New 2021 Tax Deadline Extensions for Individuals and Businesses
The IRS has pushed back the personal tax return deadline to May 17, 2021, but not all tax deadlines have been pushed back. In this video, we provide a summary of all personal and business tax deadlines that you have to be aware of in this 2021 tax season so you avoid paying late filing penalties by the IRS.
This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. are providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
Important Due Dates for Filing Your 2020 Tax Return and Payments
Deadlines in Calendar Year 2021 for 2020 Returns
Deadlines for annual returns are almost invariably in the spring, with extensions available until the fall:
Individual income tax returns: April 15 falls on a weekday in 2021, and it’s not a holiday this year, but because of the extension, the filing deadline for your 2020 personal tax return is now May 17, 20212.3
Estimated tax payments for the 2020 tax year (IRS Form 1040): For 2020, these were due on July 15 and Sept. 15. There normally would have been two additional payments for the first and second quarters on April 15 and June 15, but the IRS pushed them back due to the coronavirus pandemic. The fourth and final estimated payment for the 2020 tax year was due on Jan. 15, 2021.
Partnership returns (IRS Form 1065): These are due March 15, 2021. The extended deadline is Sept. 15, 2021.
C-corporation income tax returns (IRS Form 1120): These are due April 15, 2021, for C-corporations that operate on a calendar year. The extended deadline is Oct. 15, 2021. The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation operates on a fiscal, rather than a calendar, year (Ref 2).
S-corporation returns (IRS Form 1120-S): These returns are due March 15, 2021, for corporations operating on a calendar year. The extended deadline is Sept. 15, 2021. The deadline for S-corp and partnership returns is the 15th day of the fourth month following the end of the fiscal year if they’re on a fiscal year rather than a calendar year.
Foreign partnership returns are due on the same date as other partnership returns on March 15, 2021.
Trust, estate, and gift tax returns are due April 15, 2021.
Nonresident alien returns are due April 15
Exempt organization returns are due May 15, 2021.
Last week the IRS pushed back the tax filing deadline for a month. But you have to be careful because not all tax filing deadlines have been pushed back and that’s what we’re going to talk about in this video.
Hello from Freedom Tax Accounting. We’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you’re new to this channel, we provide strategies for small business owners so they can achieve their financial goals. Today we wanted to make a quick video about important 2021 tax deadline changes that have occurred for this tax season.
Now the IRS did push back the April 15th personal tax return deadline to May 17th of 2021. But you have to be aware that not all tax deadlines have been pushed back, especially several state personal taxes and business taxes for self-employed c-corps and s-corps and even partnerships. So, we wanted to do this quick video, to review all the important tax deadlines that you should be compliant with, so you don’t get a penalty from the IRS.
So, the first one is the personal tax return. Usually, the personal tax return deadline is April 15th okay. Now they have pushed back this tax returns personal deadline to May 17th 2021. Now you can always file an extension to file your personal taxes to get an additional six months. But remember that there are two IRS penalties; there’s a penalty for filing late and there’s a penalty for paying late. And the extension only covers the filing late penalty. It does not cover the paying late penalty. What does this mean? Let’s say that May 17th comes around and you haven’t done your personal tax return, even if you found an extension that the extension will cover until October 15th so you can file your personal taxes. Your payment due date is May 17 2021. So, even though you don’t file on time, you at least have to send the extension with some kind of payment because if not when you pay your taxes later, you’re going to get hit with penalties and interest okay.
And important to note that for the personal tax returns, even though the IRS pushed back the personal tax return until May 17th, not all states pushed back that date. There are still several states that want you to file on April 15th. So, talk to your tax professional and make sure that the state you are living in has also changed the tax filing date for your personal tax return.
Also for all of you who make quarterly estimated tax payments, the first quarter 2021 estimated tax payment date is still April 15, 2021.
So, to summarize on the personal tax return:
May 17, 2021, is your deadline to file. October 15, 2021, is your deadline to file if you file an extension. May 17 2021 is the deadline to make your tax liability payment. But also check with your state what’s the deadline for your state. So, that’s the tax deadline summary for your personal tax return.
Now let’s go to business tax returns and let’s start with C- corporations. C- corporations are businesses that file form 1120 as their business tax return. So, this is their 2021 tax deadline for C corporations. April 15th it’s the deadline to file okay. This date has not been pushed back. So, if your business files form 1120 your deadline is April 15th, 2021. October, 15th is that deadline to file with an extension. April 15th to make payment of your corporate tax liabilities. And again, check with your state if your state has different tax deadlines for your business.
Now another type of business is S-corporations. S-corporations are corporations or businesses that file their taxes on form 1120S.
This is a little bit different: The deadline for the S corporation was March 15 of 2021. So, if your S- corp has not filed yet because today is March 23rd, then you’re already late okay. Now remember even though you have to file on March 15th, if you file an extension to file your S-corporation, then September 15th is your deadline to file with the extension.
Now, remember that S-corporations don’t pay corporate taxes. Whatever tax liability the S- corp has, it flows through the owner’s personal tax return. So, the deadline to make that payment on your s-corporation is the same day that you need to pay your personal tax liability. So, it’s going to be May 17th 2021 is the deadline to make your tax liability payment for your s corporation. And once again, check with your state’s deadline requirement.
Now another business is partnerships. Partnerships are businesses that file from 1065. These are the same as the S-corporations because the partnerships, the same as the S-corporations they flow through the owner’s personal tax return. So, the deadline to file your 1065 form for 2020 was March 15, 2021. Now if you filed an extension you have until September 15 2021 to file your form 1065 with an extension.
The deadline to pay your tax liability payment for your partnership is May 17, 2021, because you need to pay it with your personal tax return. And once again check with your state’s deadline for partnerships.
Now, what about self-employed people or single-member LLCs who file a schedule C okay. So, remember that schedule C is a form that goes inside your personal tax return. So, the deadline for schedule C is the same as your personal tax return. So, the deadline to file your business schedule C is May 17, 2021. If you found an extension to file your personal taxes later you have until October 15th, 2021 with the extension. And the deadline to make your payment for this schedule C is May 17, 2021. And once again, check with your state’s deadline okay.
Thank you for watching this video. Remember, it is tax season, and we are a full-service accounting firm. We are authorized by the federal government to prepare personal tax returns and business tax returns for individuals and businesses that are located in any of the 50 US states.
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