People Now Automatically Have Until May 17 2021 To Make 2020 Contributions To Their:
- Individual retirement arrangements
- Archer medical savings accounts
- Coverdell education savings accounts
The deadline for reporting and paying the 10% additional tax on amounts included in gross income from 2020 distributions from IRAs or workplace-based retirement plans is now May 17, 2021. Lastly, the due date for Form 5498 series returns related to these accounts is now June 30, 2021,
When Is The Tax Filing Start Date
The tax filing start date this year will be Friday, Feb. 12, 2021 a 2+ week delay from the typical start date. You can start working on your taxes sooner, however, software companies will hold your returns and cannot submit them to the IRS electronically via e-filing until the tax filing start date. Paper tax returns will begin processing at the same time. Your return will not be processed prior to, and you wont receive your refund until after your return is processed.
I would strongly caution to not file a return sooner than the tax filing start date, because tax software companies will often update their software to take in to account any IRS changes.
I Have Questions About My Taxes Can I Call The Irs
There are;numerous ways to contact the IRS. The agency no longer offers live online chatting, but you can still submit questions through its online form. If you prefer to talk to a person, the IRS maintains a number of dedicated phone lines that are open Monday through Friday, from 7 a.m. to 7 p.m. . Individuals can call 800-829-1040 and businesses can call 800-829-4933. Note, however, that the IRS says “live phone assistance is extremely limited at this time.”
And there’s always the;Interactive Tax Assistant, an automated online tool that provides answers to a number of tax law questions. It can determine if a type of income is taxable, if you’re eligible to claim certain credits and whether you can deduct expenses on your tax return. It also provides answers for general questions, such as determining your filing status, whether you can claim dependents or if you even have to file a tax return.
Don’t Miss: When Is Sales Tax Due
Federal Tax Deadline Extensions
The federal tax filing deadline for 2020 taxes has been automatically extended to May 17, 2021. Due to severe winter storms, the IRS has also extended the tax deadline for residents of Texas, Oklahoma and Louisiana to June 15, 2021.
This extension also applies to 2020 tax payments. Individual taxpayers may defer tax payments until the new filing deadline, interest and penalty free.;The new federal tax filing deadline is automatic, so you don’t need to file for an extension unless you need more time to file after May 17, 2021.
If you file for an extension, you’ll have until October 15, 2021 to file your taxes. But, you’ll still need to pay any taxes you owe by May 17.
The new federal tax filing deadline doesn’t apply to; 2021 estimated tax payments. First and second quarter estimated tax payment deadlines are still April 15, 2021;and June 15, 2021.
Get More With These Free Tax Calculators And Money
See if you qualify for a third stimulus check and how much you can expect
Know what dependents credits and deductions
Know what tax documents you’ll need upfront
Learn what education credits and deductions you qualify for and claim them on your tax returnGet started
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Recommended Reading: How Much Is New York State Sales Tax
Recap Of 2020 Irs Tax Deadline Changes Due To Coronavirus
On March 21, 2020, in response to the growing concern over the Coronavirus pandemic, the IRS announced;that it had extended the deadline for Federal income tax returns from April 15, 2020 to July 15, 2020.
Based on this change, all taxpayersincluding individuals, trusts and estates, corporations, and those who pay self-employment taxwere able to automatically defer tax payments penalty-free in 2020, regardless of the amount due.
How Do I Check The Status Of My Refund
The IRS website features;a handy web-based tool that lets you check the status of your refund, and there’s also a mobile app, IRS2Go. You can usually access your refund status about 24 hours after e-filing or four weeks after mailing in a return. To check your status, you’ll need to provide your Social Security number or ITIN, filing status and the exact amount of your refund. If your status is “received,” the IRS has your return and is processing it. “Approved” means your refund is on its way.
Recommended Reading: Do You Need To Claim Unemployment On Taxes
Careful Irs Didnt Extend All Tax Deadlines To May 17
Last yearwhich was strange in so many waysTax Day was delayed from April 15 until July 15. This year isnt exactly normal, but this year the IRS repeatedly said there would be no delay.
But then, the IRS; announced that;Tax Day for individuals is extended to May 17. If you need more time than that, you can request a filing extension until Oct. 15 by filing Form; 4868;through your tax professional, tax software or using the; Free File;link on IRS.gov. Filing Form 4868 gives taxpayers until Oct. 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due.
That means you should pay their federal income tax due by May 17, 2021, to avoid interest and penalties. But does this extension apply to everything? Not hardly. Most notably, this relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Estimated tax payments are often misunderstood.
Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer. But if you arent an employee or you have significant other income, watch out.
When Is The Tax Deadline If Im Out Of The Country
Your tax filing deadline AND payment deadline, if you are out of country, is Tuesday, June 15, 2021. If you are out of country, you have an additional two months to file your taxes . Those eligible include:
- Those who live outside the United States and Puerto Rico and main place of work is outside the United States and Puerto Rico, or
- Those in military or naval service outside the United States and Puerto Rico .
If you qualify as being out of the country, you will still be eligible for the extension even if you are physically present in the United States. You must attach a statement to your return explaining which of the two situations qualify you for the extension.
Read Also: Can You Change Your Taxes After Filing
May 17 New Deadline For Most Small Business Tax Returns
Tax returns, payments, and forms for all types of businesses for the 2020 tax year are due in 2021 and tax dates can shift by a day or two from year to year. Different types of business entities file tax returns in different ways.
The IRS announced an extension to May 17, 2021, of the deadline for filing individual income tax returns, including those who pay self-employment taxes. This extension does not affect estimated quarterly taxes, which are still due April 15, 2021, for non-employee income.
- The IRS has announced that it is extending the April 15, 2021, tax filing and payment deadlines for victims of February 2021 winter storms in Texas, Oklahoma, and Louisiana, beginning February 11, 2021, to June 15, 2021. This extension applies to the entire state of Texas and other states that include . The extension also applies to:
- 2020 business and personal tax returns due April 15
- 2020 IRA contributions due April 15
- 2021 Quarterly estimated income tax payments due April 15
- 2021 Quarterly payroll and excise tax returns normally due on April 30
- 2020 Tax-exempt organization returns normally due May 17
Special Tax Extensions For Winter Storm Victims
The IRS is giving victims of the winter storms in Texas, Oklahoma and Louisiana until June 15, 2021 to file taxes and make tax payments. The May 17 filing and payment extension relief does not affect this special consideration.
The following states are also offering relief to winter storm victims:
- Idaho is offering relief to the entire states of Texas and Oklahoma through June 14.
- Indiana is extending certain tax deadlines to residents of Texas, Louisiana and Oklahoma who were impacted by severe winter storms to June 15.
- Louisiana is granting automatic filing and payment extensions to eligible taxpayers in Louisiana and Texas to June 15.
- New Jersey taxpayers impacted by Texas storms have until June 15 to file their New Jersey tax returns and submit payments, including 2021 estimated payments. Affected taxpayers must write in black ink “Presidential Disaster Relief Area” at the top center of their New Jersey tax return and/or their payment.
- Oklahoma announced a payment deadline extension until June 15 for both 2020 taxes and 2021 estimated income taxes. Return due dates are not extended. Late penalties and interest for taxes owed will be waived up to $25,000.
- Texas extended its tax due date to June 15.
Also Check: Should I Charge Tax On Shopify
Business Tax Return Due Dates
Here are the tax return due dates for small business taxes:
- Sole proprietorship and single-member LLC tax returns on Schedule C with the owner’s personal tax return: May 17, 2021
- Partnership tax returns on Form 1065: March 15, 2021
- Multiple-member LLC returns filing partnership returns on Form 1065:March 15, 2021
- S corporation returns on Form 1120 S: March 15, 2021
- Schedule K-1s for partners in partnerships, LLC members, and S corporation shareholders on their personal tax returns: April 15, 2021
- All other corporations with fiscal years ending other than December 31: the 15th day of the fourth month after the end of the fiscal year
Irs Postpones April 15 Us Tax Deadline To May 17
- The IRS is postponing the tax filing deadline to May 17 from April 15, the agency said Wednesday.
- That will give taxpayers more time to file tax returns and settle bills.
In this article
The IRS and Treasury Department will postpone the April 15 tax-filing deadline to May 17, the agencies announced Wednesday.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig in a statement.
In addition, taxpayers can also delay payment of any money owed the IRS until May 17. If payers still need more time to submit their returns, they can request an extension until Oct. 15 by filing Form 4868.
The extended deadline applies only to federal income returns and taxes, meaning that taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government.
Estimated quarterly payments are still due on April 15.
The IRS will provide more guidance on the extended filing season in the coming days, the tax collector said.
Today’s move comes after following the passage of the $1.9 trillion American Rescue Plan, which meant the agency was tasked with sending another round of stimulus payments while at the same time processing tax returns and refunds.
Don’t Miss: Can You File Missouri State Taxes Online
Irs Postpones 2021 Tax Deadline From April 15 To May 17
For the 2021 tax year, the IRS has postponed the regular April 15th deadline to May 17th to give Americans more time to prepare and file during the ongoing Coronavirus pandemic.
The extension also gives taxpayers the chance to incorporate changes from the American Rescue Plan Act, which was passed in the middle of tax season.;This year, its especially important for expats to get their US taxes done correctly because its the only way to reclaim stimulus checks that you were eligible for but didnt receive.
This extension is automatic. You do not need to file any additional forms or call the IRS to request it.
Despite the date change, the IRS is still urging Americans to file as soon as they are able. In particular, if youre owed a refund or youre entitled to stimulus payments, you should file electronically with direct deposit to get these funds as quickly as possible.
The IRS has not issued any statements regarding the June 15, 2021 tax filling deadline for Americans living abroad. If you intended to file by this deadline, you should still make plans to complete your return by this dateor sooner if possible.
In addition, quarterly estimated payments are still due on April 15, 2021.
How To File An Extension
To file an extension, submit IRS Form 4868 electronically by the filing deadline on May 17. You can also do it for free using any of the Free File software offered by the major tax preparation companies. These often help you estimate your tax due so you can make a payment.;
Another option is to print out the form and send it to the IRS address for your state by the deadline.
Even if you file an extension, you still need to pay what you owe by May 17.;If you underestimate that amount, you could end up paying interest on what you dont pay.
Read Also: Will I Get Any Money Back From My Taxes
Income Tax Filing: Deadline To File Returns Extended
The deadline for filing Income Tax returns has now been extended till December 31st. The usual deadline initially was July 31. However, in view of the coronavirus pandemic, the government gave an extension till September 31. But, now The Central Board of Direct Taxation on Thursday gave a second extension.
The Board did this keeping in view the difficulties that taxpayers and stakeholders are facing. Not only this, but the government has also given an extension for the filing of revised Income Tax Returns from January 31st to March 31st.
There were reports on the glitches users were facing in accessing the Income Tax Return Portal. These glitches were popping up on the tax filing portal since the first day itself. Thereby, an extension was quite likely to happen. There were various complaints regarding how the portal was issuing late charge fees for filing the returns after July 31st. The late filing fee is 5000 rupees in case an individual misses the deadline.
The government has also given an extension for various other sections too. The due date of furnishing the Report of Audit is now 15th January. While the due date of furnishing Report from an Accountant is now 31st January. Whereas the due date for filing the Report of Income for the assessment year 2021-22 is now February 15th.
Contribute To Or Open An Ira By Tax Day
Contributions to a traditional IRA can be tax-deductible. You have until the May 17, 2021, tax deadline to;contribute to an IRA, either Roth or traditional, for the 2020 tax year. The maximum contribution amount for either type of IRA is $6,000 or $7,000 if you’re age 50 or older.;See all the rules here.
Read Also: What Is The Tax In Georgia
Texas Man Drowns In Private Eastern Missouri Lake
“For instance, certain deadlines falling on or after February 11, 2021, and before June 15, 2021 are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15 and individual and business returns normally due on April 15. It also includes the special March 1 filing and payment deadline for farmers and fishermen who forgo making estimated tax payments,” the IRS said on their website.
Taxpayers also have until June 15 to make 2020 IRA contributions.
You do not need to file an extension to take advantage of the later filing date — the extension is granted automatically based on your residency and no paperwork is required. However, the IRS said that “if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.”
For those living outside of Texas, if you still need extra time to file you can file an extension for free that will give you until Oct. 15 to get your taxes filed. But, just a warning, you’ll rack up 0.5% in penalties each month unless the estimated amount of tax due is paid by May 17.
IRSnews May 17, 2021