So a lot of people already know the personal tax deadline has been extended from April 15 to May 17, 2021, due to some major IRS delays.
So basically people are getting an extra 30 days to file their personal tax return.
However, there are still some important tax deadlines that are in place that you need to know about especially if you’re self-employed or you’re a small business owner.
So in this post, we want to cover some of these updates very quickly and let you know exactly what has changed and what has stayed the same.
That is so you are prepared for this tax season.
Tax Season 2021 New Update
Now that we’re here in April, a lot of our clients are still rushing to meet the April 15, 2021 deadline for their personal taxes.
However, we wanted to confirm here with our clients that the deadline has indeed been extended to May 17, 2021.
So we still have time and there’s no rush to file your taxes immediately. And in addition to that, many states are following suit with the extension from the federal government.
So with that being said, many state deadlines are also May 17, 2021.
Estimated Tax Payments
Now if you own a business and you’re self-employed and you make a good amount of money then usually you have to pay what is called estimated tax payments.
Your first estimated tax payment for 2021 is due on April 15th and even though the IRS is seeing some huge delays, that is still the case for 2021.
Now a lot of people are upset that they still have to make those estimated tax payments on time but for right now it is what it is.
There’s nothing we can do about it so we just want to make it clear to all that the deadline for estimated tax payments is still April 15, 2021.
And it is not being extended at least for the time being to May 17, 2021.
Now if you have no clue about what estimated tax payments are then here’s our post about estimated quarterly tax payments that you can read next.
In addition to that, of course, if you own a business then your taxes were due on March 15, 2021, and that deadline was not extended.
So it was up to you to file an extension with the IRS so you can extend that deadline six months up until September 15, 2021.
But if you did not file for that extension then right now you could be paying penalties and interest for not filing your business taxes.
So you want to make sure you take care of that as soon as possible.
Take Note Of This Tax Season 2021 New Update!
So that’s it! We just wanted to make this quick update because a couple of months ago, we wrote a post about all the deadlines coming up for the tax season in 2021.
And so it was only right that we made an updated post about how some of these deadlines changed and some of the deadlines still being intact.
And if you want to learn more about some of the tax penalties, interests, and payments that you have to make when you don’t file your taxes on time, then read this post next.
Or if you want to go back and review some of the deadlines for tax season 2021, you can add that to your reading list.
But, if you think you’ll be needing some help for your personal tax return or business taxes, you can get in touch with our team today.
Go ahead and contact us here!