Posted by Thomas G Kinsella, ATP

When Are Taxes Due? Current Submission Deadlines and Extension for 2021, as of the date of this post.

When Are Taxes Due? Current Submission Deadlines and Extension for 2021, as of the date of this post.

Filing requirements can go on and on, and nothing is more frustrating than paying a fine that could have been avoided.

Take a few minutes to record all the relevant filing dates in your calendar, which should put you ahead of the IRS.

If you are sending the return by snail mail, the IRS will consider the return "on time" if it has the correct address, enough postage, and is mailed before the end of the filing deadline.

Alternatively, you can email your return by midnight on tax day.

And if you'd rather have someone else take care of the federal accounting and tax filing, check with your tax consultant. 


When is "tax day"?

"Tax day" is, generally,  April 15, 2021. This is when you are expected to file your taxes but not have to pay. Although with the quickly changing national landscape, due to the continuing threat of the Covid-19 Pandemic, this is always subject to change across the board, in all aspects of, both, personal & business taxes.


What is the deadline for paying taxes?

If you are self-employed, your business will likely pay your taxes in four sums throughout the year rather than in one day. This is called the estimated tax payments. These payments' due dates are April 15, June 15, September 15, and January 15 (2022).

What is the penalty for late payment? After the tax due date, you will need to pay an additional 0.5% of the unpaid tax each month until payment of the initial bill (up to a maximum of 25% of the total bill).


When do the tax extensions for 2021 expire?

You have until tax day to request an extension. For individuals, that means you can still apply for a tax extension on April 15. The same goes for companies: S Corps and partnerships can still get an extension on March 15, and the last day for C Corps to request an extension is April 15.


A detailed list of each tax deadline for 2021.


Estimated quarterly payments (January 15, 2021)

Say goodbye to 2020. The 4th (and final) estimated quarterly tax payment for the previous fiscal year was due on January 15.


Note: Individuals do not need to make this payment on January 15, 2021, provided you file your 2020 income tax return before January 31, 2021, and pay the outstanding balance with the return.

Form 1040-ES, estimated tax for individuals is what is expected of you to file.


W-2 Form Filing Deadline (February 1, 2021)

If you have employees, you will need to complete two copies of Form W-2 for each of them. A W-2 must be sent to the IRS. The other copy must be sent to the employee. The deadline is February 1, 2021.

The Form W-2, wages, and tax statement is what is expected of you to file.


Form 1099-NEC Copy A filing deadline (February 1, 2021)

If you work with an independent contractor, the new Form 1099-NEC will expire on February 1, 2021.

Copy A must be filed with the IRS on this date. Copy B must also be given to the insured by this date.

Form 1099-NEC, non-employees compensation is what is expected of you to file.


Form 1099-MISC paper filing deadline (March 1, 2021)

Some 1099s need a 1099-MISC form. This due date will be for paper filing only. If you are applying electronically or missed the submission deadline, you can apply on March 31, 2021.

You must deliver Copy A to the IRS and Copy B to the recipient.

Form 1099-MISC, Miscellaneous income is what is expected of you to file.


S Corps and partnership tax return due date (March 15, 2021)

March 15 is the deadline for filing your Partnership return (Form 1065) or S Corps Tax Return (Form 1120-S).

Please note that partnerships and S corporations do not pay tax on their income. This tax is levied on the individual income of shareholders or members, respectively.

March 15 is also the deadline for requesting an extension of partnership and S Corps tax returns.

The Forms 1065, US Return of partnership income, and 1120S, Income tax return for an S Corp, are required.


Form 1099-MISC Copy A filing deadline (March 31, 2021)

Some 1099s will require a 1099-MISC Form. This includes payments to an individual or business of at least $600 during the year for rent paid, legal agreements, or prizes or awards.

This period of validity will be for electronic submission only. You must deliver Copy A to the IRS and Copy B to the recipient.

Form 1099-MISC, Miscellaneous revenue is what is expected of you to file.


Estimated quarterly payments (April 15, 2021)

If your business pays taxes quarterly, your estimated first quarterly payment for 2021 is expected on this day.

Form 1040-ES, Estimated tax for Individuals (payment voucher 1), is expected of you to file.

Individual tax return date (April 15, 2021)

Today is the deadline for submitting personal income tax returns (Form 1040, 1040A, or 1040EZ). If your income is less than $66,000 during the fiscal year, you can file your return for free electronically using the IRS Free File. If your income is more than that, you can use free IRS fillable forms.

If you are a sole proprietor filing Schedule C on your income tax returns, the April 15, 2021 deadline also applies to you.

April 15 is also the deadline to request an extension of the personal income tax return.


C Corporation tax returns due (April 15, 2021)

Today is the deadline for filing the C Corps income tax return (Form 1120).

April 15 is also the deadline for requesting the extension of the company's income tax return.

The IRS expects form 1120, US Corporate Income Tax Return, and Form 7004, Application for an Automatic Extension of time.


State tax returns

Each state sets its fiscal deadlines. 


Estimated quarterly payments (June 15, 2021)

The second quarterly tax payment estimated for 2021 is due today.

Form 1040-ES, individuals estimated tax (payment voucher 2) is expected by the IRS.


Estimated quarterly payments (September 15, 2021)

The third quarterly payment estimated for 2021 is due today.

If you are a partnership or an S corporation that has successfully requested an extension, your tax return is now due.

Form 1040-ES, individuals estimated tax (payment voucher 3), Form 1065, US return for partnership, and Form 1120S, the income tax return for an S Corps.


Estimated quarterly payments (October 15, 2021)

If you are a C Corporation that has requested an extension, your tax return is due on this date.

The IRS Form 1120, US Corporate Income Tax Return, is what is expected by the IRS.


Start making tax moves (November 1, 2021)

Year-end tax moves can help you grow your business and lower your taxable income for the calendar year. If you haven't already, now is the time to plan and act.


Tax management deadline (December 31, 2021)

Today is the last day to make tax changes for the fiscal year 2021.


Set up a solo 401 (k) (December 31, 2021)

If you are self-employed (independent contractor, and freelancer), today is the deadline to create a solo 401 (k) plan.


FOR MORE INFORMATION ON WHEN ACTUAL DATES OF FILING MIGHT HAVE CHANGED TO OR TO SEE HOW WE CAN BEST HELP YOU WITH YOUR TAX FILING NEEDS, PLEASE CONTACT THOMAS G KINSELLA, ATP, BY CLICKING THE BLUE TAB ON THIS PAGE.


THANKS FOR VISITING.

Thomas G Kinsella, ATP
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