Important Filing Dates for Businesses & Individuals
As we turn the corner on a new year, it is important to be aware of important tax deadlines and dates for filing your 2020 tax returns, so that you can be prepared and avoid headaches and penalties. In 2020, the IRS extended tax deadlines in response to COVID-19. Generally, deadlines for annual returns are in the spring with extensions available until the fall. Although dates are always subject to change, no such provisions have been enacted to date for this year.
Here are the current dates you should have noted in your calendar for filing your 2020 business and individual income tax returns in 2021:
While the IRS typically begins processing tax returns in late January, it is likely that the date for accepting 2020 tax returns will be announced the first week of January 2021. There are also other important dates that have been announced but are still subject to change as we enter the new year.
Individual Income Tax Returns: April 15th, 2021
Estimated Tax Payments: This past year, these payments were due on July 15th and September 15th. Typically, there would have been two further payments on April 15th and June 15th for the second quarters, but the IRS delayed them due to the coronavirus pandemic. The last estimated payment for the 2020 tax year will be due on January 15th, 2021.
Partnership Returns: Will be due on March 15th, 2021 with the extended deadline being September 15th, 2021.
C-Corporation Income Tax Returns: For C-corporations that operate on a calendar year, these returns will be due on April 15th, 2021 with the extended deadline being October 15th, 2021. If the corporation operates on a fiscal year, the deadline for C-corporation returns is always the 15th day of the fourth month that follows the end of the corporation’s fiscal year.
S-Corporation Returns: For corporations operating on a calendar year, these returns will be due on March 15th, 2021 with the extended deadline being September 15th, 2021. If the corporation operates on a fiscal year, the deadline for S-corporation and partnership returns is always the 15th day of the fourth month following the end of the fiscal year.
For more 2021 calendar dates regarding 2020 tax returns, you can view an early release draft of an IRS tax form, instructions or publication provided by the IRS for your information.
Additionally, you can find early release drafts at www.irs.com, and the final release forms will be posted at www.irs.com as well..
Keep in mind that tax planning for 2021 has officially begun, and smart preparation can lead to significant savings. If you are in need of assistance with tax filing or planning, Brock CPA is here to help you. We encourage you to contact us for further help by calling our office at 904.330.0268, or by emailing email@example.com.