When is Tax Day? Deadlines for 2021
It has become almost an anti-holiday: the day when most Americans are required to file their federal income tax return. Commonly known as Tax Day, this day traditionally falls on April 15.
However, extenuating circumstances can cause Tax Day to be changed. For example, Tax Day was pushed back three months in 2020 to July 15 due to the coronavirus pandemic. And if Tax Day falls on a weekend, it’s usually moved to the following Monday.
When is Tax Day 2021?
As of right now, Tax Day will return to its normal date of April 15, 2021. However, it’s possible that the date could be changed at some point in the future depending on what happens with the pandemic.
Keep in mind that the IRS allows taxpayers to file for an extension beyond the normal tax-filing deadline. You can receive a six-month extension for practically any reason simply by filing IRS Form 4869, giving you until October 15 to file your return.
However, receiving an extension only extends the due date for filing your tax return. It doesn’t extend the due date for paying any taxes that may be due — you still must pay these by April 15, 2021. If you don’t, you could face late-payment penalties on top of the amount of tax that is due.
Want to know more about filing your taxes in 2021? Read our free, comprehensive guide.
When Are Estimated Taxes Due?
Most people who work for an employer have federal taxes withheld from their gross wages each pay period. For them, Tax Day mainly involves filing an income tax return and paying additional taxes due (if there are any) or claiming a tax refund.
But some people don’t have taxes withheld from wages by an employer — this includes independent contractors, self-employed individuals and those who earn money from tips or receive investment earnings. These individuals usually must make estimated tax payments according to a quarterly or monthly estimated tax schedule. In 2021, quarterly estimated tax payments are due on the following dates:
- First quarter: April 15, 2021
- Second quarter: June 15, 2021
- Third quarter: September 15, 2021
- Fourth quarter: January 15, 2022
If estimated taxes aren’t paid by the deadline, late-payment penalties could be assessed on the amount of taxes that’s due. Individuals who don’t pay their quarterly estimated tax by January 15, 2021, but file their 2020 tax return early, however, will not be assessed a penalty. This date is extended to January 31, 2021, for self-employed individuals.
Read More: Tax Prep as an Entrepreneur
Start Preparing for Tax Day Now
It’s not too early to start preparing for Tax Day 2021. Be sure to speak with your tax advisor and personal financial planner for guidance in your specific situation.
Paying your taxes is only one aspect of personal finance. To stay on top of your finances, you can manage your money with free, online financial tools . Millions of people use Personal Capital’s free dashboard to see all of their financial accounts in one place. Using the technology, you can:
As Tax Day comes upon us, you’ll know exactly where you stand financially.
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Personal Capital compensates Brian E. Leyde (“Author”) for providing the content contained in this blog post. The information and content provided herein is general in nature and is for informational purposes only. Individuals should contact their own professional tax advisors or other professionals to help answer questions about specific situations or needs prior to taking action based on this information. Tax laws and authorities are subject to change, either prospectively or retroactively, and any subsequent change could have a material impact on your situation.
The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
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Originally published at https://www.personalcapital.com on February 25, 2021.
