Federal Income Tax Due Dates Delayed!

2020 tax return: When are my taxes due?

Federal Income Tax Due Dates Delayed to May 17th, 2021…

… BUT FOR INDIVIDUALS (Form 1040) ONLY! Please check with your state if they have also postponed filing as well. New York, for example, has aligned with Federal due
dates.

On March 17th, 2021, the Internal Revenue Service extended the federal tax filing for individuals due dates from April 15th to May 17th, 2021. The decision has been made to give more time to taxpayers who are struggling to file their taxes on time due to the pandemic.

The IRS commissioner Chung Rettig says, “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities.” However, the IRS still encourages taxpayers who are owed refunds to file as soon as possible.

This postponement applies to individual taxpayers, including individuals who pay self-employment tax. IRS noted, “Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interests, regardless of the amount owed.” However, these changes do not apply to state tax returns and payments. Income taxes are still due on April 15, 2021.  For any state tax deadline extension, please check with the State Tax Agencies.

Events and circumstances have been changing rapidly. Therefore, if you think you may be owed a refund then it is best to file your taxes as soon as possible. 

Important Tax Deadlines from March 2021 – January 2022

March 31
Deadline for businesses to file Forms 1099 and 1096 electronically.

April 15
Deadline for 1st quarter 2021 estimated tax payments.
– NOT POSTPONED

May 17
Deadline to file individual Tax Returns (Form 1040) and to make tax payments for the tax year 2020. The individual Tax Return Extension (Form 4868) is also due on this day.

June 15
Deadline for 2nd quarter 2021 estimated tax payments. Also, U.S. citizens or resident aliens who are living or working abroad, file Form 1040 and pay tax on this day or file Form 4868 for an automatic four-month extension. 

September 15
Deadline for 3rd quarter 2021 estimated tax payments. Final deadline to file extended partnerships and s corporation 2020 tax returns (Form 1065 and 1120-S).

October 15
Final deadline to file extended individual and corporate tax returns (Form 1040 and 1120) for the year 2020.

December 15
Deadline for 4th quarter estimated tax payments for
individuals (Form 1040) in 2021 calendar year.

January 15
Deadline for 4th quarter estimated tax payments for
corporations (Form 1120) in 2021 calendar year.


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