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In Texas, Oklahoma, and Louisiana, the deadline was extended to June 15, 2021, in regions declared winter-storm disaster areas by FEMA. Check to make sure you have filed the extension application correctly.įor the 2020 tax year, the deadline for sole proprietors and single-member LLC tax returns filed on Schedule C with the owner's personal tax return was extended to May 17, 2021. The most common reason an application is rejected is because of an error.
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The IRS doesn't reject many extension applications.Check with your state's taxing authority (state department of revenue or another similar title) to learn about the process for filing an extension for a state tax return. You may also have to file an extension application with your state.If you aren't sure how much to pay when you file your extension application, you can run a calculation of estimated tax due.(Don't forget to include self-employment tax on business earnings as part of your calculation!).Even if you don't owe any tax, file an extension if you can't file your return by the due date.
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Just be sure to file the extension by the tax due date. The extension is automatic for both types of extensions (personal or business).There is only one extension allowed per tax year.Some Important Points about Extension Applications Even if you file an extension application, you must pay taxes due by deadline, in order to avoid late-payment penalties and fines. An extension of time to file is not an extension on paying taxes due.