16, 2015 this year)
• S-Corporations (Form 1120S): March 15 (March 16, 2015 this year)
• Homeowners Associations (Form 1120-H): March 15 (March 16, 2015 this year)
• Cooperative Associations (Form 1120-C): March 15 (March 16, 2015 this year)
• Real Estate Investment Trusts, REITs (Form 1120-REIT): March 15 (March 16, 2015 this year)
• Real Estate Mortgage Investment Conduits, REMICs (Form 1066): April 15

NOTE: If a corporation files based on the fiscal year, the original filing due date is the 15th day of the 3rd month following the close of the taxable year.

A business tax extension will give you either 5 or 6 more months to file. Businesses that are requesting an extension for Form 1065 (partnerships), Form 8804 (partnership withholding), or Form 1041 (trusts and non-bankruptcy estates) are limited to a 5-month extension. Most other types of businesses, including corporations and REITs, are permitted a 6-month tax extension.

If your business return is originally due by March 16, 2015 and you obtain a 6-month extension, you will have until September 15, 2015 to file your return. If you business return is originally due by April 15, 2015 and you obtain a 5-month extension, you will have until September 15, 2015 to file your return.

It’s highly recommended that you use an Authorized IRS e-file Provider to file your taxes online.

Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both methods. Usually, the bigger the deduction, the lower the tax you have to pay. You should file your tax return using the method that allows you to pay the least amount of tax. The IRS offers these five tips to help you choose:

1. Figure your itemized deductions. Add up deductible expenses you paid during the year. These may include expenses such as:

Home mortgage interest
State and local income taxes or sales taxes (but not both)
Real estate and personal property taxes
Gifts to charities
Casualty or theft losses
Unreimbursed medical expenses
Unreimbursed employee business expenses
Special rules and limits apply. Visit IRS.gov and refer to Publication 17, Your Federal Income Tax, for more details.

2. Know your standard deduction. If you don’t itemize, your basic standard deduction for 2014 depends on your filing status:

Single $6,200
Married Filing Jointly $12,400
Head of Household $9,100
Married Filing Separately $6,200
Qualifying Widow(er) $12,400
If you’re 65 or older or blind, your standard deduction is higher than these amounts. If someone can claim you as a dependent, your deduction may be limited.

3. Check the exceptions. There are some situations where the law does not allow a person to claim the standard deduction. This rule applies if you are married filing a separate return and your spouse itemizes. In this case, you can’t claim a standard deduction. You usually will pay less tax if you itemize. See Pub. 17 for more on these rules.

4. Use the IRS ITA tool. Visit IRS.gov and use the Interactive Tax Assistant that takes you through a series of questions just like one of our customer service representatives would. The tool can help determine your standard deduction. It can also help you figure several of your itemized deductions.

5. File the right forms. To itemize your deductions, use Form 1040 and Schedule A, Itemized Deductions. You can take the standard deduction on Forms 1040, 1040A or 1040EZ.