The COVID-19 pandemic has created many changes, and taxes are not an exception. Remember that, unlike other years, this 2021 the federal Tax Day for individuals has been extended to May 17.
Keep reading to learn more about this and other useful tax tips.
What You Need to Know
Although most years the Federal Tax Day is April 15, this year will be different.
The disruptions caused by the coronavirus pandemic have led the Internal Revenue Service (IRS) and the Treasury Department to move the federal Tax Day to Monday, May 17, 2021.
This extension applies automatically to all taxpayers, so you don’t have to take any action to take advantage of this measure.
What If I Need More Time to File My Tax Return?
If even with the new date you need more time to pay your federal taxes, you can request a filing extension using Form 4868. In this case, you would have until October 15, 2021, to file your tax return.
It’s worth remembering that an extension to file is not an extension to pay. This means that even if you request a filing extension you still have to pay your taxes by May 17 to avoid interests and penalties.
Also, keep in mind that the 17 May date applies only to federal taxes, so you should make sure to check with your local tax agency to learn more about the filing and payment deadlines for your state taxes.
Need Help With Your Taxes? Contact the Experts at JT Tax Services
Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
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