Business Tax Deadlines 2021 Dallas Texas
It’s that time of year when many businesses start thinking about taxes. The truth of the matter is that this job really never ends. The basics must be kept up with year-round for businesses large or small. Whether you have office staff keeping up with deadlines or are outsourcing your tax preparation services to our experts at Slaton, it is a good idea to keep tax deadlines on a central calendar so everyone involved is aware of what forms are due when.
Many businesses in Dallas, Texas, depend on us to keep their tax preparation up to date so no deadlines are missed resulting in extra fees owed to the IRS. We also keep up with state and federal guidelines, so you don’t have to study them each year. Businesses that don’t outsource have to rely on their own research to keep up with the changing guidelines like those described for business tax deductions on the IRS website.
Here is a list of some basic business tax deadlines for 2021 in date order:
- January 15 – This is the extended deadline for paying fourth quarter estimated tax payment for 2020, scheduled due to Covid-19.
- February 1 – Employers must mail out W-2 Forms by this date to employees as well as provide 1099 Forms to report non-employee compensation, dividends, bank interest and retirement plan distributions.Financial institutions must mail out Form 1099-B by this date regarding sales of mutual funds, stocks, or bonds through a brokerage account; Form 1099-S for real estate sales; Overdue fourth-quarter estimated taxes are due on the same date in order to avoid penalties in filing 2020 taxes.
- March 1 – Businesses must mail Forms 1099 and 1096 by this date to the IRS.
- March 15 – Forms 1120, 1120-A, and 1120-S for corporate tax returns for year 2020 are due and partnership returns with IRS Form 1065 are also due March 15, 2021. The extended deadline is Sept. 15, 2021. S-corporation returns with IRS Form 1120-S are due March 15, 2021, for corporations operating on a calendar year. The extended deadline is Sept. 15, 2021. When operating on a fiscal year basis, the deadline for S-corp and partnership returns is the 15th day of the fourth month.
- March 31 – Date for businesses to e-file the following Forms to the IRS: 1099 and 1096.
- April 1 – First-quarter estimated tax payments due for the 2021 tax year on this date.
- April 15 – C-corporation income tax returns with IRS Form 1120 are due April 15, 2021, for C-corporations that use a calendar year. The extended deadline is Oct. 15, 2021. For a C-corporation that uses the fiscal year, the deadline is the 15th day of the fourth month after the fiscal year is complete.
- June 15 – Second-quarter estimated tax payments due for the 2021 tax year on this date.
- September 15 – Third-quarter estimated tax payments for the 2021 tax year on this date.
Deadline to file corporate tax returns for the tax year 2020. Forms 1120, 1120-A, or 1120-S are applicable when an extension was filed.
This basic tax calendar gives any business owner an idea as to the deadlines for filing and payments that are required throughout the year. We are operating in an unusual time where the pandemic may change or create extensions for some of the dates listed as was the case in 2020. Here at Slaton, we keep up with all of the updates regarding the pandemic or state and federal guidelines. One of the biggest reasons for using a tax preparation service, like us, is never having to pay fees due to missed deadlines.
Give us a call today and allow us to discuss why using our professional tax services will benefit you and your company. At Slaton Financial Services, we pride ourselves on being a good partner for you and your Texas business helping our Dallas community one business at a time.