When is tax day in 2021?
The traditional tax day for filing your federal income tax is April 15th, but, in 2020, the Treasury Department and the IRS provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 pandemic. The filing date was extended from April 15, 2020 to July 15, 2020.
At the current time, the official tax deadline to file in for the 2020 tax year is April 15, 2021. For partnerships and S corporations, it depends on if you operate on a fiscal or calendar year. Consider requesting an extension if you need more time. However assure you understand how interest and/or penalties work even if there is an extension.
It is yet to be determined whether the IRS will allow for a similar filing extension in 2021 because, even with the new vaccines becoming available, the pandemic will still be an issue when it comes to filing in 2021.
Last year, while the COVID pandemic took everyone by surprise and created a very unique situation with respect to filing deadlines and payment extensions, this year it’s more of a continuing situation, even as numbers have begun to surge, once again, across the U.S.
Start preparing for taxes to be due on Thursday, April 15, 2021. If you waited to file until this past July or requested an extension and filed even later into the year, it will now feel like a much shorter period of time to get your 2020 taxes ready for filing.
Even though the continuing COVID-19 pandemic could result in another filing extension, currently, tax day 2021 is April 15th. It’s a good idea to start thinking about preparing and filing your personal taxes earlier this year.
The Internal Revenue Service will most likely begin to accept electronic returns early. The agency will announce when exactly they’ll be accepting electronic returns. Begin preparing all of the tax forms you’ll need to file, such as your W-2 and 1099s plus tax information from financial institutions, by the end of January.
Businesses must pay business taxes in several different categories. Due dates for annual returns will vary and are dependent upon the structure of your business. March 15, 2021 is the filing date for the following:
- Partnerships: IRS Form 1065 and Schedule K-1 for each partner and/or owner of the corporation; LLC’s
- S-corporations: IRS Form 1120S and Schedule K-1 from each shareholder
April 15th is the filing date for:
- Sole proprietorships: Form IRS 1040
- C-corporations: Form 1120 and Schedule K-1 from each shareholder
Working with a new CPA
Submitting the required forms needed for filing your tax returns and paying your taxes can be complicated as well as time-consuming. And that could prove especially true for businesses as a result of the COVID-19 pandemic, whether or not there are changes to the current filing date of April 15th.
GYL CPAs and Advisors provide a variety of CPA services for businesses in California. Our team of tax professionals are here for you during this challenging time.