There’s nothing worse than falling behind on your taxes. Stay one step ahead of the IRS by marking your calendar with these important tax deadlines.
It’s a common mistake to assume you shouldn’t file if you don’t have the money to pay the IRS. Even if you can’t pay, be sure to meet these deadlines! This will ensure that you avoid failure-to-file penalties, even if you don’t have the money to pay the return. The IRS levies their failure-to-file and failure-to-pay penalties separately.
As always, reach out to a Boxelder licensed tax professional if you have any questions.
October 15, 2020
Extended Individual Tax Returns Due
If you got a filing extension on your 2019 tax return, you need to get it completed and postmarked by October 15, 2020.
December 31, 2020
Tax Planning Deadline
End-of-year tax moves can help grow your business and reduce your taxable income for the calendar year. If you haven’t done so already, now’s the time to plan and take action. Call us in the last 60 days of the year because we’re slightly less busy in the 4th Quarter after October 15 and have time to set up your new business entity before the end of the year.
Last Day To Set Up A Solo 401(k)
For self-employed individuals, today is the last day to set up a solo 401(k).
January 15, 2021
4th Quarter 2020 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to make estimated quarterly tax payments, get them postmarked by the January 15, 2021 tax deadline.
Forms:
- Form 1040-ES, Estimated Tax for Individuals
- Form 1040A, US Individual Income Tax Return (Payment Voucher 4)
January 31, 2021
Form W-2 Filing Deadline
If you have employees, you’ll need to fill out two copies of Form W-2 for each one.
One W-2 must be submitted to the IRS, and the other must be sent to the employee by January 31, 2021.
Forms:
- Form W-2, Wage and Tax Statement
Form 941 – 4th Quarter Payroll Tax Return Due
DO NOT miss this one! You’ll incur a 22.5 percent penalty even if you’re one day late! We strongly recommend bringing on a third-party payroll if you have trouble with deposits or filing returns.
A trick to remembering the quarterly payroll is that they are always due on the month following the end of the quarter. If that date falls on a holiday or weekend, the return is due the following Monday.
Forms:
- Form 941 – IRS Quarterly Payroll Tax Return
Form 1099-MISC Copy A Filing Deadline
If you are filing a Form 1099-MISC and reporting amounts in Box 7, this deadline is applicable to you.
Copy A must be filed with the IRS by this date. Copy B must be furnished to the contractor no later than February 15, 2021.
If you don’t have amounts in Box 7 on your Form 1099, February 28 is the deadline for paper filing, or March 31 for electronic filing.
Forms:
- Form 1099-MISC, Miscellaneous Income
February 15, 2021
Form 1099-MISC Copy B Filing Deadline
If you are filing a 1099-MISC, regardless of whether Box 7 is filled, you must get Copy B to the contractor in question no later than February 15, 2021.
February 28, 2021
Form 1099-MISC Copy A Filing Deadline
If you work with independent contractors, this filing deadline applies to certain types of 1099s.
The IRS offers a thorough explanation. But, in short: If you are filing Form 1099-MISC and don’t have amounts in Box 7, February 28 is the deadline for paper filing. March 31 is the deadline for electronic filing.
You must deliver one copy to the IRS, and one copy to your contractor.
If you are filing a Form 1099-MISC and reporting amounts in Box 7, this deadline doesn’t apply to you. You need to file earlier, on January 31, 2021.
Forms:
- Form 1099-MISC, Miscellaneous Income
March 15, 2021
S Corporation asnd Partnership Tax Returns Due
Today is the deadline to file your S corporation tax return (Form 1120-S) or Partnership return (Form 1065).
Note that S corporations and Partnerships do not pay taxes on their income. That tax is paid on the individual incomes of the shareholders or partners, respectively.
If you need more time to file your tax return (the paperwork), you can also file for an extension.
Forms:
- Form 1120-S, Income Tax Return for an S Corporation
- Form 1065, US Return of Partnership Income
April 15, 2021
Estimated Quarterly Payments Due
So it begins. If your business pays taxes on a quarterly basis, the first 2021 estimated quarterly tax payment is due today.
Forms:
- Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 1)
Individual Tax Returns Due
Today is the deadline to file individual tax returns (Form 1040). For an automatic six-month extension, you file Form 4868 and, by today, deposit your estimated taxes owed.
If you’re a sole proprietor filing Schedule C on your personal tax returns, the April 15 deadline applies to you too.
Forms:
- Form 1040, U.S. Individual Income Tax Return
- Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return
Corporation Tax Returns Due
Today is the deadline to file Corporation tax returns (Form 1120).
Forms:
- Form 1120, U.S. Corporation Income Tax Return
April 30, 2021
Form 941 – 1st Quarter Payroll Tax Returns Due
Don’t miss this one! Big penalties apply for late payment.
Forms:
- Form 941 – IRS Quarterly Payroll Tax Return
June 15, 2021
Estimated Quarterly Payments Due
The second 2021 estimated quarterly tax payment is due today.
Forms:
- Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 2)
July 31, 2021
Form 941 – Quarterly Payroll Tax Return
Once again, the big dog! This is the one that gets most businesses in trouble. Failure-to-deposit penalties can rage upward of 40 or even 50 percent. Failure-to-file is 22.5 percent. Don’t forget the interest that runs on BOTH the penalties and interest DAILY. Reach out immediately if you need payroll support.
Forms:
- Form 941 – IRS Quarterly Payroll Tax Return
September 15, 2021
Estimated Quarterly Payments Due
The third 2021 estimated quarterly tax payment is due today.
Forms:
- Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 3)
October 31, 2021
Form 941 – Quarterly Payroll Tax Return
Boo! Don’t let the IRS ruin your Halloween with a late filing fee on this one. It’s scarier than a zombie apocalypse.
Forms:
- Form 941 – IRS Quarterly Payroll Tax Return
November 1, 2021
Start Making Tax Moves
End of year tax moves can help grow your business and reduce your taxable income for the calendar year. If you haven’t done so already, now’s the time to plan and take action. Reach out in the last 60 days of the year because we’re slightly less busy after October 15 and will have time to set up your new business entity before the end of the year.