Another year, another tax season.
Even though tax season has ended, that doesn’t mean that it won’t come again sooner than you expect. Get prepared now and don’t wait until the last minute to get your taxes ready! By preparing in time, you can ensure that all your finances and documents are accurate for an efficient tax return. We want you to come to us with any questions you may have about your taxes, so we have put together a list of due dates that you would need to remember for the upcoming year.
March 15, 2021
- Partnership Returns for 2020 (Form 1065)
- S-Corporation returns for 2020 Sub Chapter S corporations (Form 1120S)
April 15, 2021
- Individual Tax Returns for 2020 (Form 1040)
- Foreign Bank Account Reports (Form 114), October 15 with a 1040 extension.
- C-Corporation returns for 2020 (Form 1120)
- Trust and Estate income tax returns (Form 1041)
September 15, 2021
- Extended deadline for Partnership Returns for 2020 (Form 1065)
- Extended deadline for Trust and Estate income tax returns (Form 1041)
- Extended deadline for S-Corporation returns for corporations on a calendar year (Form 1120S)
October 15, 2021
- Extended deadline for Individual Tax Returns for 2020 (From 1040)
- Foreign Bank Account Reports (Form 114), October 15 with a 1040 extension.
- Extended deadline for C-Corporation returns for corporations (Form 1120)
You must note that extensions of your tax returns are only available to those that are approved ahead of time. You must fill out forms from the IRS by the original due date and get them approved for prior to being eligible to pay your tax returns at a later date. Ask your tax adviser if special rules may apply to you. Also, keep in mind that you still have to pay your tax liability by the due date even if you get an extension to file your return.
We know that all of this can get tricky so check out our blog post “5 Fast Tax Preparation Tips” for advice on how to prepare for your taxes ahead of time so you are not stressed approaching the due date. If you are ready to hire a professional Tax expert to help you prepare and file your taxes, contact us and we will assist you. Don’t let costly mistakes cost you more!