But the usual and typical words don’t seem to apply to anything today, and this year’s tax season is no exception.
So the simple answer is, no, Thursday, April 15, is not this year’s federal income tax deadline. The Internal Revenue Service pushed that date back to May 17.
Now, taxpayers face a single set of deadlines that may or may not apply, depending on what they do for a living and where they live.
Also, yes, April 15 is an important deadline for some taxpayers.
Faced with this unusual, confusing and very important tax season, when people need to make sure they are getting every last bit of income tax they deserve and not overpaying. Reasonably, MarketWatch has compiled a list of keys. days from here out.
April 15: The first installment of payments estimated for 2021 is due.
Most taxpayers pay income tax, Social Security tax, and Medicare tax when their employer deducts taxes on their pay stubs. Gig workers, independent contractors, sole owners and other self-employed individuals do not have an owner, so they pay taxes themselves. That happens through estimated payments, split into four installments per year.
Although the IRS has deferred the income tax filing date for tax year 2020, it retains the estimated payment schedule for 2021 and has received some criticism for not extending this deadline either. Aside from April 15, the estimated payments for this tax year are due date June 15, September 15, and January 18, 2022.
May 17: Your 2020 federal income tax return is due, as well as taxes owed.
Monday, May 17, marks the date when taxpayers are required to file their 2020 tax returns and pay any outstanding tax. The 2020 return is the taxpayer’s last chance to claim a missed stimulus check amount from 2020. Taxpayers get money through. “Credit for refunds” and the amount is included in one’s refund, or paid that way if no refunds are imminent.
Here’s a long-standing notice of filing deadlines: Taxpayers can be extended until October 15 to file an income tax return. But if they owe taxes, the filing date is is still the final date for payment without penalty and interest. If someone is unable to pay in full before the deadline, the IRS offers installment plans.
May 17 is your last chance to shorten your 2020 tax bill through contribute to an IRA or a Health Savings Account, And this is also your last chance to file a 2017 tax return and request a refund for that year.
Remember that the May 17 deadline applies only to federal income tax. States may also have copied the IRS and delayed their income tax return deadline, but those dates will be different. As of earlier this week, 36 states pushed their tax deadline to May 17, follow a list compiled by the American Institute of Chartered Accountants.
The IRS received 93.2 million profits as of April 2. The average payback is $ 2,893.
Starting May: Begin to refund based on adjusted earnings under the March relief law.
The $ 1.9 trillion American rescue plan passed in March includes a valid tax credit for people who received unemployment benefits in 2020. The bailout bill says the first $ 10,200 received from benefits are not subject to federal income tax. The income tax exclusion applies to households earning less than $ 150,000 a year. The exclusion is $ 20,400 for couples applying together.
By the end of February, yes 5.4 million people people who have filed a tax return and could benefit from the exclusion if it were on the books, according to IRS estimates. The IRS is automatically recalculating those profits, and in May will begin sending any additional refunds based on those adjustments. Payments will be sent through December.
A revised profit that calls for more money back is welcome news, but taxpayers may want to see if the adjustment gets them back. in a position to ask for more tax through a revised tax return.
June 15: Federal income tax payment deadline for Texas, Louisiana and Oklahoma residents.
After a terrible winter storm in February, causing the temperature to drop and electricity and water bills skyrocketed, leave much without electricity, heat and even water for a long time, notably in TexasThe IRS has pushed back the filing deadlines for residents and businesses in these three states. The June 15 deadline also pushed back estimated payments that taxpayers in this state would otherwise have to pay on April 15, according to the IRS.
The state income tax deadlines for Louisiana and Oklahoma for this year have been extended until June 15th. Texas has no state income tax.
Starting July: Payments are scheduled to get started for the extended child tax credit.
In addition to tax relief on unemployment benefits, the US Rescue Plan also Temporary payments are enhanced under the child tax credit. The credit is currently up to $ 2,000 and $ 1,400 can be classified as a refund. The bailout bill increases payout to $ 3,000 per child and the age limit now includes 17-year-olds. It also pays $ 3,600 for children under 6 years old. The credit is also fully refundable.
In addition to increasing the value of the credit, the bill says the IRS can advance those payments, starting July, instead of paying families once during the next tax season.
The IRS is working an online portal where taxpayers can choose not to receive prepayments or submit information about household changes, such as a birth report.
IRS Commissioner Charles Rettig said this week that the office is on track to send monthly payments starting July. “If we end up on the wrong track because of some unforeseen circumstances, we will advise you and the committee,” he say in Tuesday’s hearing, answering questions from Sen. Sherrod Brown, a Democrat from Ohio.
At a Congressional hearing in March, Rettig said the IRS people needed to file their taxes Let the tax collector know where payments are sent.
October 15: Deadline for submission after receiving the extension.
This is the deadline to file your federal income tax return after renewal. The IRS notes that the way to apply for an extension is by submitting an application Form 4868. People can do this through their tax preparation tool or with tax software. It can also be done through IRS Free Files program.