For details, see Penalty Abatement for Individuals. Income and withholding information returns are generally required to be reported to the Department by the last day of February. Monthly Depositors - Deposit employment taxes by the 15th day of the following month. If a Minnesota taxpayer has a withholding history of less than $500 per year, they are eligible to file and pay withholding tax on an annual cycle. Annual summaries of Minnesota tax law changes enacted during each legislative session. When a due date falls on a Saturday, Sunday or public holiday, you can lodge or pay on the next business day. Withholding Formula > (Minnesota Effective 2021) <. Example: January withholding is due February 15: $12,000 or more: Accelerated: The same as federal tax deposits: For paydays Saturday—Tuesday; payments are due the following Friday For paydays Wednesday—Friday, payments are due the following Wednesday. December 2020 (monthly and quarterly) Due Date. Managing Withholding Tax. If your total tax withheld for the year exceeds $500 prior to December 1, you must deposit the total amount by the last day of the month after you exceed $500. Online Filing All taxpayers may file returns and pay tax due for Withholding Tax using myVTax, our free, secure, online filing site. MN | The Minnesota Department of Revenue sends reminder of approaching due dates. Do not send an incomplete return. Due dates are the last day of the month following the end of the calendar quarter. The Minnesota quarterly withholding tax return is due October 31, 2020, for the third quarter (July – September 2020). Estimated Tax Due Dates for Tax Year 2021. The IRS has provided an automatic extension to July 15, 2020, for any individual taxpayer with a Federal income tax return or tax payment due on April 15, 2020. Most employers must file their returns quarterly. When the due date falls on a weekend or holiday, taxes are considered timely if they are paid on the first business day following the due date. Please Note: All new withholding accounts start on the monthly schedule. Currently, fourth quarter returns are due on February 28. Key lodgment and payment dates for 2020–21, arranged by month. July 31. Video, Chapter 2: Forms Used to Determine Withholding Video, Chapter 3: How to Calculate Withholding Video, Chapter 4: How to Deposit and File Withholding Tax Video, Chapter 5: Submitting W-2 and 1099 Information Video, Chapter 6: More Information about Minnesota Withholding Tax Video, Surety Deposit Requirements for Non-Minnesota Construction Contractors. The Minnesota Department of Revenue must receive your return electronically – or it must be delivered or postmarked – by that date. Important Due Dates. Ohio and School District Employer Withholding Tax Due Dates 2020-2021 Payment Schedule QUARTERLY QUARTERLY MONTHLY For Ohio IT 501 and SD 101 2020 2021 For Ohio IT 501 and SD 101 MONTHLY. In general, you must deposit federal income tax withheld, and both the employer and employee social security and Medicare taxes.There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. Policy statements that provide added interpretation, details, or information about Minnesota tax laws or rules. If we sent you a letter, please include the Letter ID number from the top right corner. Deposits were due according to your semiweekly or monthly deposit schedule. If the 15th falls on a Saturday, Sunday, or holiday, we must receive your return and payment by the next business day. Withholding Tax and MO W-4. The IRS and Minnesota Revenue have been making announcements regarding extensions of filing deadlines and payment due dates in light of the COVID-19 outbreak. The link below for the Department’s publication FYI-330, describes all of the requirements, due dates and filing methods … If you are on GIRO for withholding tax payment, the GIRO deduction date is on the 25th of the month the tax is due. For more information, updates, and resources, see Our Response to COVID-19. Read also: 5 Things to Consider When Filling Out a New W-4. If you owe tax, you must pay by April 15, even if you file your return later. A withholding tax return must be filed for every filing period. See Withholding Tax Holiday Schedules. If estimated payments and withholding do not equal at least 90 percent of the tax due, or 100 percent of liability for the preceding tax year (110 percent if adjusted gross income exceeds $150,000), the taxpayer is subject to an additional tax charge. For details, see Withholding for Seasonal Businesses. Request for an extension of time to file your annual return must be submitted in writing prior to the due date of the tax return. For details, Signs of Potential Tax Evasion or Tax Fraud, Submit Contractor Affidavit Electronically, Chapter 1: What is Minnesota Withholding Tax? Return. You then send this money as deposits to the Minnesota Department of Revenue and file withholding tax returns. Quarterly Return and Deposit Due Dates The fourth quarter (October – December 2020) Minnesota withholding tax return is due January 31, 2021 . If a tax-exempt employee does not submit a new W-4 by February 15, you must start withholding income tax from their paychecks. Debbie Gellatly, EA Country Tax Service, LLC Phone: (218) 879-2910 Fax: (218) 879-9281 Email: debbie@countrytaxesko.com More Information The Minnesota Department of Revenue must receive your return electronically – or it must be delivered or postmarked – by that date. 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