January 26, 2021

Key Tax Deadlines for 2021

Key Tax Deadlines for 2021
Posted in: Business   Invest   Life   

While the 2020 tax year saw some significant changes to filing deadlines due to the effects of the global pandemic, the 2021 tax season seems to be set to be on track with normal filing deadlines. With the pandemic still in sight, it is important to consider that these dates may be subject to change. Below is a list of the filing deadlines for the upcoming 2021 tax year that you will want to be sure to put into your calendar. 

Individual Income Tax Returns

Individual tax returns are slated to return to the normal filing deadline of April 15th. That means your return will need to be postmarked before midnight on that date to avoid any late fees or penalties if you owe taxes for the year. If you are unable to have your tax return completed by that time, you will need to file an extension by that date. It is important to remember that filing an extension does not disqualify you from paying your taxes by April 15th. It simply means you will have until a later date to send in your completed paperwork. You will need to pay any owed taxes by the deadline to avoid any late fees or penalties. 

Estimated Tax Payments

If you are self-employed or receive income from outside of a regular paycheck employment, you will need to make quarterly tax payments if you will owe more than $1,000 in self-employment income. If you had been filing estimated taxes in 2020, your final 4th quarter payment would need to be postmarked by January 15th. For income made during the 2021 tax year, you will need to make your first quarterly tax payment by April 15th. The second quarterly tax payment will be due on June 15th and the third on September 15th. 

Other Important Tax Deadlines

If you are filing your individual income tax return on April 15th and are looking to take advantage of the tax break for contributing additional funds to your IRA account, you will need to make that contribution before April 15th. If you have been approved for a filing extension, the contribution will need to be made before that date. Another important date to note is the individual tax return extended deadline, which will apply to all taxpayers who have filed for an extension. Those returns must be postmarked no later than October 15th.

Put the above tax deadlines in your calendar to help you stay on top of important filing dates and to help avoid unnecessary penalties and interest.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

Sources

https://www.efile.com/irs-income-tax-return-forms-and-schedules-for-year-2021/#:~:text=These%20forms%20are%20for%202021,15%2C%202020.

https://www.usnews.com/360-reviews/tax-software/when-can-you-start-filing-taxes

https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/important-tax-deadlines-dates/L7Rn92V1d

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

https://www.investopedia.com/articles/retirement/05/021505.asp

Content Provider: WriterAccess

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