With the coronavirus pandemic raging on, the IRS plans to provide some relief to besieged taxpayers all over the country by announcing an extension of the individual federal tax deadlines.
It goes without saying - if you're a small business owner or freelancer in the US, you ought to note the extended deadlines for taxes owed to the federal and state governments. Almost all states levy their own income taxes, barring Alaska, Wyoming, Florida, Texas, and New Hampshire. Late filing and payment of these taxes attract hefty penalties and fines.
The article below lists the deadlines for individual federal and state income tax filing and payment and estimated taxes to be paid for the first quarter of 2021. It also covers certain special deadline extensions for people affected by extreme weather conditions prevailing in certain parts of the United States.
On March 17th, 2021, the IRS revised the federal income tax payment deadline for all filers for the year 2020 in the wake of the coronavirus pandemic. The deadline for the tax you owe the federal government has been extended from April 15th to May 17th, 2021.
Further, the filing and payment deadline will automatically be extended, and written requests for extension would not be required. Penalties for late payment will only be levied post the new income tax deadline.
This is important information if you earn your income via self-employment and file Form 1040 to pay your outstanding tax payments. Here are some other points you should keep in mind:
If you operate a small business in the USA and need help with your taxes, get in touch with Fincent today. Our bookkeeping professionals help you keep track of the latest tax filing deadlines, so there's no risk of penalties.
State and federal tax deadlines do not always move in tandem. While the above-mentioned extension is only applicable to federal income tax, states levy their own taxes and fix separate deadlines for them.
For this reason, it is imperative that you keep track of both federal and state income tax deadlines if you want to avoid hefty penalties or official scrutiny.
Given below is a rundown of the updated US tax deadlines for various states:
The IRS has provided tax relief in the form of extended deadlines for people who have been affected by erratic climatic conditions in various parts of the country.
Apart from the IRS, several state governments have also announced tax deadlines. These act as relief measures for the people affected by an uncharacteristically severe winter in Texas, Oklahoma, and Louisiana.
The individual tax filing and payment deadlines have been extended to May 17th in the following states:
Here is a summary of other tax deadline extensions across the US:
The estimated tax deadline for the first quarter of 2021 remains unchanged and is on April 15th, 2021. Only the state of Ohio has announced that no late-filing and late-payment penalty will be levied on the estimated income tax till May 17th, 2021.
Whether it's your first time filing taxes or tenth, keeping track of moving deadlines is exhausting. Luckily, this review of the latest federal and state income tax deadlines will keep you up-to-date so you can submit them on time or file an extension.
You could also benefit from hiring a professional bookkeeping service like Fincent for your small business. Learn more about how we help you meet deadlines for taxes so your creative business can flourish.
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