Tax due dates for various Business types in 2021
- S-corporation tax returns on IRS Form 1120- S:15thMarch, 2021
- C-corporation tax returns on IRS Form 1120: for year-end corporations, the due date is 15th April 2021.
- Partnership tax returns on IRS Form 1065 along with the Schedule K-1s: 15th March 2021
- Single-member LLC and Sole Proprietorship returns on the Schedule C: 15th April 2021
Tax Extension Due dates for Business Tax Returns in 2021
- S-corporation tax extension due date is 17th September 2021 (no change in the due date)
- Corporation tax extension due date is 15th October 2021 (allowed automatic extension)
- Schedule C for sole proprietors and single-member LLC’s: tax extension till the date of 15th October 2021 (no change in the due date) filed along with personal tax return
- Partnership tax extension due to date is 17th September 2021 (no change allowed)
Tax Return Due Dates for C Corporation and Partnership Returns
Partnership Tax Returns: Partnership tax returns that use Form 1065 for filing the returns must be filed by the 15th day of the third month after the tax year-end date. Partnership tax returns Form 1065 must be filed by the 15th day of the third month after the tax year-end date. For most partnership returns, that’s March 15. The earlier deadline gives partners a chance to receive Schedule K-1’s before the personal tax return due date.
C-Corporation Tax Returns: The new due dates for tax filing the corporate tax returns on Form 1120 are based on the fiscal tax year of the corporation.
- When the fiscal year-end of the corporation is 31st December, the new due date for the tax returns 2020: 15th April 2021.
- Fiscal year-end other than 31st December, the due date is 15th day of 4th month after the tax year-end.
Business Tax Return Due Dates of 2021
Find the list of various types of business entities and their related tax return deadline for the year 2021.
Sole proprietorship kind of business is an extension of the individual to run the business, hence the year-end of this business entity is 31st December, and the tax return deadline is similar to the individuals, which is on 15th April 2021. This business file the income tax return on Schedule C, which comes as a part of a group of forms and schedules which go along with the individual’s personal tax return.
Single-member LLC is taxed similar to that of a sole proprietorship using Schedule-C to evaluate the net income, hence the tax is due and the taxes must be payable on 15th April for the previous year. The deadline for the year Schedule C forms, with the owner’s personal tax return, falls on 15th April 2021.
The partnership tax return is reported as an information return through Form 1065 and the tax is owed on the individual partner tax return. Form 1065 is due on the 15th day of the 3rd month after the end of the tax year of the partnership.
LLC is taxed as like that of partnership, so the partnership tax filing and the payment rules also applicable that includes the deadline 15th March 2021 Schedule K1. If your form is ending on March 30, as in the example above, July 15 is the deadline.
Corporations that did not file the Subchapter S election can select any convenient date as the year-end of the business. The tax due is payable on the 15th day of the fourth month after the end of the company’s fiscal tax year.
Subchapter S Corporation
Corporations that filed a Subchapter S election are taxed on the income tax returns of the owners. Hence an S corporation should generally consider a calendar year-end date that is on December 31, if not the corporation may give a reasonable business purpose for requesting a different date. The tax due date and the tax filing date are common for other corporations.