Tax Filing Extension Deadline 2021 Is Near
Businesses that have not filed their 2020 tax returns and filed for an extension have very little time left to file their 2020 business tax returns. In this video, we provide the tax filing extension deadlines for your 2020 business tax returns if your business files taxes as an S-Corp, C-Corp, Partnership, or Schedule C.
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.
If your business has not filed its 2020 business tax return, and it filed for an extension. The extension due date is just a couple of days away. So, in this video, we just wanted to remind you what are the extension filing due dates for S-corporations, partnerships, C-corporations, schedule C’s, and your personal tax return. So that’s what we’re going to talk about in this video.
Hello from Freedom Tax Accounting are an accounting firm where we have been providing quality tax and accounting services now for over 20 years. And we just wanted to do this quick video, because there are still a lot of business owners that have not filed their 2020 business tax return. And they did file an extension, but the extension due date is just around the corner. And we just wanted to make sure that you are aware of these tax deadlines so that you don’t get more penalties from the IRS. Okay.
So basically, let’s start with the S-corporations. If your business files taxes as an S-corporation, meaning that it files taxes on their form 1120. Yes, the tax deadline was March 15, 2021. But if you filed an extension, now you have until September 15, 2021. If your business files as a partnership on their form 1065. The tax due date was March 15, 2021. But now if you file an extension, the tax- the tax deadline is September 15 2021. If your business is a C-corporation, meaning that it files taxes under form 1120. The tax deadline was April 15. But now if you file an extension you have until October 15, 2021 to file your corporate tax return. If your business files on their schedule C, maybe a single member LLC or your self-employed independent contractor, the due date this year is 2021. It was May 15, 2021. Because the IRS gave an additional month due to COVID. But if you have not filed your personal tax returns and your schedule C business return and you file an extension, now you have until October 15 to file your schedule C.
Remember that the Schedule C is a form that goes inside your personal tax return which is form 1040. So, if you have not filed your personal tax returns, which were due May 15, 2021. And you file an extension now you have until October 15, 2021 to file your taxes.
Okay, now remember it is very important to note that if you filed an extension, remember that the IRS has two penalties; the penalty for filing late and the penalty for paying late. The extension only covers the filing late penalty. So, if you- if you file an extension and you file your taxes by the extension due date, if you owe taxes, you’re still going to get the penalty for paying late. Because if you owed taxes, when you filed your extension, you were supposed to send in the extension with maybe an estimated payment. Okay, so that’s something that we always remind our viewers that the extension only covers the filing late penalty.
Okay, now, if your business has not filed its taxes yet, this is our contact information. We can help you do your personal taxes, your business taxes if you want to set up a new corporation. If you have any trouble with the IRS, we can help you. Here at Freedom Tax, we are a full-service tax and accounting firm. This is our contact information. Also, remember that we are part of the Freedom Group. We are a group of four companies that do tax and accounting, we do immigration, we do real estate and we also do insurance and financial planning. So, we can help you in many, many ways.
So anyway, now you know the extension tax deadlines. So, please file on time so you don’t get any additional penalties from the IRS. So, remember that we are here to help you with any tax and accounting needs that you may have.
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