Latest Newsletter Edition

Upcoming Tax Deadlines

May

Day
10 Employees Who Work for Tips – If you received $20 or more in tips during April, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return. You can use Form 4070.
17 Individuals – (Previously April 15th, 2021) File a 2020 Form 1040 or Form 1040-SR and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest. For more information, see Form 4868. Then, file Form 1040 or Form 1040-SR by October 15.
17 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in April.
17 Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in April.

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June

Day
10 Employees Who Work for Tips – If you received $20 or more in tips during May, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return. You can use Form 4070.
15 Corporations – Deposit the second installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in May.
15 Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in May.
15 Individuals – If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. Otherwise, see Individuals under April 15, earlier. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file and pay what you estimate you owe in tax to avoid penalties and interest. Then, file Form 1040 or Form 1040-SR by October 15. However, if you’re a participant in a combat zone, you may be able to further extend the filing deadline.
15 Individuals – Make a payment of your 2021 estimated tax if you’re not paying your income tax for the year through withholding (or won\’t pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2021. You may be able to avoid having to pay estimated taxes by increasing your tax withholding. Penalties may be assessed if you do not pay enough tax through withholding and estimated tax payments or if your payments are late.

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July

Day
12 Employees Who Work for Tips – If you received $20 or more in tips during June, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return. You can use Form 4070.
15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in June.
15 Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in June.

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Southeast Tax Group
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info@southeasttaxgroup.com