You may be well aware of when tax day is. However, if you are self-employed, own a small business, or rely on tips for income, you’ll have to abide by an extra set of deadlines. For example, independent contractors and freelancers pay estimated quarterly taxes in addition to any annual taxes owed.
Failure to abide by these deadlines can result in some costly penalties. Avoid the unpleasant surprise of a huge bill from Uncle Sam and stay on top of when taxes are due in 2021. We’ve compiled a list of important dates for your diary so you can prepare yourself well ahead of time.
2021 Tax Filing Deadlines
March 15, 2021
Small businesses (S corporations) and partnerships need to file their tax returns or request an extension by March 15, one full month before the general deadline.
April 15, 2021
Independent contractors and freelancers will owe their first estimated quarterly tax payment for 2021 on April 15.
May 17, 2021
The IRS extended the deadline to file and pay taxes for the 2020 tax year to May 17. If you have to request additional time, you must do so by May 17. Remember that the latter extension only applies to filing taxes; any taxes you owe will still be due May 17.
June 15, 2021
Independent contractors and freelancers will owe their second estimated quarterly tax payment for 2021 on June 15.
September 15, 2021
Independent contractors and freelancers will owe their third estimated quarterly tax payment for 2021 on September 15. S corporations and partnerships that requested an extension in March must file their returns on September 15.
October 15, 2021
October 15 is the deadline to file for individuals who requested an extension in April.
January 15, 2022
Independent contractors and freelancers will owe their fourth estimated quarterly tax payment for 2021 on January 15, 2022.
10th Day of Every Month
Tipped employees — workers who regularly make at least $20 in tips per month — should report their previous month’s tips by the 10th of every month (or by the 12th day if the 10th falls on a weekend). This information can be given to your employer, who will use this information to calculate your payroll tax. Failure to report tips can result in major penalties and may even impact the amount of social security you’ll receive come retirement.