Time To Do Your 2021 Taxes!

Tax season can be stressful, especially after another year dealing with Covid related funding from the PPP, EIDL, state and local grants, to unemployment income and other sources.  While many people procrastinate when it comes to their taxes, the IRS has announced that it will begin to accept returns starting on January 23rd.  For tips on getting your tax returned filed without delays, visit the IRS Website. The sooner you start, the easier (and less stressful) it will be.

Get Some Help

Using a professional tax preparer or accountant is the best way to ensure that your taxes are filed correctly.  Tax preparation software that pairs with your accounting software program can also help you through this process.  To learn how you can best prepare to file, check out our 2021 Tax Prep video.

If you’re not using an accounting software program to track your business and don’t know where to start, check out our Tracking Your Business webinar on this topic.  Using software to track your business and keeping it up to date means your tax filing can be done in a flash and you’ll know how your business has been performing!  

The SBDC offers no-cost, confidential business advising services and we can help you with bookkeeping questions, financial analysis and other business topics.  To meet with an advisor, sign up on our website.

Important Deadlines

Keep these important deadlines in mind as you map out your tax prep schedule.  Be sure to discuss these deadlines with your accountant or tax preparer as they will want your information in advance of these deadlines. View the complete calendar from the IRS.  This blog is for informational purposes only — we are not accountants.

DEADLINES FOR FILING YOUR 2021 BUSINESS TAXES

January 18:

  • Due date to pay 4th Qtr 2021 estimated taxes

January 31st:

  • Due date to send out 1099s and W-2s to recipients.
  • Due date to file 1099-NECs (formerly 1099-MISC using Box 7 for nonemployee compensation) and W-2s/W-3s with the IRS.

February 28th:

  • Due date to file 1099s/1096s (aside from 1099-NECs) if you are paper filing.

March 15th:

  • Due date to file S-Corp (1120S) and partnership (1065) returns
  • Due date to elect S-Corp status for existing corporations or LLCs.

March 31st:

  • Due date to file 1099s/1096s (aside from 1099-NECs) if you are filing electronically.

April 18th: (Maine & Massachusetts get until April 19 due to a combination of Emancipation Day and Patriots Day – Lucky us!)

  • Due date to file individual (1040), trust (1041), and C-Corp (1120) returns.
  • Last day to make HSA contributions and contributions to the majority of retirement plans.
  • Due date to pay 1st quarter estimated payments.
  • Due Date to file a six month extension.  (This is an extension to file not on extension to pay!)

    June 15th:

    • Due date to pay 2nd quarter estimated payments.

    September 15th:

    • Due date for extended S-Corp and partnership tax returns.
    • Due date to pay 3rd quarter estimated payments.

    October 17th:

    • Due date for extended individual tax returns and C-Corp returns.