Tax Deadlines in 2021 can be confusing because, let’s face it, the past two years have been utterly catastrophic. Don’t worry; I am here to help keep you updated.
Happy Tuesday. Hi, it’s Bette Hochberger CPA.CGMA and I just wanted to hop on for a quick Tax Tip Tuesday. Now we are in the midst of tax season, which is not normal for the second year in a row. Right? So the number one thing people keep asking me is: “Are my tax is still due on April 15?” Well, yes and no, because it depends on what kind of taxes you’re referencing.
So your C-corporation, which most small businesses aren’t, but sometimes people do have C-corporations, those returns are still due on the tax deadline of April 15th, and trust tax returns form 1041. So if you’re filing a C-corporation or a trust return, that’s filing 1041; you still need to get those returns in by April 15. But if you’re asking about your taxes, that’s your form 1040 individual taxes and any version of 1040, I know there’s a couple of different ones out there, but those 1040 individual returns are now due on May 17th. So you do get an extra month.
But in either case, if you’re not able to file by those deadlines, you still need to file an extension form, all right? So if you can’t file by April 15 for the corporation or the trust, or you can’t file by May 17th for your individual. It’s the 17th because the 15th is over the weekend, so they push it off to Monday, so if you can’t file by the deadline, whatever the deadline may be for you and your situation, you do need to file an extension. And that will extend you out into until September, October; it depends on which form you’re filing. I know everyone hates that “It depends” answer. But for your individual tax return, if you cannot file by May 17, the extension will give you until October 15th. Okay?
The thing to remember is an extension of time to file is not an extension of time to pay. Meaning you still need to pay your taxes by May 17th. It would be best if you had them paid when they were due. The IRS is a pay-as-you-go system. That’s a whole separate Tax Tip Tuesday, but if you can’t file, you still file that extension, and you’re still supposed to pay in your taxes regardless.
That’s it for this Tax Tip Tuesday; we will see you next time.