Small Business Tax Deadlines 2021

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When Are Business Taxes Due in 2021?

Business tax deadline 2021 With each new year, you’ll need to review your small business insurance and the deadline for filing a tax return. The business tax deadlines for 2021 are on March 15th.
 

Income Tax Deadlines 2021

Most small businesses need to file federal income taxes annually. These taxes are based on the revenue your company earns each year.1
 
The forms you’ll need for your income tax return depend on your business’ structure. For instance, you may need these Internal Revenue Services (IRS) forms:2
 
  • Form 1040 for sole proprietors
  • Form 1040 or 1040SR for only member limited liability corporations (LLCs)
  • Form 1120 for corporations
  • Form 1120S for S corporations
  • Form 1065 for partnerships
Keep in mind that most small businesses are pass-through organizations. This means business income is treated as the owner’s personal income. So if this is how you’re structured, you’ll need to finish filing your return on March 15th.
 

2021 Quarterly Tax Deadlines for Businesses

The quarterly estimated taxes you’ll need to file also depend on your business’ structure, and if you have employees or not. Sole proprietors without employees do not need to file quarterly estimated tax payments. However, they still need to file annually for income taxes.
 
If your business does have employees, you’ll need to use Form 941 for federal purposes to file the income, security and Medicare taxes withheld from your employees’ paychecks quarterly. You’ll also need to file any excise taxes quarterly with Form 720.3 On top of these, you may also need to file state forms, depending on where you live.
 
Some important quarterly tax dates for 2021 to keep in mind include:
 
  • January 15: 4th quarter 2020 estimated tax payment due.
  • March 15: Business taxes are due.
  • April 15: Individual tax returns due for tax year 2020.
  • June 15: 2nd quarter 2021 estimated tax payment due.
  • September 15: 3rd quarter estimated tax payments due for 2021. This is the final deadline to file corporate tax returns for tax year 2020, if an extension was requested with Forms 1120, 1120-A, 1120-S.
  • October 15: Final extended deadline to file individual tax returns for the year 2020 with Form 1040.
  • January 15: 4th quarter 2021 estimated tax payment due.
To learn more about the estimated tax payments you’ll need to submit, you can work with an accounting firm. They can provide personalized tax services for your business that will make tax season easy. You can also use tax software, like QuickBooks.
 
If you need more time to finish your taxes, you can request a tax extension. Keep in mind that with an extension, you’ll still need to fill out an estimate of what you owe. Individuals can use Form 4868, and small businesses can use Form 7004. 
 

Employment Tax Deadlines 2021

Your employment taxes are where you’ll need to report wages, tips and other compensation that you’ve paid your employees. You’ll need to prepare W-2, Wage and Tax Statements for each of your workers at the end of the year. These report your employees’ earnings.4
 
You can view other important tax due dates on the IRS’s Employment Tax website.
 

Excise Tax Deadlines 2021

When are business taxes due 2021 You’ll have to file excise taxes if you:5
 
  • Manufacture or sell products
  • Use certain equipment, facilities or products
  • Receive payment for certain services
You can use Form 720 to file excise taxes in these categories:6
 
  • Environmental
  • Communications and air transportation
  • Fuel
  • The first retail sale of heavy trucks, trailers and tractors
Some other forms you may need to fill out include:
 
  • Form 2290: This is for certain trucks, truck tractors and buses used on public highways that are a gross weight of 55,000 pounds or more.
  • Form 730: If you’re a business that accepts wagers or does a pool or lottery, you may have to file an excise tax on wagering. This form helps you figure out the tax on the wagers you receive.
  • Form 11-C: This form allows you to register for any wagering activity and to pay the tax on it.

Payroll Withholdings & Employment Tax

If you have employees, you’ll need to pay employment taxes. These include:
 
  • Social Security and Medicare taxes
  • Federal income tax withholding
  • Federal unemployment (FUTA) tax
You’ll need to report these payroll taxes on Form W-2 to your employees. Your employees then need to include this information on their tax return, which is Form 1040 or 1040-SR.7
 

Wage & Non-Employee Compensation Tax

Non-employee compensation is the money you pay to independent contractors that work for your business. This includes:
 
  • Wages
  • Non-employee compensation
  • Dividends
  • Royalties
  • Profit-sharing distributions
You’re required to report this on Form 1099-MISC. You’ll also need to pay self-employment taxes on it. The deadline for filing this is January 31st.
 

Learn More About When Corporate Taxes Are Due in 2021

When are corporate taxes due 2021 It’s important to learn about 2021 tax filing deadlines early. Also, keep in mind that you may qualify for credits or deductions for certain expenses. You may even be able to write off business insurance.
 
There are also ways you can reduce taxable income, like selling property that has no value to your business anymore. On top of this, your business can also get a tax refund if you paid more than you needed to during the year.
 
If you need business insurance coverage, you can learn more by getting a quote from us today. We’ve been helping customers find the right insurance for over 200 years.
 
 
This article provides general information, and should not be construed as specific legal, HR, financial, insurance, tax or accounting advice. As with all matters of a legal or human resources nature, you should consult with your own legal counsel and human resources professionals. The Hartford shall not be liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use by you or anyone of the information provided herein. 
 
1, 2 Internal Revenue Services (IRS), “Which Forms Must I File?”
 
3 FindLaw, “Filing Quarterly Taxes”
 
4 Internal Revenue Services (IRS), “Understanding Employment Taxes”
 
5, 6 Internal Revenue Services (IRS), “Business Taxes”
 
7 Quickbooks, “W-2 Employee Forms: A Small Business Owner’s Guide to Filing”
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