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Freelancers and independent contractors: Quarterly taxes are still due April 15
The IRS announced that federal taxes are now due May 17, but self-employed people probably still have to pay estimated quarterly taxes. Here are the details.
At least 35 states extended their tax deadline to May 17,2021 in accordance with the updated IRS federal tax deadline.
However, this relief does not apply to people who file quarterly estimated tax payments, which in most cases are still due on April 15. If you receive income that is not subject to federal or state withholding, such as self-employment income, interest, dividends, alimony or rental income, you should still plan to make your first-quarter estimated tax payments as per usual.
Some states are an exception, such as Maryland, where the new tax deadline is July 15 for both 2020 taxes and estimated tax payments for Q1 and Q2, and Virginia, where the first-quarter estimated tax payment deadline is May 3 (and will remain unchanged).
A list compiled by the American Institute of Certified Public Accountants also shows that certain states are providing victims of winter storms in Texas, Oklahoma and Louisiana with more time to make their quarterly estimated payments. Indiana, for instance, is giving winter storm victims until June 15. (View the full list of states here.)
Whether you plan to file your taxes online by yourself or with the help of a live tax expert, the May 17 tax extension gives taxpayers additional time to complete and submit their documents after a tough year.
Going with a tax prep software with expert tax assistance and a high Better Business Bureau rating can help ensure fast, accurate filing.
As small business owners know, filing taxes can be an overwhelming task when paired with the never-ending to-do list of managing your own books.
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