Due dates of US Federal Income Tax Deadlines in 2021



Due dates of US Federal Income Tax Deadlines in 2021

Today we shall enlist the crucial due dates for filing your 2020 tax returns and tax payments.

Individually, 15th April is the official deadline to file your federal income tax return every year, however the same is moved to the subsequent business day if 15th April is a Saturday, Sunday or any declared Public holiday.

Recently, with the ongoing issues related to Covid19, the IRS has delayed the due date for filing a personal income tax return to 17th May 2021.  Thereby also extending the deadline for any tax owed without applicability of late fees or interest penalties.  However, this extension does not affect the quarterly estimated tax payments that are due on 15th April for business owners and independent workers for 2021.

Let’s look at the deadlines in Calendar Year 2021 for 2020 Returns:

Individual income tax returns: This is usually on April 15, but because of the extension, the filing deadline for your 2020 personal tax return is now May 17, 2021.

Estimated tax payments for the 2020 tax year (IRS Form 1040): For 2020, these were due on July 15 and Sept. 15. There normally would have been two additional payments for the first and second quarters on April 15 and June 15, but the IRS pushed them back due to the coronavirus pandemic. The fourth and final estimated payment for the 2020 tax year was due on Jan. 15, 2021.

Partnership returns (IRS Form 1065): These are due March 15, 2021. The extended deadline is Sept. 15, 2021.  This due date is applicable to Foreign Partnership returns as well.

C-corporation income tax returns (IRS Form 1120): These are due April 15, 2021, for C-corporations that operate on a calendar year. The extended deadline is October 15, 2021. The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation's fiscal year if the corporation operates on a fiscal, rather than a calendar year.

S-corporation returns (IRS Form 1120-S): These returns are due March 15, 2021, for corporations operating on a calendar year. The extended deadline is Sept. 15, 2021. The deadline for S-corp and partnership returns is the 15th day of the fourth month following the end of the fiscal year, if they're on a fiscal year rather than a calendar year.

Trust, estate and gift tax returns: April 15, 2021.

Non-resident alien returns: April 15, 2021.

Exempt organization returns: May 15, 2021.

So what happens if you miss a Date?

You'll probably be hit with a financial penalty, if only an extra interest charge, if you don't submit a return and any payment due by its appropriate deadline. The late filing penalty for a 1040 return is 5% of the tax due per month as of 2020, up to a cap of 25% overall, with additional fees piling up after 60 days.5 The IRS says you should file your return as soon as possible if you miss a deadline. If you owe taxes, pay them as soon as you can as well. Similarly consequences for other entities like C-Corp, S-Corp etc. are different and you should consult your CPA for more details.

Further what If you can’t pay your Taxes?

File your return anyway and immediately apply for a payment plan if you can't pay the tax you owe all at once. The IRS will generally let you pay over a period of time, as long as you make arrangements to do so.  You should generally consult your CPA for help with this.

We trust this article was helpful to you in understanding in brief all about US Tax deadlines.  Should you have any queries or need consultation with your taxes, Schedule a Call today or write to us at info@gjmco.in.

 

Thanks & Best regards,

Knowledge Base team

GJM & Co.

Chartered Accountants

www.gjmco.in

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