The RS is once again moving the income tax filing deadline to allow more time to complete and submit your tax return and to pay any taxes you may owe. This year, individual taxpayers, including sole proprietors and single-owner LLCs, who normally have to file their tax return by April 15 will have until May 17, 2021 to file their 2020 taxes.
Many businesses, including most S corporations and partnerships, have a tax filing deadline of March 15. This deadline is unchanged, since the change was announced after this deadline passed. The April 15 deadline for C corporations is also unchanged.
April 15 deadline for C corporations is also unchanged.
Most businesses and self-employed individuals must submit estimated tax payments quarterly and file an income tax return annually. Filing dates depend on whether you operate a corporation, partnership, S corporation, or sole proprietorship.
Sole proprietorships use the same tax schedule as individuals, so 2020 returns are due on April 15, 2021. If your business is an S corporation or a partnership, the return is due on March 15, 2021. Corporations can have various tax filing deadlines, and it should be defined in your corporate resolution. S corporations and partnerships, have a tax filing deadline of March 15. This deadline is unchanged, since the change was announced after this deadline passed.
April 15 deadline for C corporations is also unchanged.
Corporate income tax returns
Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month extension by filing Form 7004 and submitting a deposit for the amount of estimated tax owed. The first quarterly estimated tax payment of the year is also due on this date. If your business requests an extension, you have until October 15 to submit your income tax return using Form 1120. You’ll be required to pay penalties, interest, and any remaining tax at that time.
Federal excise tax requirements for small businesses
Federal excise taxes apply to a number of different products and industries. Filing requirements vary depending on the nature of your business. Form 720, Quarterly Federal Excise Tax Return, applies to retailers, manufacturers, communications companies, and travel services. It’s filed quarterly, with this year’s due dates falling on April 30, July 30, October 29, 2021, and January 31, 2022.
Q1 Form 720 – Federal Excise Tax Filing Falls Due This April 30, 2021. Use TaxExcise.com to eFile and receive instant acknowledgement.
