Taxpayers in Texas are curious about the deadline for filing their 2020 taxes as tax season draws near. The good news is that Texas’ tax filing deadline for 2020 is May 17, 2021, the same day as the federal deadline. Since the due date is typically April 15th, taxpayers have an extra month to file their taxes.
Tax filing for 2021 is not too early. The IRS actually started taking tax returns on February 12, 2021. If a taxpayer has all the required paperwork, they can file their taxes early to beat the crowd and get their refunds sooner.
On February 12, 2021, the IRS began taking returns for the 2020 tax year. Taxpayers have until May 17, 2021, to file their 2020 returns at any time. Until October 15, 2021, taxpayers who need additional time to file their taxes may do so by requesting an extension. An extension to file does not, however, imply an extension to pay any taxes that are payable.
Once a taxpayer has all the required paperwork, such as W-2s and 1099s, they can file their 2020 tax return. Online filers can submit their taxes electronically using tax preparation services or tax software. When compared to filing a paper return, electronic filing is quicker, more accurate, and more secure.
Yes, if a single-member LLC was formed or conducted business in Texas during the year, it is required to file a Texas franchise tax return. A tax on the privilege of conducting business in Texas is the franchise tax. The tax is based on the LLC’s margin, which is determined by deducting either the remuneration or the cost of items sold from the total income of the LLC. For the majority of enterprises, the current franchise tax rate is 0.375%, although it is 0.75% for some qualifying institutions including banks and loan companies.
In conclusion, Texas will accept 2020 tax returns until May 17, 2021, the same date as the federal filing deadline. To avoid the last-minute rush and to get their refunds sooner, taxpayers can file their taxes early. Until October 15, 2021, taxpayers who need additional time to file their taxes may do so by requesting an extension. Additionally, if a single-member LLC was formed or conducted business in Texas during the year, it was required to file a Texas franchise tax return.
If a single member LLC (Limited Liability Company) has chosen to be taxed as a corporation or has earned more than $1,180,000 in yearly revenue, then yes, the LLC must pay franchise tax in Texas. Every year on May 15th, or the following business day if May 15th occurs on a weekend or holiday, the franchise tax is payable. In order to avoid fines and interest, LLCs must file and pay their franchise tax on time.