Filing taxes during a pandemic may seem daunting, but advance planning and tips from Ten Key can help ease the process. April 15th is still the tax deadline for individuals, married couples, and business entities in 2021. However, there are other important deadlines throughout tax season to keep in mind.
Tax filing deadline for 2021
The deadline for filing federal and state (Massachusetts) tax returns is midnight on Thursday, April 15, 2021. This is also the deadline to request an extension for 2020 tax returns or make contributions to a 2020 Roth or traditional IRA.
Here are a few additional tax deadlines to watch out for:
- February 1: Businesses and employers must distribute to employees, and then file with the IRS, forms W-2, W-3 and/or Form 1099.
- March 15: S-Corporation (Form 1120S) and Partnership (Form 1065) tax returns and extension requests due.
- April 15: Individual (Form 1040) and C-Corporation (Form 1120) returns or requests for extensions due. This is also the last day to make 2020 IRA contributions.
- September 15: Tax returns due for S-Corporations and Partnerships that were granted an extension.
- October 15: Tax returns due for individuals and C-Corporations that were granted an extension.
- November 1: Begin implementing end of year tax saving strategies to reduce your taxable income
- December 31: Final day to make end of year tax adjustments to reduce your tax liability for 2021.
Updated deadlines and information can also be found on the IRS website.
The impact of COVID-19 on taxes
There are several options for tax relief for both businesses and individuals affected by COVID-19. Individuals who received their first economic impact (stimulus) payment may be eligible for a second stimulus payment: check your status here.
There are several tax relief options available for businesses during the COVID-19 pandemic. To see if your business qualifies, use the COVID-19 Business Tax Relief Tool.