Hey,

Can someone who knows help me out.

Who is required to file taxes today?

I thought I was free and clear for another couple of weeks (I expect a return, but Schwab keeps revising my 1099's and I am waiting so that I do not need to file an amended return if they change it again).

This is the reason for my panic...

Alert — If you’re self-employed, you still need to file your taxes today…

My brother, myself and my mother are all owners in a small LLC that has 4 low-end rental homes (49%, 49%, & 2% ownership). I filed the fed, state and local taxes for the LLC before the March 15th deadline and paid all of the local estimated taxes for the City.

The fed and state taxes roll up into my personal return (married, filing jointly). I made $1,700 this year based on my ownership stake, but we take no salaries from the LLC and keep all of the money in the LLC's checking account. I also believe I have about $3,000 in carryover losses from previous years. So, I do not expect any estimated taxes for Fed or State. Based on the comments at the bottom of the article, I believe only estimated taxes are due by today, but the article is not clear in that (maybe it was the panic that set in that is not allowing me to process the info correctly).

Am I required to file by the end of the day today because I am part of this LLC?

If so, I am screwed...

File an extension.

Email sent

I am self employed. I paid my quarterly estimated taxes today.
AUTOMATIC Extension granted by IRS until May 17th to file taxes. No filing for extension required.

The only thing that is required today, 4/15 is to satisfy any estimated tax payment, Fed or State that you might have for 2021.

Return filing and payment date for Fed 2020 have been extended to 5/17. So far, most States are complying with the Fed 5/17 date on 2020 but you should look at the .gov for your State to confirm.

The Fed estimated tax due date of 4/15 has not been extended and the States are following that.

I am a CPA in practice.

And, still at the office BTW! Bayonetting the wounded!

Resolved!!!

THANK YOU JAMESS1!!!

Again, this place is amazing and I cherish being a part of this community. Thanks Para...

Sailor 1911...

Thank you. You provided the same answer as Jamess1.

I have never paid an estimated tax on my personal return and do not expect to this year either.

Try to enjoy your April 15th

It ain't over yet. ;-)

quote:

Originally posted by stoic-one:
File an extension.

If the OP owes estimated taxes, an extension doesn't move the tax payment date.

Generally, extensions don't move the date that taxes are due, just moves the date the filing is due. The IRS treats filing dates and penalties separately from payment dates and penalties.

Regular annual fed tax return filing AND payment date for 2020 taxes have been extended to May 17, but that doesn't help people who owe and have to pay estimated quarterly tax payments.