So, what are some reasons for asking for an extension on filing your return? When to consider the tax extension for your 2020 business taxesĪn extension only applies to the deadline for filing your return, NOT paying any taxes you’ll owe. If you ask for an extension, you will file taxes by October 15, 2021, but you will still need to pay taxes by April 15. For calendar year filers, you will file either your taxes or an extension on April 15, 2021, and pay any tax liability you owe. The one date individuals and corporations must remember to pay their taxes on timeĪs an individual (sole proprietorship or corporation), your taxes are due on the fifteenth day of the fourth month of your fiscal year or the fifteenth day of the tenth month if you file an extension. So when your flow-through entity files a Form 1065 or Form 1120-S with the IRS, you must also issue Schedule K-1s to each partner or shareholder for them to report on their returns.įor this reason, if you plan on electing to extend your tax deadline, be sure and let all partners and shareholders know so they can do the same! As a flow-through, your business’s income and losses get passed on to the partners, owners, or shareholders. S Corps and Partnership entities are “flow-through” or “pass-through” because they do not pay income tax. What partnerships and S corps cannot overlook by their tax deadline * May 15 is a Sunday, so the deadline will be the next business day, which is Monday, May 17, 2021. Original tax deadline for exempt organizations ( Form 990)Įxtension tax deadline for exempt organizations ( Form 990) Original tax deadline for sole proprietors and individuals ( Form 1040)Įxtension tax deadline for sole proprietors and individuals ( Form 1040) Original tax deadline for C Corporations ( Form 1120)Įxtension tax deadline for C Corporations ( Form 1120) Original tax deadline for S Corporations ( Form 1120-S)Įxtension tax deadline for S Corporations ( Form 1120-S) Original tax deadline for partnerships ( Form 1065)Įxtension tax deadline for partnerships ( Form 1065) The table below covers when each type of business entity needs to file 2020 income taxes in 2021 (for calendar year 1/1/20 through 12/31/20 filers):Ģ021 Tax Deadlines for Filing 2020 Business Returns Using your entity type, you can identify your deadline for filing business income taxes and what it would be if you elect to take advantage of the extension, which needs to be filed before the original tax deadline date. All the deadlines for 2020 business taxes in 2021 by Type The third has all the IRS due dates if you use an alternative fiscal calendar.ġ. The second is based on your filing schedule (i.e. One is based on your type of business (i.e., sole proprietorship, S corporation). We created three calendars for busy business owners. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties.Īre you still working on your 2019 business taxes? Check out those dates in the 2019-2020 version of this calendar.
have the right deadlines marked on your calendar.īy outsourcing your business’s accounting and taxes with inDinero, you’re covered on both fronts.
have a year-round reliable accounting team and.
Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you