You could have to give the Internal Revenue Service (IRS) and your state government quarterly taxes if you work as a freelancer or independent contractor. In general, these projected tax payments are due in April, June, September, and January on a regular basis throughout the year. However, many taxpayers are speculating as to whether the quarterly tax deadlines for 2021 have been postponed because to the ongoing COVID-19 outbreak.
The short answer is no, the quarterly tax deadlines for 2021 have not been extended. The first quarter payment was due on April 15, 2021, the second quarter payment is due on June 15, 2021, and so on, since the IRS has maintained the regular timetable for anticipated tax payments. It’s vital to confirm the due dates with your state’s tax authority as they may also have their own deadlines for projected tax payments.
It should be noted that the IRS has extended the deadline for individual taxpayers to file their federal income tax returns to May 17, 2021. The deadlines for making estimated tax payments are unaffected by this extension, which only applies to the 2020 tax year. You should still make those payments by the customary dates if you owe taxes for the 2020 tax year, including any anticipated tax payments you missed, to avoid penalties and interest.
You have until October 15, 2021, to file your federal income tax return if you need extra time. This extension, however, only pertains to filing your return; it does not apply to paying your taxes. To avoid penalties and interest, you must still estimate and pay any taxes due by the deadline of May 17, 2021.
You might also be obliged to pay local taxes, such income taxes levied by your city or county, in addition to federal and state taxes. It’s crucial to verify with your local tax authority to confirm the due dates as these taxes may have their own deadlines and payment schedules.
The deadlines for making quarterly tax payments have not been delayed for the 2021 tax year, despite the fact that the filing deadlines for federal income tax returns have been extended for the 2020 tax year. To prevent fines and interest, it’s crucial to submit your projected tax payments by the due dates. You should get advice from a certified tax professional or the IRS or your state tax authority if you have any questions or concerns about your tax responsibilities.
In 2021, quarterly taxes will indeed be deferred. First quarter projected tax payments for both individuals and corporations must now be made by May 17, 2021.
Yes, the first two quarters of 2021 will not have quarterly taxes. The first quarter’s deadline has been moved up to May 17, 2021, and the second quarter’s deadline has been moved up to August 2, 2021.