Did you know that not all types of businesses have the same filing deadline for their income tax returns? This year the IRS started accepting and processing returns on February 12, 2021.
If you haven’t filed yet, here are some due dates you should know:
Federal Tax Returns
If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2020 is due by March 15, 2021.
If you are an S corporation, Form 1120-S is also due by March 15, 2021.
Are you a calendar-year C corporation? Then your Form 1120 for 2020 is due on April 15, 2021.
The filing deadline for your personal income tax return, Form 1040 or 1040-SR, including Schedule C for your sole proprietorship or Schedule F for your farming business, is due on April 15, 2021.
If you cannot file the return by the applicable due date on the 2021 tax calendar, an automatic 6-month filing extension is available. The request is filed by the return’s due date and will extend the date by which you must file your return to either September 15th or October 15th.
Remember, this extension is only for filing your return – NOT for paying your tax! Taxes are due on the original due date of the return, and penalties and interest will start to accrue if you don’t pay just because you filed an extension.
What about non-profit organizations?
Their annual 990 return is due on May 17, 2021. If an extension was filed, the due date is November 15, 2021.
If you are self-employed (sole proprietor, independent contractor, partner, or LLC member) and pay estimated taxes, the final installment of estimated tax for 2020 is due January 15, 2021. The payment due dates for 2021 are April 15, 2021, June 15, 2021, September 15, 2021, and January 17, 2022. The final payment does not have to be made if the income tax return is filed by January 31.
Remember, don’t send the first installment for 2021 with your 2020 income tax return!
If you are an employer with payroll, here are a few more dates you need to remember:
Form 941 Quarterly returns are due on April 30, 2021, August 2, 2021, November 1, 2021, and January 31, 2022, this year. Annual Form 940 and distribution of 2020 W-2 to employees are also due on this date.
For More Information
This guide is only an overview of the most common tax deadlines. If you have specific questions, please contact us.