November 2021 Individual Tax Due Dates

November 2021 Individual Tax Due Dates

Calendar with "due date" note

 

November 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

 


See Relax Tax’s Tax Audit Assistance at relaxtax.com/audit




November 2021 Business Due Dates

November 1 - Social Security, Medicare and Withheld Income Tax

 

File Form 941 for the third quarter of 2021. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

 

November 1 - Certain Small Employers

 

Deposit any undeposited tax if your tax liability is $2,500 or more for 2021 but less than $2,500 for the third quarter.

 

See this related post from Dennis Harabin: Avoiding IRS Tax Underpayment Penalties
Where taxpayers get into trouble is when their income goes up or their withholding goes down for the current year versus the prior year. Examples are having a substantial increase in income, such as when investments are cashed in, thereby increasing income but without any corresponding withholding or estimated payments. Another frequently encountered situation is when a taxpayer retires and their payroll income is replaced with pension and Social Security income without adequate withholding. Taxpayers who don’t recognize these types of situations often find themselves substantially underpaid and subject to the underpayment penalty when tax time comes around. 

 

 

November 1 - Federal Unemployment Tax

 

Deposit the tax owed through September if more than $500.

 

November 10 - Social Security, Medicare and Withheld Income Tax

 

File Form 941 for the third quarter of 2021.  This due date applies only if you deposited the tax for the quarter in full and on time.

 

 

November 15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in October.

 

 

See this related post from Dennis Harabin: Understanding Tax Lingo & Acronyms Meaning
Adjusted Gross Income (AGI) —AGI is the acronym for adjusted gross income. AGI is generally the sum of a taxpayer’s income less specific subtractions called adjustments (but before certain below-the-line deductions and the standard or itemized deductions). The most common adjustments are penalties paid for early withdrawal from a savings account, and deductions for contributing to a traditional IRA or self-employment retirement plan. Many tax benefits and allowances, such as credits, certain adjustments, and some deductions are limited by the amount of a taxpayer’s AGI.



November 15 - Nonpayroll Withholding

 

If the monthly deposit rule applies, deposit the tax for payments in October.

If you'd like to get answers to any additional questions you may have in a bit more detail, please don't delay — contact our office today at 551-249-1040.

 

Dennis Harabin at Relax Tax is an expert in taxes, insurance, and debt. Contact him today!



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