Federal Tax Deadlines for 2021 (Tax Filing Season Begins Feb. 12)

Most adult Americans know or refer to April 15 th as tax day. While April 15 th is technically the official cut off to turn in your previous year’s tax report to the Internal Revenue Service (IRS), if that day falls on a weekend or holiday the deadline is extended for everyone to the next business day.

The IRS begins processing tax returns as early as January for those that want to get the process done as soon as they can to move on to other things. Usually the exact date the IRS begins accepting returns for last year is announced in the first week of the new year. Other tax deadline dates are also announced at this time, but are subject to change.

Here are the 2021 Calendar Deadlines for 2020 Tax Returns

The tax deadline for annual returns is April 15, but extensions can be granted into the Fall when requested.

  • Individual Income Tax Returns: April 15, 2021 for all of those not needing or not approved for an extension as the 15 th falls on a normal Thursday. No holiday or weekend this year.
  • Estimated Tax Payments for 2020 or IRS Form 1040: The IRS pushed these dates back last year due to the pandemic and the hardships it brought. The fourth and final estimated payment got extended into the beginning of 2021 on January 15, 2021.
  • Partnership Returns (IRS Form 1065): Due March 15, 2021 with a final extended deadline of Sept. 15 2021
  • C-Corporation Income Tax Returns (IRS Form 1120): Due on April 15, 2021 for C-corporations that operate on a calendar year with an extended deadline of October 15, 2021. A C-corp deadline is written as the 15 th day of the fourth month after the end of that corporation’s fiscal year if operating on a fiscal calendar and not the traditional calendar.
  • S-Corporation Returns (IRS Form 1120-S) S-corp returns are due on March 15 2021 or an extended deadline of Sept. 15 2021 if operating on a traditional calendar and the 15 th day of the fourth month past the end of a fiscal year if using a fiscal calendar.

Helpful Tax Deadlines by Date

If you run a business, are a freelance worker, are self-employed, run a home-based business, etc. It is good to know all of the tax deadlines in a calendar year. You can find these deadlines at the IRS website or use the help of a tax professional to get these on your calendar to ensure you do not miss a deadline and incur penalty fines.  Some of these deadlines include reporting tip income, distributing 1099 forms, and W-2s, filing quarterly taxes, etc.

It is always important to know what is required of you taxwise and when it is required.

What if You Miss A Tax Date?

Missing a tax deadline could result in a fine. This fine can come in the form of an extra interest charge. The penalty for filing late on a 1040 Form is 5% of the taxes due per month up to 25% with additional fees stacking up after 60 days past due. So file those returns as soon as possible after a missed deadline and if you owe taxes get them paid.

Filing Your Taxes Electronically

This is referred to as e-filing. Taxpayers can file at IRS Free File as long as the AGI is under $69,000.  Other rules may apply put in place by individual software programs that participate in Free File Alliance. The IRS accepts  e-file tax returns through November and this cutoff date is announced sometime in October 2021.

If You are Unable to Pay Taxes

Even if you are unable to fulfill your tax obligations, it is smart to file your tax return. You can apply for a payment plan and the IRS will set up a plan to pay the amount over time if you qualify and communicate you need this option. You can even set up direct payment from your bank account.

We can help you to file your 2020 taxes in Kent , Vancouver, and Bellingham Washington. If you have any questions about our services or need some tax advice and/or help please contact us any time.