Tax season is here. The IRS started accepting tax returns for the 2020 tax year. Make sure that you are aware of the 2021 deadlines, including the new deadlines for individual and self-employed filers. Below are the key due dates you need to know for your 2020 tax filings. If you are looking for help with this, check out these tips to find the best expat tax accountant for your situation.
If you are looking for help with tax filings, you can schedule a consultation with us.
Tax deadlines for Individuals
- May 17, 2021 – UPDATED – The new due date for individual returns for the 2020 tax year. This is an extension to file and pay. Interest and penalties will start accruing for any tax you owe after this date, even if you file an extension. You should make an estimated payment by May 17 to avoid interest if you can’t file yet by that date. Expats still receive an automatic extension to June 15.
- June 15, 2021 – Individual tax return due if residing outside the US. (For more info, check out our US Expat Tax Guide.)
- October 15, 2021 – The final deadline to file for individuals who requested an extension.
Independent Contractors – Form 1099
If you paid independent contractors over a certain threshold, you must provide them with a Form 1099. As a freelancer, you should receive Form 1099 from your clients.
Beginning with the 2020 tax year, the form has changed from 1099-MISC to 1099-NEC (non-employee compensation).
- February 1 – Deadline to send Form 1099-NEC to contractors
Tax due dates for Sole Proprietor and Single-member LLC
Sole proprietors and single-member LLCs pass income through to the person running it and therefore have the same due dates as for individuals. See above for the due dates.
The business income is reported on Schedule C as part of the individual tax return.
Form 5472 is due on April 15, together with your company’s Form 1120. If you file an extension for your corporate tax return, Form 5472 is due together with the tax return on October 15.
Tax due dates for Multi-member LLC
Multi-member LLCs are taxed as partnerships. See below for partnership tax due dates.
Tax due dates for Partnership & S Corporation
Partnership on a calendar year and S Corporation:
- March 15 – Initial due date for Form 1065 with Schedule K-1 for partnerships and Form 1120S with Schedule K-1 for S corporations.
- September 15 – The final deadline for partnerships and S corps that filed for an extension.
Partnerships with a different tax year must file tax returns by the 15th day of the third month after the tax year-end date.
S Corp election date
- March 15 – Last day to file Form 2553 to elect to be treated as an S Corporation for the 2020 calendar year. (Learn here if an LLC or S Corp is more beneficial). Alternately, you can also elect to have your LLC treated as an S Corporation within 75 days of incorporating your business.
Tax due dates for C Corporations
Deadlines for filing corporate tax returns (Form 1120):
- April 15, 2021 – Initial deadline to file corporate tax returns. The IRS notice about the postponed tax deadline does not apply to corporate filings, therefore the April due date still applies.
- October 15, 2021 – Final deadline if you requested a 6-month extension with Form 7004.
Tax deadlines for Quarterly Estimated Payments
When tax payments are not automatically withheld each month, e.g., for the self-employed, you need to make quarterly estimated tax payments.
- January 15, 2021 – Last estimated tax installment for 2020 tax year.
- April 15, 2021 – 1st installment of 2021 estimated tax. The deadline extension does not apply to this payment. The IRS notice explicitly mentioned that it is still due on April 15.
- June 15, 2021 – 2nd installment of 2021 estimated taxes.
- September 15, 2021 – 3rd installment payment of 2021 estimated taxes.
- January 15, 2022 – 4th installment payment of 2021 estimated taxes.
Tax due dates for FBAR (FinCen Form 114)
US persons with foreign bank accounts must report them if they meet certain requirements.
- April 15 – The FBAR deadline corresponds to the tax deadline. However, it has an automatic extension until October 15. You file your FBAR separately from the tax return but has the same due date as individual tax returns.
- October 15 – Extended due date, FinCen grants an automatic extension to October 15.
State tax deadlines
Depending on your former home state, you may have to file a state tax return. Please check any state you have to file in. Not all state tax calendars align with the federal 2021 tax deadlines.
State tax due dates may follow the federal extended deadline but don’t have to – please check your state. Texas, Oklahoma, and Louisiana already declared earlier a winter storm disaster relief and postponed their state tax deadlines to June 15. The new IRS announcement does not affect this.
Don’t wait until the last minute
Start your taxes early to avoid penalties, interest, and stress. Many good expat tax accountants get incredibly busy in the weeks leading up to the deadlines. If you need help filing your expat tax return or business return, schedule a consultation with us.