Whether you file your taxes individually, as part of a family, or for your business, knowing your filing deadlines is important. Here’s a quick summary of the important tax filing deadlines for 2021. Prompt filing can help you keep your finances in order and avoid potentially costly fees and penalties.
2020 was an unusually eventful year for tax filing, with the COVID-19 pandemic resulting in filing extensions, exemptions, and stimulus checks. As a result, some 2021 tax filing deadlines have changed. While some of the dates have passed, we present this list just in case you may have missed an important tax related filing.
Important Tax Filing Deadlines for 2021
January 15, 2021
If you file quarterly estimated taxes, your filing for the final (fourth) quarter of 2020 was due January 15th of this year.
April 15, 2021
Although the filing date for 2020 tax returns was extended, April 15th remained the quarterly filing deadline for payments of estimated taxes for the first quarter of 2021.
May 17, 2021
The federal government moved “tax day” to this date; when individual tax returns for calendar year 2020 were due. Many states followed suit, including California, by extending the due date for filing 2020 state income tax returns to May 17th.
May 17 was also the last day to make a year-end contribution to your IRA, traditional and Roth, for the tax year 2020.
June 15, 2021
Second quarter estimated tax payments due for those filing quarterly.
September 15, 2021
Third quarter estimated tax payments are due for those filing quarterly.
The filing deadline for pass-through entities (partnerships, LLCs, and S-Corps) was moved to September 15th due to the pandemic.
October 15, 2021
If you requested a filing extension for your 2020 return, then you must complete and file (e-file or postmarked) your return by this date.
This deadline also applies to C-Corp filers who requested a filing extension.
What If You Miss A Deadline?
Missing a tax filing deadline isn’t the end of the world, but you should be aware that the IRS begins to assess fines and penalties on the first day of tax delinquency. If you can file but do not have sufficient funds to pay the tax, file promptly anyway—this will avoid potentially costly fines and penalties for late filing. Often you can work out an installment arrangement to address the unpaid balance. Interest penalties on installment payments will be assessed, but these are far less than the penalties for late filing or non-filing.
Similarly, if you miss an estimated quarterly tax payment filing deadline, file as soon as you can. There may still be a penalty, but paying as promptly as possible can help minimize the penalty (and your stress level).
Of course, things are different if you missed a tax filing and you are owed a refund because you overpaid your taxes. Usually there is no penalty for filing a late return, however you will want to file nevertheless so that you can collect your refund. Barring unusual circumstances, you will have three years to file a return and collect your refund. After three years, any money owed to you goes to the U.S. Treasury.
What If You Made an Error on Your Return?
The IRS understands that honest mistakes occur, and does not wish to penalize taxpayers for simple errors. If you believe you made an error in calculating your taxes, you may file form 1040X, an amended return that corrects and prior errors.
Why Work with an Experienced Tax Preparer?
Filing your taxes can be complex and confusing. Laws are nuanced and can change, often with little notice. Why attempt to navigate this landscape alone? A skilled preparer can help you…
- Better understand the tax system
- Avail yourself of money-saving options when filing
- Stay apprised of filing and extension deadlines
- Avoid potentially costly fines and penalties
- Get you the refund you’re due
- Ensure you file an error-free return
At Moskowitz LLP, we’ve built our reputation helping taxpayers like you get the most from their returns. Have questions about filing? Our experienced consultants are waiting to speak with you. Contact us today!