The IRS has officially pushed back this year’s tax filing season due to the ongoing coronavirus pandemic. Taxpayers need to be aware of tax due dates and filing deadlines to avoid being hit with late penalty fees. Read on to find out more about the 2021 tax deadlines.
2021 Tax Deadlines
1. Individual Tax Return
The official deadline to file for your 2020 individual tax return has been postponed to May 17, 2021. If you requested a tax return extension, and it has been approved your new deadline for your federal income tax return is still October 15, 2021.
2. Corporation Tax Returns
Depending on the type of corporation you have, your 2021 tax deadlines will be different. C-corporation and S-corporation tax returns run on the calendar year.
- The IRS Form 1120 for C-corporations are always due on the 15th day of the fourth month of a corporation’s fiscal year. This year it falls on April 15, 2021, and the extended deadline is October 15, 2021.
- The IRS form 1120-S for S-corporations was due March 15, 2021, but if you filed for an extension you have until September 15, 2021.
3. Quarterly Tax Return Deadlines
For taxpayers who are independent contractors, self-employed, or received an income from other than payroll, you are required to make quarterly tax payments. This year’s quarterly 2021 tax deadlines include:
- April 15, 2021
- June 15, 2021
- September 15, 2021
- January 17, 2022
What Happens if you Miss a Deadline?
If you miss a tax deadline, you will most likely be hit with a late penalty fee or an extra interest charge. It’s important to submit all tax documents and any taxes you owe as soon as possible. The penalty for filing your 1040 form late is five percent of the tax due that month and an extra five percent every month after that. If you can’t afford your tax bill, make sure to pay as much as you can.
2021 tax deadlines will be here before we know it. If you need financial assistance this tax season or just have a few questions, the team at Calabrese & Associates, P.C. is here to help! Contact us today to get started.