Some small companies and entrepreneurs, together with sole proprietors, C-corporations and a few LLCs, don’t have lengthy to file their taxes in the event that they acquired an extension on filing them earlier this 12 months.
Initially due on Could 17, filers have till October 15, 2021, to submit their prolonged 2020 tax 12 months returns.
Tax Extension Submitting Deadline is October fifteenth
Failing to submit the return by the deadline will end in a failure-to-file penalty of 5% of levies owed monthly, capped at 25%. When a refund is due, there’s sometimes no failure-to-file penalty. Nonetheless, small companies and sole proprietors might threat shedding their cash for submitting too late.
According to the IRS, the October 15 deadline is relevant to most taxpayers, however with some exceptions.
Among the many exceptions are members of the navy, or these serving in a fight zone, who sometimes have 180 days