One of the most crucial things you must do as a responsible citizen to contribute to society’s advancement is to pay taxes. Knowing when and how much to pay can be difficult, though, with so many deadlines to remember. We’ll talk about the tax deadlines in this post, along with the information you need to be in compliance.
Taxes do indeed have a deadline. The deadline for filing federal income tax returns in the United States is always April 15th, unless that day falls on a weekend or holiday. The due date is postponed to the following business day if the 15th falls on a weekend or holiday. For instance, if April 15 comes on a Saturday, the payment is due on April 17, the Monday after.
It’s crucial to remember that the deadline of April 15th applies to both the preparation of your taxes and the payment of any taxes due. You risk incurring fines and interest costs if you don’t file your taxes or pay the balance outstanding by this deadline.
Estimated quarterly tax payments are necessary for people who are self-employed or have significant income from sources other than an employer. These payments are due on the following days, four times a year: April 15th, June 15th, September 15th, and December 15th. – The 15th of January in the next year
The first and second quarter estimated tax payment due dates for 2021 were postponed to May 17, which is also the due date for federal income tax returns. However, the third and fourth quarters’ projected tax payments are still due on the corresponding due dates of September 15 and January 15.
In conclusion, it’s critical to remember that taxes have a due date in order to avoid fines and interest costs. There are particular times throughout the year when quarterly anticipated tax payments are due, and the deadline for filing federal income taxes is April 15th, unless that date falls on a weekend or holiday. The deadline for filing tax returns on April 15th hasn’t altered, even if the dates for estimated tax payments may change in some situations.