Thursday, May 19, 2022

When’s The Last Day To Do Taxes

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Everyone’s default assumption is that April 15 is the tax filing deadline. But the actual deadline this year is Tuesday, April 17.

Here’s why: April 15 falls on a weekend. When that happens, the official filing deadline is the Monday following.

But Monday, April 16 is Emancipation Day, a legal holiday in the District of Columbia. It marks the day that President Abraham Lincoln signed the Compensated Emancipation Act in 1862, which freed over 3,000 slaves in DC.

Despite the holiday, the IRS will still be open for business if you have questions or if you’re in the mood to file your return a day early.

If you need more time to pull your return together and can’t make the April 17 deadline, file for an automatic six-month extension to avoid a late filing penalty. That way, you’ll push your filing deadline to Monday, October 15.

But when you do, just make sure that you’ve already paid the IRS at least 90% of the taxes you owed for last year. Otherwise you could face a late payment penalty.

What If You Miss A Date

You’ll probably be hit with a financial penalty, if only an extra interest charge, if you don’t submit a tax return and make any payment that’s due by its appropriate deadline. The late-filing penalty for a 1040 return is 5% of the tax due per month as of tax year 2020, up to a cap of 25% overall, with additional fees piling up after 60 days. The IRS says you should file your return as soon as possible if you miss a deadline.

What Do I Do About Missing Tax Forms

If you haven’t received your income forms, you should first contact the employer and request a copy or ask that it be re-sent. If that doesn’t work, you can then contact the IRS at 800-829-1040 . You’ll need to provide the following information:

  • Name, address, Social Security number, and phone number
  • Your employer’s name, address, and phone number
  • Dates you worked for your employer
  • An estimate of your paid wages and federal income tax withheld during 2020

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When Are 2021 Tax Extensions Due

You have right up until tax day to file for an extension. For individuals, that means you can still file for a tax extension right on April 15. The same goes for businesses: S corps and partnerships can still get an extension on March 15, and the last day for C corps to file for an extension is April 15.

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  • 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.

Also Check: How Fast Can You Get Your Tax Refund

Tax Penalty For Not Filing On Time

First off, its always best to file your taxes on time. Even if you cant pay. The penalty for not filing your taxes is worse than the penalty for not paying your taxes.

The penalty for not filing your taxes is different if you didnt file at all and owe taxes, filed but didnt make payment in time, or didnt file and are owed a refund.

  • If you didnt file your taxes and owe taxes the tax penalty is 5% of the tax owed each month up to 25%. You should also file your late tax return as soon as possible. Most people can do so using one of the free options at IRS Free File or by using one of the online tax software mentioned in the above section.
  • If you didnt file your taxes on time and are owed a refund then there is no penalty. Lucky you However, you have to file your 2018 taxes by April 18th, 2021 to receive that refund, after that your unclaimed refund is given to the U.S. Treasury
  • If you filed your taxes on time but cant pay your taxes than the penalty is 0.5% of the tax owed each month up to a maximum of 25%. As you can see, you should always file your taxes, even if you know you cant afford to pay. The penalty for not paying is a lot less than the penalty for not filing. If you cant file by April 15th, then you should file for an extension.

If you do owe money and have to make a payment, you can send a check to the IRS in the mail. However, some people prefer to pay the IRS directly online at IRS Direct Pay.

C Corporation Tax Returns Due

Today is the deadline to file C corporation tax returns . C corporations in Texas, Oklahoma, and Louisiana have until June 15 to submit their tax returns.

April 15 is also the deadline to file for an extension to file your corporate tax return.

Forms:

Further reading:What is Form 7004 and How to Fill it Out

Recommended Reading: How To Buy Tax Lien Properties In California

What To Do On The Last Day To File Taxes

Andrea0Disclaimer:report

Last day to file taxes with the IRS. Individuals are required to pay their taxes before a certain date. There are many deadlines, however, there is one that applies to everyone: the deadline for filing federal income tax returns. Form 1040 is the form most taxpayers use to file federal tax returns. In order to ensure your form is completed in time.

Irs: Tax Due Deadline 2021

Tax Day Deadline

The change in the tax deadline was made because of the coronavirus pandemic and the devastating impact this has had on businesses and on individuals.

“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,” the IRS Commissioner Chuck Rettig said when the tax deadline change was announced in March.

“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

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Filing Taxes In Two States

Multi-State taxes often appear complex. With many Americans working from home this year and not traveling to a different state for work, there is a lot more room for error when filing state taxes. Whether taxpayers worked in one state and lived in another, lived in multiple states during the year, or their spouse works out of state, they will likely have more complicated state tax returns.

Whens The Last Day To File State Taxes

Most individual filers fill out their state return at the same time as their federal return, but for your 2020 taxes, its important to note that they may have different due dates. While most states have moved their deadlines to May 17 in coordination with the IRS, several have extended it even further, while a few still expect returns by Apr. 15. H& R Block has a handy rubric to check your states status.

Recommended Reading: How To Calculate Your Tax Bracket

You Should Receive Your Tax Refund Within 21 Days Of Filing

Your tax refund should hit your bank account within three weeks of filing online, assuming you opt to receive it via direct deposit. Often, you’ll get your money even faster.

Read more:Here’s when you can expect your tax refund to hit your bank account, according to the IRS

You can check the status of your tax refund using the IRS’s return-tracking service 24 hours after filing your tax return online or four weeks after mailing a return.

States that tax income also issue refunds, and you can check the status of your refund on your state’s government website.

Members Of The Military

Small Business Answers

If youre stationed outside the United States or Puerto Rico on May 1, you have until to file your return and pay any taxes you owe.Enclose a statement explaining that you were out of the country, and write Overseas Rule on the top of your return and on the envelope.

Combat ZoneIf youre serving in a combat zone, you receive the same filing and payment extensions allowed by the IRS, plus an additional 15 days, or a 1-year extension from the original due date. If you claim this extension, write Combat Zone on the top of your return and on the envelope. For more information, see Tax Bulletin 05-5. Extensions also apply to the spouses of military members who are serving in combat zones.Military Deployment Outside the United States Combat or NoncombatIf youre deployed to military service outside the U.S., youre allowed a 90-day filing extension following the completion of deployment. If youre using this extension, write Overseas Noncombat on the top of your return and the envelope.Note: If youre deployed in combat service, you can use whichever extension is more beneficial for you .

Also Check: Who Needs To File Taxes

You Should Follow These Steps To File Taxes

First, send your tax return by UPS or FedEx to the address on the cover page. Do not wait until the last minute to send it because your deadline may be further away. Next, print out your tax extension.

It is important to have proof of your mailing address , so make sure you take a copy with you the next time you go to the post office. Remember to use the same post office box for all your mail, so do not leave one out. Mail your extension to the IRS as soon as you can.

Some other deadlines are due, including the filing of federal income tax returns for April, May, June, July, August, and September. These deadlines vary and will depend on the type of tax returns you are filing.

If you want to maximize your savings, make sure you are aware of these deadlines. By having an estimated tax due date when you begin your taxes, you will know what to save for, what penalties you might be eligible for, and how much you will have left in your savings account by the end of the year.

Contribute To Your Health Savings Account

This medical account, available to individuals who have a high-deductible health plan, provides a tax-saving way to pay for out-of-pocket costs. You have until the May 17, 2021, tax deadline to contribute to an HSA for the 2020 tax year. The 2020 limits were $3,550 for an individual HSA owner and $7,100 for a family. For 2021, the individual coverage contribution limit is $3,600 and the family coverage limit is $7,200. If you’re 55 or older, you can put an extra $1,000 in your HSA.

» MORE: Learn more about the tax effects of HSAs and flexible savings accounts

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Software You Can Use On The Last Day To File Taxes

  • TurboTax TurboTax offers free online filing for federal tax returns as well as discounted software for more extensive returns. Every year I didnt have a business I filed my tax returns using TurboTax and the process was extremely simple.
  • H& R Block H& R Block is better known for their brick and mortar branches, but now theyve amassed a fantastic online option. Whether you need a free federal file, deluxe or business package, H& R Block can deliver.
  • TaxAct The first tax software I ever used, TaxAct is no stranger to the world of free filing services. They offer a solid service and wont cost quite as much as the bigger, more well-known brands.
  • FreeTaxUSA Owned by TaxHawk, FreeTaxUSA was founded in 2001 and has been provided free federal tax returns for over a decade. There is no fee for returning users to roll over previous years tax data and the costs for state or deluxe filers is much lower than other sites .
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    208 Redial: The 3 certainties in life death, taxes and filing taxes last minute

    Your 2020 income taxes are due on May 17. Here’s everything you need to know.

    Let’s start with the good news: You still have some time to get your taxes done. In 2021, the IRS has once again postponed the income tax due date. Last year, the deadline was extended to July 15 due to the pandemic this year, you’ll have until midnight on May 17 to get your paperwork filed. The bad news: You may need that extra time more than ever, given that your taxes may be more complicated than usual, wrapped up in new and potentially thorny issues including unemployment insurance claims, stimulus check income and pandemic-driven changes in residence.

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    Turbotax Has You Covered

    Many taxpayers scramble to figure out when are taxes due every year, but you can be confident that TurboTax is ready to help you file whenever you’re ready. TurboTax asks simple questions about your tax situation and helps you fill out the right forms and find every deduction you qualify for so you can get every dollar you deserve.

    If you have additional questions, you can connect live to a TurboTax Live tax expert for unlimited tax advice or even have a tax expert or CPA file for you from start to finish.

    Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we’ve got you covered. Feel confident doing your own 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

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    How Do I File Taxes

    You can file online yourself, potentially for free, or visit a tax professional.

    If your adjusted gross income was less than $72,000 in 2020, you might qualify to file your federal return, and maybe your state return, at no cost through one of the IRS partners, regardless of how complicated your tax situation is. Also, most active duty military qualify for free filing. Check out your options here.

    If your income exceeds $72,000, or you’re not interested in the platforms offered in partnership with the IRS, check out our list of the best tax software to use this year.

    After filing out the required forms, your tax preparer will calculate whether you owe additional income tax or you’re getting a refund. If you don’t pay what you owe by May 17, penalties may apply.

    Withholding Tables Changed Under The New Tax Law Some Filers May Owe Taxes While Others Could See A Bigger Refund

    Small Business Answers

    Your tax situation can change over time for example, if you get married, buy a home, or have a child so it’s always a good idea to review your W-4 tax-withholding form at the start of a new year. With the new tax law this year, it’s even more important.

    Read more: Here’s a look at what the new income tax brackets mean for every type of US taxpayer this year

    The IRS says it has worked with payroll providers to make the change as seamless as possible for taxpayers, but refunds may be different for some taxpayers this year and some may owe an unexpected tax bill if they didn’t review and adjust their withholding, according to the IRS.

    According to the New York Times, a Treasury Department analysis provided to the Government Accountability Office estimated that compared to last year, about 4 million fewer filers will receive refunds this year, while about 4 million more filers will have a balance to pay on their taxes due to the new withholding system.

    Meanwhile, a team of UBS analysts projected that most married filers with two children would see a pretty sizeable boost in their refunds for 2018 compared to 2017, especially those making under $40,000 a year and those making between $125,000 and $400,000.

    Some tax deductions have changed under the new law as well. The standard deduction will nearly double and some itemized deductions have changed. You can see a full list of changes on the IRS website.

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