2021 Dates Every Business Owner Should Know
2021 Business Planning
The holidays are here and January 2021 is closer than it has ever been before (#phew)! For many business owners, they’ve already spent some time re-evaluating 1-year, 2-year, and 5-year plans and have a plan of attack in place to start January. BUT first a quick holiday break! This has been a year for the books and we hope you’re taking a moment to yourself to refresh and replenish your energy for the next year of business adventures to come.
With a new year, the clock resets on all the critical deadlines business owners have to keep on lockdown, so to make it easy for you, we’ve put together a list of dates (hello tax season!) every business owner and founder should know for the 2021 calendar year. If you’re really type A, we suggest pulling up your calendar and recording these dates as you read through them. So without further ado let’s dive into your accounting calendar right now.
2021 Dates Every Small Business Owner Should Know
Sole proprietorships, self-employed business owners, and small businesses classified as S-corps and C-corps should file their taxes on a quarterly basis (in addition to filing annually on March or April 15th). Specifically, their estimated quarterly tax payments for each quarter are due on the 15th of the following month (i.e. after the quarter has closed).
- Quarter 1 Deadline: April 15
- Quarter 2 Deadline: June 15
- Quarter 3 Deadline: September 15
- Quarter 4 Deadline: January 15 of the following year
The following annual dates every business owner should know are the bulk of the deadlines you will need to remember and include important tax return, employee-related, and 1099 filing deadlines to name a few. As a quick caveat, this list is not all-inclusive (it would be miles long), so be sure to work with your accountant to help you stay on top of your calendar.
- January 11, 2021: Employees to report December 2020 tip income to their employers on Form 4070.
- January 31, 2021: Applicable large employers must provide a copy of Form 1095-C and Form 1094-C to all full-time employees.
- February 1, 2021: Employers to mail out employee W-2 Forms to their employees and businesses to provide 1099 Forms reporting non-employee compensation, bank interest, dividends, and distributions from a retirement plan. Don’t forget the 1099 filing process has been updated and you can learn more about the updates here.
- Feb. 10, 2021: Employees to report January 2021 tip income to their employers on Form 4070.
- March 1, 2021: Deadline for business owners to mail Forms 1099 and 1096 to the IRS.
- March 1, 2021: Applicable large employers must file Form 1095-C and Form 1094-C with the IRS annually, no later than February 28 if filed by mail.
- March 10, 2021: Employees to report February 2021 tip income to their employers on Form 4070.
- March 15, 2021: Tax returns for S-Corporations (Forms 1120, 1120-A, and 1120-S) for the tax year 2020 or a six-month extension request (Form 7004) are due. Partnership (LLCs) tax returns (Form 1065) or a five-month extension request (Form 7004) are due.
- March 31, 2021: Deadline for businesses to e-file Forms 1099 and 1096 to the IRS, with the exception of Form 1099-NEC.
- March 31, 2021: Applicable large employers must file Form 1095-C and Form 1094-C with the IRS annually, no later than March 31 if filed by mail.
- April 12, 2021: Employees to report March 2021 tip income to their employers on Form 4070.
- April 15, 2021: Deadline to file individual and business tax returns for C-Corporations (Form 1040) for the tax year 2020 or a request for a six-month extension (Form 4868). Payments of any tax obligations are due on the 15th as well. If this is your first year filing business taxes as a startup business, refer to this article on common startup tax deductions.
- May 10, 2021: Employees to report April 2021 tip income to their employers on Form 4070.
- June 10, 2021: Employees to report May 2021 tip income to their employers on Form 4070.
- July 12, 2021: Employees to report June 2021 tip income to their employers on Form 4070.
- July 31, 2021: Form 5500 for employee 401k plans are due.
- Aug. 10, 2021: Employees to report July 2021 tip income to their employers on Form 4070.
- September 10, 2021: Employees to report August 2021 tip income to their employers on Form 4070.
- September 15, 2021: This is the absolute final deadline to file corporate tax returns for the tax year 2020 if an extension form was filed.
- September 30, 2021: Distribute a 401k annual report to all employees currently receiving benefits.
- October 12, 2021: Employees to report September 2021 tip income to their employers on Form 4070.
- October 15, 2021: This is the absolute final deadline to file individual and business tax returns for the year 2020 if an extension was filed.
- November 10, 2021: Employees to report October 2021 tip income to their employers on Form 4070.
- December 1, 2021: Distribute annual 401k participant notices to all employees. These notices may be prepared in tandem with your 401k service provider.
- December 10, 2021: Employees to report November 2021 tip income to their employers on Form 4070.
This is quite a long list of dates to remember and is by no means all-inclusive, as we mentioned before. Depending on your business size, entity type, industry, and a number of other factors you can expect to have additional deadlines or filing nuances that may not be captured in this list. We always recommend working closely with your tax accountant, and service providers like your 401k provider to ensure you are following best practices and meeting deadlines as they occur.
Missed Deadlines & Missed Payments
Missing tax deadlines and payments comes at a cost including a possible financial penalty or an interest fee. If you think you may miss a tax deadline or can’t afford your tax payments, it is a good idea to work closely with your tax accountant so they can advise on the best course of action and help you mitigate penalties where possible. If you don’t have a tax accountant and simply have some hypothetical questions you’d like to ask a tax expert, we suggest using our ad-hoc tax consulting service for on-demand answers.
How Can you Start 2021 Off Right?
After what has been one hell of a year, I think we’re all looking forward to 2021 and what it might bring! However, when filing your 2020 tax return in 2021, it is important to consider implications that will be unique to this tax return including how a disaster recovery loan can impact your taxes. You can learn more about this topic in our article titled, “Did the PPP Loan Drive Up Your Taxable Income?,” but it will also be important to stay in communication with your tax accountant as updates come through Congress. If you don’t already have a tax accountant to help with this, you can schedule a 15-minute consultation with one of our tax experts.
If you’re simply excited to start 2021 off right and are looking for a way to make sure your books and financial records are in tip-top shape so you can do just that, feel free to book a call with Simple Startup to learn about how we can help you make 2021 a financially sound year for your business.