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:
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 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:
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:
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: