Taxes are mandatory payments we must make to the State according to the amount and form dictated by law. They are used to finance education, healthcare, the provision of justice and security, the fight against poverty, and the promotion of different economic sectors. That is why they are essential for the economy and well-being of a nation.

Now, a tax deadline is the last date on which we can comply with this responsibility. In this article, we will show you the deadlines for 2021.

Tax deadlines in 2021

This year’s deadline for federal tax filing and taxpayers to pay what they owe the Internal Revenue Service (IRS) is April 15, 2021. By law, the IRS can impose penalties on those who fail to file a return and pay before the deadline.

• Individual Income Tax Returns: April 15, 2021.
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• Estimated Tax Payments for Tax Year 2020 (IRS Form 1040): The fourth and final estimated payment for the tax year 2020 is due January 15, 2021.
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• Corporate Income Tax Returns (IRS Form 1065): March 15, 2021, due September 15, 2021.
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• C Corporation Tax Returns (IRS Form 1120): April 15, 2021, for C corporations operating in a calendar year. The extended deadline is October 15, 2021. The tax deadline for C Corporation returns is the 15th day of the fourth month following the end of the corporation’s tax year if the corporation operates in a tax year, rather than a calendar year.
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• S Corporation returns (IRS Form 1120-S): March 15, 2021, for corporations operating in a calendar year. The tax deadline is September 15, 2021. The deadline for S-corp and corporate returns is the 15th of the fourth month following the end of the tax year if they are in a tax year rather than a calendar year.

What happens when you miss a tax deadline?

Penalties for late filing are usually 5 percent per month on unpaid taxes or part of a month for late filing.

If you do not comply with the tax deadlines, you will generally have a penalty of 0.5 to 1 percent of your unpaid taxes. The penalty applies monthly or part of the month after the deadline when the taxes are not paid.

Don’t leave your duties to the last minute. Meet the tax deadlines and avoid the headache of having to pay extra in penalties, interest, or ultimately lawyers.