The tax extension of May 17, 2021 is quickly approaching. If your business is a C-corporation or you are self-employed reporting your business on your personal return, the deadline to submit your business tax return is just 1 week away.
What is due on May 17th?
- Individual and corporate tax returns must be filed on or before May 17th.
- Contributions to a retirement or other tax-advantaged savings account, including a traditional IRA, Roth IRA, Health Savings Account, and SEP-IRA, must be made by May 17th to count towards your 2020 taxes.
- Report of Foreign Bank and Financial Accounts (FBAR) is due no later than May 17th.
What about an extension?
If you are not going to be ready to file by the deadline, you should go ahead and file for an extension. Remember, an extension is only an extension to file, not to pay. Be sure to pay any taxes owed to avoid penalties and interest.
What if I was affected by the winter storms?
If you live or have business in Louisiana, Texas, or Oklahoma, then the winter storms earlier this year bought you some extra time to file your taxes. Following the disaster declaration issued by FEMA, the IRS has extended the tax deadline until June 15, 2021.