2021 Tax Deadlines: Everything You Need To Know To Stay Organized

Bennett CPA LLC is a top-rated tax preparation company in Colorado Springs where we take pride in providing straightforward and simple solutions for our clients. We understand that everyone is going through difficult times, and we aim to take the burden of tax preparation off your shoulders. Whether you have a question about your business taxes or are unsure if you qualify for certain tax breaks, our team is here to answer all of your questions.

Filing your taxes this year may seem more confusing than ever, because of the ambiguity surrounding the filing deadlines. On March 17th, Tax Day for 2021 was officially extended from April 15th to May 17th. This is an automatic action, and citizens do not have to file any paperwork in order to receive the extension. In an effort to help you stay on schedule, the team at Bennett CPA LLC has included some important tax filing deadlines.

April 15th, 2021

  • Corporation Income Tax - C Corps, still April 15th, extended due date of October 15th

  • S-Corporation Income Tax - March 15th, extended due date of September 15th

  • Partnerships Income Tax - March 15th, extended due date of September 15th

  • Fiduciary & Estate Income Tax - March 15th, extended due date of September 15th

May 17th, 2021

  • Individual Income Tax

When Are Business Taxes Due?

Quarterly estimated tax payments were due on April 15th. If you were unable to file your business income tax or fiduciary and estate tax by the due date, you may file under extension. As with individual income tax, the extension only extends the time to file, not the time to pay. This means that you have until October 15th to file, but your payment was due on April 15th. You can find many forms that you will need for a variety of business taxes here.

Is there a penalty for filing taxes late?

If you are unable to file your individual income tax by May 17th, the state normally has an automatic 6-month extension, but will only be 5 months for 2020 filing in 2021. However, this extension only applies to filing and not to any state income tax you may owe. If you owe taxes and fail to file a tax return or a tax extension, then you will incur penalties and owe the IRS interest. If you file your tax return after the deadline and don’t receive an extension from the government, then you will be penalized each month in the amount of 5% of your total balance due. If you are unable to pay taxes or penalties that you have incurred, you can apply for a payment agreement with the IRS.

What Documents Do I Need To File Taxes?

Understanding exactly what document you need to file your taxes correctly can be confusing. It helps to stay organized throughout the year and keep all documents that you may need to file taxes in one place. That way, when the time comes, you will not have to worry about forgetting or misplacing a relevant document. Every person’s situation is different, but most people will need the following:

  • Personal Information

    • Social Security numbers and dates of birth for you, your spouse, and dependents

    • A copy of last year’s tax return for you and your spouse

    • If you want your refund to be direct deposited into your bank account, then you will need your bank account number and routing number

  • Income Information

    • W-2 forms for you and your spouse

    • 1099-C forms for cancellation of debt

    • 1099-G forms for unemployment income, state tax refund, or local tax refund

    • If you or your spouse worked as an independent contractor, then you will need 1099-MISC forms

    • 1099-R, Form 8606 for retirement plan payments

    • 1099-S forms for income from the sale of a property

    • 1099-INT, -DIV, -B or K-1 for investment or interest income

    • If you received social security benefits, you will need the SSA-1099 form

    • Alimony received

    • Business or farming income

    • Rental property income and expenses

    • Prior year installment sale information - Forms 6252, principle and interest collected during the year, SSN and the address for payer

    • Miscellaneous income such as jury duty, gambling winnings, and scholarships

  • Adjustments To Your Income

    • Form 1098-E for student loan interest paid

    • Form 1098-T for any tuition paid after high school

    • If you are a teacher, include receipts for classroom supplies expenses

    • Records of IRA contributions made during the year

    • Receipts for any qualifying energy-efficient home improvements, such as solar panels

    • Records of MSA contributions

    • If you are self-employed, include receipts for health insurance payments

    • Records of any moving expenses

    • Alimony paid

    • SEP, SIMPLE, and any other self-employed pension plans

  • Deductions And Credits

    • If you incur child care expenses, include the provider’s name, address, Tax ID, and amount paid

    • Adoption costs; you’ll need your child’s SSN, records of legal costs, records of medical costs, and records of transportation costs

    • Investment interest expenses

    • Medical and dental expense records

    • If you experienced a theft loss, including the amount of damage and any insurance reimbursements

    • Charitable donation records

    • Records of miscellaneous tax deductions, such as union dues and unreimbursed employee expenses

    • Home business expenses

    • Rental property expenses

  • Taxes You Have Paid

    • State and local income taxes

    • Real estate taxes

    • Personal property taxes

    • Vehicle license fees

  • Other Information

    • If you are self-employed, include estimated tax payments made during the year

    • Foreign bank account information including the peak value of the account during the year

Last-Minute Tax Questions | Bennett CPA LLC Is Here To Help

At Bennett CPA LLC, one of our priorities is to educate our clients and help them better understand everything that Colorado taxes encompass. Whether you’re filing individual returns or are in need of business tax services, let us help you maximize your tax profile. From planning for retirement to making strategic tax planning decisions, we’re here for you! Contact us today to start taking control of your financial future.