Generally, the tax season in the U.S is from January 1 to April 15 of each year. If the last date falls on weekends or holidays, it is moved to the next business day. At this time, individual taxpayers prepare their previous year’s financial statements and reports and submit them to the IRS for tax returns.
As the time limit is up to April 15 of each year, everyone must file his tax returns till this date. If you submit tax returns after the date is passed, the IRS will subject you to late penalty fees and interest charges.
However, just as the deadline was extended in 2020, the date was pushed back again to 2021. If you are still waiting to file your tax returns, continue reading to know the tax filing deadlines and any extension given.
Tax Returns deadline 2021
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In 2021, because of the coronavirus pandemic and its devastating effects on businesses and individuals, Treasury and IRS again pushed the tax deadline back.
As always, the original date for filing tax returns for 2020 was supposed to be April 15, 2021. However, as the deadline was pushed back, another month was added to extend the deadline. Now, the deadline is May 17, 2021, on Monday.
The extension is for all the fillers such as individuals, trusts, estate, businesses, etc. It applies to all the filers regardless of the amount you owe, and your payment will not include additional penalties or interests.
Since there is always the possibility of complications when filing tax returns, the Federal Government recommends that you should always do the work before the deadline and don’t wait to do it at the last minute.
To file your tax returns you can:
- File online for free if your adjusted gross income is less than $72,000.
- Use a tax software program.
- Recruit a professional to help you out in filing a tax return.
If you need more information, click here to go to the IRS website.
Who can receive a tax deadline extension beyond May 17?
Some people may get an extension and can submit their tax returns even after May 17, 2021. The following groups will get the extension beyond 17 May 2021:
- Those who were hit by a winter storm in Texas, Oklahoma, and Louisiana in February can submit their tax returns until June 15, 2021.
- Those who are currently living outside the US or residing in Puerto Rico will get the extension until June 15, 2021.
- Military members and eligible support personnel serving in a combat zone will get extra 180 days after leaving the combat zone.
The automatic tax deadline extension doesn’t require you to file additionally for the extension. However, If you fail to file tax returns by May 17 and want more time, you can still use this option to extend the deadline up to October 15, 2021.
You can get the extension by filing Form 4868 through tax software, tax professional, or using the Free File link.
Keep in mind that the extension is to file the tax returns and not to pay the tax. You should not forget that you need to estimate your taxes and must pay at least 90% of the total taxes you owe by May 17. If you don’t do this, there is a possibility that you will be charged for interest and penalties.
Also, look for the state tax filing dates. Many states have matched their income tax filing deadline with the federal tax deadline, but some states have different deadlines.
Look for the state government tax agency website to know more details on the state tax returns.
