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Tax Deadlines for 2021: A Helpful Guide for US Taxpayers

This article details the nitty-gritty of the various tax deadlines that US citizens have to file for the years 2020 and 2021.

With the coronavirus pandemic raging on, the IRS plans to provide some relief to besieged taxpayers all over the country by announcing an extension of the individual federal tax deadlines.

It goes without saying - if you're a small business owner or freelancer in the US, you ought to note the extended deadlines for taxes owed to the federal and state governments. Almost all states levy their own income taxes, barring Alaska, Wyoming, Florida, Texas, and New Hampshire. Late filing and payment of these taxes attract hefty penalties and fines.

The article below lists the deadlines for individual federal and state income tax filing and payment and estimated taxes to be paid for the first quarter of 2021. It also covers certain special deadline extensions for people affected by extreme weather conditions prevailing in certain parts of the United States.

Federal Tax Return Filing and Payment Deadlines 2021

On March 17th, 2021, the IRS revised the federal income tax payment deadline for all filers for the year 2020 in the wake of the coronavirus pandemic. The deadline for the tax you owe the federal government has been extended from April 15th to May 17th, 2021.

Further, the filing and payment deadline will automatically be extended, and written requests for extension would not be required. Penalties for late payment will only be levied post the new income tax deadline.

This is important information if you earn your income via self-employment and file Form 1040 to pay your outstanding tax payments. Here are some other points you should keep in mind:

  • The federal tax extension can benefit you if you wish to contribute to your Individual Retirement Accounts (IRAs). The IRA contribution limit was $6,000 in 2020. If you maxed out the limit for 2020, this extension allows you to make a contribution of up to $6,000 for 2021 till May 17th.
  • Note that this extension is applicable only to individual federal income tax returns and payments. The estimated tax payment deadline remains the same: April 15th, 2021.  
  • Quarterly estimated income tax payment is applicable to firms and individuals who earn an income that is not automatically withheld. These mostly include small businesses, freelancers, and independent contractors.

If you operate a small business in the USA and need help with your taxes, get in touch with Fincent today. Our bookkeeping professionals help you keep track of the latest tax filing deadlines, so there's no risk of penalties.

State Income Tax Deadlines 2021

State and federal tax deadlines do not always move in tandem. While the above-mentioned extension is only applicable to federal income tax, states levy their own taxes and fix separate deadlines for them.

For this reason, it is imperative that you keep track of both federal and state income tax deadlines if you want to avoid hefty penalties or official scrutiny.

Given below is a rundown of the updated US tax deadlines for various states:

No Deadline Extension

  • New Hampshire is not extending the tax filing and estimated tax payment deadline for the year. It remains fixed on April 15th, 2021.
  • Hawaii announced that it has no plans of extending the April 20th, 2021 deadline for state tax filing. However, taxpayers are eligible for a six-month extension if they fit certain criteria.

Natural Disaster or Climate Affected States

The IRS has provided tax relief in the form of extended deadlines for people who have been affected by erratic climatic conditions in various parts of the country.

  • Kentucky saw a severe storm, landslides, and flooding in February 2021. Thus, the people affected by these incidents can file their first and second quarter estimated tax payments for 2021 on June 30th. Normally, these payments are due on the 15th of April and June, respectively.
  • Storm, straight-line wind, and tornado-affected people in Alabama can now file their first and second quarter estimated tax payments on August 2nd, 2021. The IRS clarified on May 3rd that Alabama would waive, without request, late payment penalties for residents and businesses in federally-declared disaster areas. Those eligible now have time until August 2nd to make payments due on or after March 25th, 2021.

Apart from the IRS, several state governments have also announced tax deadlines. These act as relief measures for the people affected by an uncharacteristically severe winter in Texas, Oklahoma, and Louisiana.

  • Colorado has announced an extension for individuals residing in or businesses in any of the 254 counties of Texas. The extension has to be requested by calling 303-238-7378.
  • Kentucky has announced an extended deadline till June 15th for individual income tax, corporate income tax and, income tax withholding.
  • Franchise tax reports, originally to be filed on May 15th, 2021, can now be filed by June 15th, 2021, in Texas.
  • Oklahoma has extended the deadline for the payment of 2020 individual income or 2021 estimated income taxes till June 15th. Return due dates remain the same. Additionally, penalties and interest of up to $25,000 on tax payments received between April 15th and June 15th will be waived.
  • Idaho has extended tax payment deadlines for the whole states of Texas and Oklahoma. For Texas, deadlines have been postponed to June 14th, 2021. For Oklahoma, deadlines after February 8th have been extended to June 14th.

Extended Deadlines

The individual tax filing and payment deadlines have been extended to May 17th in the following states:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Georgia
  • Illinois
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • North Dakota
  • New Jersey
  • New Mexico
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode island
  • South Carolina
  • Tennessee
  • Utah
  • Vermont
  • Virginia
  • West Virginia
  • Wisconsin

Here is a summary of other tax deadline extensions across the US:

  • Arkansas extends the deadline for 2020 S Corporations, fiduciary and estate, partnership, and composite returns to May 17th.
  • Washington, DC has extended this deadline for all D-20, D-30, D-40, standalone or Schedule H, D-41, D-40 B, and D-65 tax filers.
  • Delaware has extended the deadline for composite tax as well.
  • Kansas has extended the deadline for fiduciary tax filings.
  • Michigan has extended the deadline for composite tax payments.
  • New Jersey has included pass-through alternative income tax for businesses in the extension.
  • In New York, Unincorporated Business Taxpayers will get certain penalties waived if requested. However, interest will accrue from the actual due date, i.e., April 15th.
  • In Ohio, the municipal income tax filing has been extended to May 17th. The filing date for 2020 net profit returns is still April 15th.
  • The City of Philadelphia's Department of Revenue will abate interest and penalties levied on 2020 business income and receipts tax, net profits tax, earnings tax, and school income tax if paid by May 17th.

Estimated Tax Payment Deadlines for 2021

The estimated tax deadline for the first quarter of 2021 remains unchanged and is on April 15th, 2021. Only the state of Ohio has announced that no late-filing and late-payment penalty will be levied on the estimated income tax till May 17th, 2021.

In Closing

Whether it's your first time filing taxes or tenth, keeping track of moving deadlines is exhausting. Luckily, this review of the latest federal and state income tax deadlines will keep you up-to-date so you can submit them on time or file an extension.

You could also benefit from hiring a professional bookkeeping service like Fincent for your small business. Learn more about how we help you meet deadlines for taxes so your creative business can flourish.

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