Tax Filing & Extension Deadlines - Everything You Need to Know

Tax Tips
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Fincent Team

Tax Day is the deadline by which you need to file your income tax returns to the federal government. April 15 is usually considered the tax day, which automatically moves on to the upcoming business day if it conflicts with a public holiday or a weekend.

But this year, the federal tax filing deadline is extended to May 17. In addition, the tax filing deadlines for the States of Oklahoma, Texas, and Louisiana are extended to June 15, 2021, due to winter storms.

If you don’t know the deadline for filing taxes, the list of due dates mentioned in this post will help you make the right move on time.

What Is the Last Day to Pay Your Taxes?

Individual taxpayers can pay their federal income tax payment for 2020 on May 17, 2021, without penalties, regardless of the amount owed.

Partnership returns are extended till September 15, usually due on March 15, 2021. Moreover, C Corporations can file their income tax returns (IRS Form 1120) on or before October 15, 2021.

Self-employed individuals usually pay taxes four times a year, known as estimated tax payments. For estimated tax payments that apply to self-employed professionals, the due date lies on April 15, June 15, September 15, and January 15, 2022.

E-filing tax returns is an instant method for tax filing as it allows you to file your tax return until midnight of the due date. If you are not e-filing, you can send in your application via snail mail postmarked May 17 or earlier.

To ensure timely return filing, make sure to address the envelope correctly with the required postage. When you file your tax return via mail, always adopt a certified service and request the return receipt.

The deadline extension is automatic and applies to all businesses, individuals, estates, trusts, and other profit and non-profit organizations. Taxpayers do not have to apply individually to take advantage of the deadline extension.

Annual return filing deadlines usually drop in the spring, but extensions are available until fall. You can hire professional bookkeeping and tax services at Fincent to fast-track your tax filing process.

When Are 2021 Tax Extensions Due?

You can fill up Form 4868 for the tax extension due date if you need more time to file your tax returns. You can also apply for an individual tax return extension till April 15.

Similarly, S Corporations and partnership returns can get an extension on March 15 deadline. The tax extension date for C Corporations is April 15.

2021 Federal Tax Filing and Extension Deadlines

Please find the detailed list of federal tax deadlines to stay ahead of IRS.

January 15, 2021

January 15 is the day to file Form 1040-ES, which contains the fourth and final estimated quarterly tax payment for the previous year. However, if you filed your 2020 tax return by January 31, 2021, and paid the balance owed, you need not file the fourth payment due on this day.

February 1, 2021

  • Form W2: Business owners need to fill out two copies of Form W-2 for each employee. Submit one copy of the W-2 form to IRS and another to the employee.
  • Form 1099-NEC COPY A: The new form 1099-NEC is due today if you work with independent contractors. You must submit Copy A to the IRS, on paper or electronically, and send Copy B to the recipient by February 1, 2021.

March 1, 2021

Businesses will require to submit Form 1099-MISC for each individual or entity they have paid during the tax year. You need to fill form 1099-MISC if you have sold consumer products worth $5000 to a reseller to sell anywhere other than an established retailer.

The due date applies to the paper filing process. But if you are e-filing, March 31, 2021, is the last date.

March 15, 2021

You will require to file a Partnership tax return (Form 1065) or an S Corporation return (Form 1120-S) latest by March 15 to avoid fines and penalties.

March 15 is also the last date to file for an extension for S Corporation or Partnership tax return.

March 31, 2021

If the business has paid an individual or LLC the minimum amount of $10 in loyalties or $600 or higher as rent, rewards, or legal settlements during the previous tax year, it is liable to e-file Form 1099-MISC on this day.

Note that this date is only applicable to e-filing applications.

April 15, 2021

  • Estimated Quarterly Payments (Payment 1): You need to file the first 2021 estimated quarterly tax payment via Form 1040-ES if you pay your taxes quarterly.
  • C Corporation Tax Return: C Corporations operating outside of Oklahoma, Texas, and Louisiana will need to file their tax return on this day by filing-up Form 1120. It is also the last date to file an extension for corporate tax returns via Form 7004.
  • State Tax Returns: Taxpayers can check their state tax agencies' guidelines for individual state tax return deadlines and related information.

May 17, 2021

May 17 is the federal income tax due date announced by the IRS. File your individual tax returns by filling up Form 1040 by this date.

IRS Free-File service will allow you to e-file for free if your annual income is below $66,000. For income above $66,000, you can apply through free fillable forms provided by IRS.

May 17, 2021, is also the last date for sole-proprietors who are filing Schedule C on their personal tax returns. Plus, it is the tax extension filing deadline for individual tax returns.

Note: Schedule C is part of Form 1040.

June 15, 2021

  • Tax Filing Due Date for Texas, Oklahoma, and Louisiana: The tax filing deadline has been extended to June 15, 2021, for winter storm-affected areas, including Texas, Oklahoma, and Louisiana. This deadline extension applies to individuals (Form 1040), sole proprietors (Schedule C in Form 1040), and C Corporations (Form 1120). S Corporations will file Form 1120-S.
  • Estimated Quarterly Payments (Payment 2): June 15 is the due date for filing the second 2021 estimated quarterly payment. If you pay your taxes quarterly, you should submit Form 1040-ES before the deadline.

September 15, 2021

  • Estimated Quarterly Payments (Payment 3): September 15 is the deadline for the third 2021 estimated quarterly payment for businesses that pay their taxes on a quarterly basis. You must submit Form 1040-ES before this date to avoid penalties.
  • Tax returns for S Corporations (Form 1120-S) or partnership businesses (Form 1065) that filed for an extension are also due today.

October 15, 2021

October 15, 2021, is the deadline to file a tax return for C Corporations that have filed for an extension. The tax form to submit before the due date is Form 1120.

December 31, 2021

December 31 is the due date to set up solo 401 (k) for self-employed professionals.

And that's it! You can start filing your 2021 tax return after February 12, 2022.

When Will I Get My Tax Refund?

IRS takes around 3 to 4 weeks to process your tax refund application. Therefore, you can expect to get your refund in less than 21 calendar days. However, it’s quite hard to estimate the accurate period for a tax refund as it may take longer.

Paying Your Taxes Late

If you cannot file your taxes on or before the deadlines, you are liable to pay the penalty for late payments. This means you must pay an additional 0.5% of the unpaid tax for 1 month, aggravating to an extra 5% for each additional month (not exceeding 25%) until you pay your taxes.

In Closing

With the last day to file taxes being pushed to May 17, tax preparers now have a little bit more time to file their taxes. However, to avoid any penalties or accrued interest, you should make your federal income tax payments as soon as possible.

If you are looking for a professional bookkeeping solution for your small business, there is no better platform than Fincent. Visit us to know more about how we help creative entrepreneurs flourish.

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