Personal Tax Extension

[kennypenny]

If I file my business taxes on time, do I have to file my personal taxes at the same time? Or can I file an extension for my personal taxes?

[VolvoGirl]

Depends.  What business tax do you file?  Is it a separate Business return like a 1065 or 1120? Or are you self employed, independent contractor,  sole proprietor etc. and file on schedule C?

[DoninGA]

What business form are you filing?  Form 1065, Form 1120, Form 1120S or a Schedule C?

[kennypenny]

1065 with a K1 for my personal. It's a partnership business with 1 business partner. 

[DoninGA]

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@kennypenny wrote:

1065 with a K1 for my personal. It's a partnership business with 1 business partner. 

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Personal tax returns for tax year 2020 have to be filed on or before April 15, 2021 if taxes are owed to avoid a failure to pay penalty and interest on the unpaid taxes.

[VolvoGirl]

Any personal tax due has to be paid by April 15, 2021  *2021* .  Even if you get an extension to file or file after April 15.

[kennypenny]

Right, but assuming I pay any amount due I would still be eligible to file an extension to actually file my taxes beyond the April time frame correct? In essence, just because I file my business taxes in April does not exclude me for filing an extension for my personal taxes. 

[DoninGA · Accepted solution]

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@kennypenny wrote:

Right, but assuming I pay any amount due I would still be eligible to file an extension to actually file my taxes beyond the April time frame correct? In essence, just because I file my business taxes in April does not exclude me for filing an extension for my personal taxes. 

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Correct.  You can request an extension to file your personal tax return using Form 4868.  But any taxes owed on the personal tax return still must be paid on or before April 15, 2021.

[Critter-3]

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@kennypenny wrote:

1065 with a K1 for my personal. It's a partnership business with 1 business partner. 

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The 1065 for a Partnership is due 3/15 unless it goes on extension and the personal 1040 is due 4/15 unless it goes on extension.   

And  I hope you meant that the partnership has one partner that is a business entity   and not that the partnership has only one partner.  

[kennypenny]

Thank you for your help!!!