2021 Tax Filing Deadlines And Extensions For Businesses

2021 Tax Filing Deadlines And Extensions For Businesses

April 15 is Tax Day. Last year, the filing date was extended to July 15 due to COVID-19. And we may see some extensions this year as well. But until further updates, businesses should plan taxes according to the April 15 deadline. 

At Prime Accounting, we can help your business in Denver, CO, with remote accounting and tax preparation services. We will save you time and money while preparing your returns. Click here to schedule a strategy session and save $20,000 annually! 

In today’s blog, we list down important tax dates for businesses. Mark these on your calendar to avoid hefty penalties. It’s also prudent that you get in touch with a tax CPA right away.

Dates For Quarterly Tax Payments

Non-wage income earners have to file quarterly taxes based on estimated or actual earnings every three months. 

Sole proprietorships and the self-employed need to file quarterly taxes within 15 days after the quarter ends, if their estimated tax bill for the period exceeds $1000.

S- and C-corporations will file quarterly taxes if their estimated tax bill for the quarter exceeds $500 (this is in addition to the annual tax filing on April 15).

Quarterly tax deadlines for 2021 are:  

  • January 15 (Fourth Quarter 2020)
  • April 15 (First Quarter 2021)
  • June 15 (Second Quarter 2021)
  • September 15 (Third Quarter 2021)
  • January 15, 2022 (Fourth Quarter 2021)

Learn more about estimated taxes here

Annual Tax Dates 

Here are the deadlines and extension dates for fiscal-year taxpayers:

  • Sole Proprietorships

Form 1040 or Form 1040-SR is due on April 15. You can request an extension till September 15 through Form 4868. 

  • Partnerships

Each partner/member should file their Form 1065 and Schedule K-1 by March 15. Partnerships can file a Form 7004 to request an extension till September 15. 

  • Corporations 

Corporations must file Form 1120 by April 15, or request an extension till October 15 via Form 7004. 

If your corporation’s tax year is ending on June 30, you need to file by March 15. The latter date also applies to corporations with a short tax year ending on any date in June. In these cases, corporations can get a 7-month extension by filing Form 7004. 

  • S Corporations

S Corporations need to file taxes by March 15. Each shareholder needs to submit their Form 1120-S and Schedule K-1 by this date. S Corporations can use Form 7004 to request a 6-month extension. 

In an election year, S Corporations also need to submit Form 2553 two months and 15 days after the election date.

Other Tax Deadlines For Employers

January 31

Employer’s Annual Federal Tax Return (Form 944)

February 1

Employer’s Annual Federal Unemployment (FUTA) Tax Return (Form 940)

Annual Return of Withheld Federal Income Tax (Form 945)

April 30

Employer’s Quarterly Federal Tax Return (Form 941)

Deadline Delays

A deadline can be delayed if it falls on Saturday, Sunday, or a legal holiday. Note that legal holidays do not delay federal tax deposits. 

That’s all for now. It is critical that you hire professionals to handle your taxes. The tax code is complicated, and DIY accounting and tax software doesn’t always help you avoid compliance. 

And with the stimulus package and ongoing political scenario, you will need experienced tax prep professionals who can help you pay taxes on the right amount and take advantage of all possible tax breaks (learn more about tax breaks for small businesses on our blog).

At Prime Accounting, we help companies of all sizes with accounting, human resources, CFO, and tax preparation services in Denver, CO. We provide remote services, saving you the costs of hiring full-time staff and dedicating office space. Click here to schedule a strategy session and save $20,000 annually!