Three Important Notes About Filing With Myexpattaxes
Know Your State Rules
Once you’ve requested an extension from the feds, check if you need to do so for your state. According to the IRS, “State filing and payment deadlines vary and are not always the same as the Federal filing and payment deadline.”
Some states will automatically give you an extension on your state taxes if you receive a federal extension. In other states, you’ll need to request an extension separately. The Federation of Tax Administrators offers a rundown of how to check for the information of the state you live in.
If you live in one of the seven states without personal income tax, you’re likely in the clear.
Small Business Tax Extensions Rules
- If you are self-employed and filing for an extension for your personal taxes, you will have until the Oct. 15 deadline to file the paperwork for your individual tax return. However, any taxes you owe are still due on April 15.
- You must continue to fund your SIMPLE IRA until year end.
- Your individual 401 plan must be set up by your businesss fiscal year-end. You can make employer/profit sharing contributions up until your businesss tax filing deadline, plus extensions. Additionally, your individual 401 plan operates on a business tax year. For many business owners this is January 1 through December 31, giving your plan an effective date of January 1 of the year the plan is established.
- You can set up a SEP plan for a year as late as the due date of your business’s income tax return for that year.
- Remember that the IRS requires that we code SEP or SIMPLE contributions in the calendar year they are received. An employer may, however, report the contribution for the prior plan year when filing their tax return. For more information on the IRS requirements, please see Instructions for Participant on the back of Form 5498 Line 8 or Line 9 .
- Remember that individuals cannot make prior year contributions to a traditional and/or Roth IRA past the April 15 deadline.
- Work with your tax preparer to file the correct forms for requesting an extension.
Your advisor and tax preparer can help answer your questions about your tax situation.
related information
Read Also: How To File Missouri State Taxes For Free
Extra Time To Make Elections
A wide variety of decisions must be made when you’re preparing your tax return. It can take some work and maybe a consultation with a professional to determine whether you’re actually qualified to take certain deductions and creditsand whether it’s really in your best interest.
Filing an extension gives you extra time to mull it over or to seek help.
How Do I Send The Irs My Tax Payment
If you’re mailing your tax payment, you can elect to have the funds withdrawn directly from your bank account or include a personal check or money order. If you choose the latter, make it payable to “US Treasury” and include your name, address, phone number, Social Security number or Individual Tax ID Number. Under no circumstances should you ever mail cash to the IRS.
Read more: How to handle cryptocurrency on your taxes
You May Like: What Does Agi Mean In Taxes
When You Need More Time To Finish Your Tax Return
Filing a tax extension request using IRS Form 4868 asks the Internal Revenue Service to give you additional time to file your personal tax return.
An extension moves the filing deadline from April 15 to October 15, but it doesn’t give you extra time to pay taxes you might owe on that return.
Is taking one always a wise move?
In 2021, most taxpayers receive an automatic extension on filing and paying their taxes. All individual tax returns are due on May 17, 2021, rather than April 15. Individuals and businesses in Texas, Oklahoma, or other areas impacted by winter storm emergencies, have until June 15, 2021, to file. For individuals and businesses in Louisiana, New Jersey, New York, and Mississippi who were affected by Hurricane Ida, the filing date is further extended to January 3, 2022.
Get An Extension When You Make A Payment
You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System , or a . This way you wont have to file a separate extension form and you will receive a confirmation number for your records.
You May Like: Otter Tail County Tax Forfeited Land
Start With The Irs Free File Service
Free File is a partnership between the IRS and third-party tax software services. Choose an offer through the Free File section of IRS.gov and youll receive free guided tax preparation and filing services for your federal and, depending on the partner service, state returns. Keep in mind:
-
The full free service is available only to taxpayers with AGIs of $72,000 or less.
-
Those making above $72,000 can get free fillable forms, but they have to fill them out and file them themselves use this option only if youre comfortable doing your taxes unassisted.
-
Sites like CreditKarma.com and many competitors offer free guided tax preparation and filing services to most taxpayers.
-
The Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs offer free tax services to those who qualify.
Read More: This Is Where Your Tax Dollars Actually Go
How To File For An Extension On Your Taxes
The IRS has made clear it’s not extending the tax filing deadline past July 15. But if you still need more time to get your return in, filing for an extension is quick and straightforward.
As in previous years, filing for an extension gives taxpayers until October 15 to get their tax return in.
You can file an extension via commercial tax software, IRS Free File or even by physically mailing in Form 4868. The IRS strongly encourages people to file electronically, and offers a number of ways to do so via its website. If you typically use a tax preparer to file your returns, your preparer can also file an extension on your behalf.
Recommended Reading: How Much Does H And R Block Charge To Do Your Taxes
Extended Federal Tax Returns
If you didn’t file your federal tax return by May 17, 2021, and requested an extension by that time, the extended due date is October 15, 2021. Bear in mind that if you requested an extension to file, that doesn’t lengthen the time to pay whatever you owe in tax. You still had to estimate the amount of tax owe and pay that tax bill by May 17. Otherwise, you may be hit with penalties and interest on the unpaid amount.
Some people may have more time to file an extended federal tax return. For example, taxpayers living abroad or who served in a combat zone may be able to file an extended return later than October 15. Additionally, the IRS allows some people who are victims of a natural disaster to file an extended return after October 15. Check the IRS’s disaster relief website to see if you’re in an area where this type of disaster relief is allowed.
What If I Don’t Normally Have To File Taxes But Want To Claim A Missing Stimulus Check
If you typically aren’t required to file taxes because you’re on SSI or SSDI, you’re retired, or you don’t meet the IRS’ income threshold, but you need to claim missing stimulus money, you will have to file a 2020 tax return. The good news is, you’ll likely be eligible to use the IRS’ Free File program to do so. We’ve got a guide for how nonfilers can get started filing their 2020 tax return to claim stimulus money here.
Also Check: Mcl 206.707
Waiting Could Cost You Your Stimulus Payments And Maybe Even Your Refund
Its not too late for anyone who still hasnt received the first two rounds of stimulus payments, according to the IRS, but time is quickly running out. Even if you dont normally file, the IRS urges you either to file a return or use the Child Tax Credit Non-filer Sign-up Tool to give the agency the information it needs to process the payments.
The IRS does not explicitly state that taxpayers who overpaid will forfeit their refunds if they dont file by the Oct. 15 extended deadline. But the agencys website does state that people who wait too long to file and claim a refund, risk losing it altogether.
More From GOBankingRates
Will Fbr Extend Deadline To File Taxes After October 15
Wednesday Oct 13, 2021
- FBR spokesperson clarifies no more extension for filing annual income tax returns will be allowed beyond Oct 15.
- Keeping in view the hardships the FBR faced, it notified a one-time extension of 15 days.
- “It is positively hoped that the taxpayers will benefit from this extended timeline,” the statement added.
ISLAMABAD: The Federal Board of Revenue on Wednesday clarified that it is not considering an extension in the date for filing annual income tax returns.
According to a statement by the FBR spokesperson, taxpayers should submit annual tax returns before October 15.
It is pertinent to mention here that the revenue board had mentioned earlier that it would not extend the deadline after September 30, however, extraordinary interest in existing and new taxpayers had put huge pressure on FBR’a IRIS online portal which caused occasional disruptions and adversely affected its functional efficiency.
Recommended Reading: How Much Does H & R Block Charge To Do Taxes
Serving In A Combat Zone
The deadline for filing your tax return and paying your tax is automatically extended if you serve in a combat zone. There’s a two-step process for figuring the length of this type of tax extension. First, your deadline is extended for 180 days after the last day you’re in a combat zone, have qualifying service outside of the combat zone, or serve in a contingency operation, or the last day of any continuous hospitalization for an injury from service in the combat zone. Use whichever of these two dates is the latest.
Second, your deadline also is extended beyond 180 days by the number of days you had left to take action with the IRS when you entered the combat zone. For example, this year you have 4½ months to file your tax return. Any days left in this period when you entered the combat zone are added to the 180 days.
This tax extension isn’t just for military personnel, either. It can be claimed by merchant marines on ships under the Department of Defense’s control, Red Cross personnel, war correspondents and civilians supporting the military.
Missed Tax Filing Deadline
What should taxpayers do about a missed filing deadline? Anyone who did not request an extension by this years May 17 deadline or misses the October 15 extension date should file and pay as soon as possible. This will stop additional interest and penalties from accruing. See Filing Past Due Tax Returns for more information.
The TAS website has additional information on the consequences of not filing.
You May Like: How Can I Make Payments For My Taxes
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.
Read more: What’s your 2020 tax return status? How to track it and your refund money with the IRS
Where Can I Find Help With My Taxes
You can find helpful and affordable assistance by choosing a provider from CNET’s roundup of the best tax software for 2021. But the IRS does offer some free tax help, too. The Volunteer Income Tax Assistance program is designed to offer guidance to people who make less than $54,000 per year, have disabilities or have limited facility with English. And the Tax Counseling for the Elderly program specializes in tax issues that affect people who are 60 or older. Due to COVID-19, however, many VITA sites, and all TCE sites, have been closed. For now the IRS’ International Taxpayer Service Call Center remains available at 267-941-1000, Monday through Friday, 6 a.m. to 11 p.m. ET.
Read Also: How Much Does H& r Block Charge To Do Taxes
Many Taxpayers Know That October 15 Is The Due Date For Filing An Extended Tax Return There Are Other Tax Deadlines On This Date
We normally have one day in our heads when it comes to taxes: The due date for federal income tax returns. In 2020, July 15 was deadline day for most taxpayers. This year, it was May 17. Next year, it’s April 18 . But these aren’t the only deadlines during the year. In fact, there are several tax deadlines coming up on October 15 that you should be thinking about, too.
It’s very important to know and understand all tax deadlines including the October 15 due dates. If you were to overlook a deadline, it could cost you a lot of money through either penalties, interest, or additional taxes. So, let’s go over 6 tax deadlines for October 15 that you don’t want to miss. Check them out to see if something unexpected applies to you.
Things To Know About The October Tax Extension Deadline
Taxpayers who cant get their paperwork in order by the extended May 17 filing deadline for their 2020 taxes can buy themselves a little more time by requesting an extension. This gives you an additional six months to complete your return and send it off to the IRS. Oct. 15, 2021 is the cutoff date for filing if you requested an extension and itll be here before you know it. With the tax extension deadline drawing closer, heres what you need to be aware of when youre getting your documents together.
Check out our federal income tax calculator.
Read Also: Where Is My State Refund Ga
Using Form 2350 To Qualify For The Foreign Earned Income Exclusion
If you recently moved outside of the US, you may qualify for special tax treatment. If you file Form 2350 prior to the due date of your tax return, which is June 15th if you are out of the country, then you are allowed an additional two-month extension past the regular extended filing date of October 15th.
Form 2350 is a specific extension opportunity for Americans abroad who expect to file Form 2555 , but need additional time to meet either the Physical Presence Test or Bonafide Residence Test in order to qualify for the Foreign Earned Income Exclusion.
In other words, you may qualify for additional time to file simply because you are a new expat. Please note that you cannot file Form 2350 more than once per overseas move.
If your extension is granted, you will generally be given 30 days to file after meeting either test. You will not receive a confirmation that the extension is granted, but the IRS will inform you if they deny the extension.
Preserve Your Tax Refund
Some people end up filing several years late, and there’s a three-year deadline for receiving a refund check from the IRS if it turns out that you’re due one. This three-year statute of limitations begins on the original filing deadline for that year .
The refund statute of limitations is also extended by six months when you file for an extension, which can preserve the ability of taxpayers to receive their federal tax refunds, even if they’re behind with submitting their tax returns.
Read Also: How Much Does H& r Block Charge To Do Taxes
Us Tax Extension Deadlines 2021
The typical US tax deadline extension for Americans abroad is June 15.This is an automatic extension that expats receive, whereas their fellow Americans back home do not have such a deal. But if you need to pay US taxes, youll need to do so before May 17 to avoid interest and fees.
Because the deadline is fast approaching, you may want to file an extension so you have more time to get your US taxes done. This is totally ok, and you can file for an extension through us for the October 15 deadline.
Dont Incur More Penalties And Interest
If you owe taxes and you didnt pay them on Tax Day this year , you likely already owe fees and penalties. However, missing the Oct. 15 filing deadline can add to your financial woes. Thats because the IRS will assess a Failure to File penalty if you submit your tax return beyond Oct. 15.
The IRS assesses your FTF penalty based on any unpaid taxes, which is the amount calculated on your tax return minus any federal taxes withheld, refundable tax credits, or tax payments you paid for the year.
The IRS calculates your FTF penalty as 5% of any unpaid taxes for each month or part of the month the return is filed late. However, the most the IRS can assess for the FTF penalty is 25% of your total unpaid taxes.
If you havent yet paid taxes due for the 2020 tax year, you can face both a FTF penalty and a Failure to Pay penalty.
In this case, the IRS will only charge a combined penalty of 5% for each month your tax return is late. For more information regarding penalties, it is essential to speak with your tax professional. The IRS will not charge any penalties if you expect a tax refund from the IRS.
Don’t Miss: How To Buy Tax Lien Certificates In California
