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The unprecedented events of 2020 have brought so much change in our lives, including our tax returns this year. Currently, due to the Covid 19 pandemic, there are a number of new and revised provisions and dates concerning the 2021 tax season. Here are some of the things you need to keep in mind.
Originally the tax filing and payment due date was April 15. However, the IRS extended the deadline to May 17, 2021 to give the concerned parties(tax fillers, preparers and the IRS) more time. Well, unless you choose to file for an extension, you need to file your taxes by May 17, 2021.
You may be wondering if the state filing deadlines were extended as the federal filing deadline (May 17) was. Well, each state sets its own tax deadlines. This means that you have to be keen to find out if your state filing deadline has changed to avoid any inconveniences.
Yes you can. The extension gives you 5 months. This means that your federal income taxes won’t be due until October 15. However, to get the extension, you need to submit your request to the IRS by May 17.
If you are owed a refund, filing your taxes late means you will wait longer to get your refund. Important to note is that the extension to file is not an extension to pay what you owe. Any federal taxes owed on your 2020 income must be paid by May 17 to avoid potential penalties.
Tax preparation and filing process can be overwhelming for some of us especially this year’s tax season. To make your work easier, there are 3 ways through which you can file your taxes.
You can use the first two if your accounts are not complicated. However, it is recommended to consult with a tax professional or accountant to avoid costly mistakes.
With the tax deadline for individuals extended to 17th May, 2021, there is a little more time for you to do things right if you have not filed your returns yet.
At Gold Accounting Tax, we know you want to be successful in real estate.
In order to do that, you need an in-depth understanding of your financials at any given time.
We understand because we are real estate investors ourselves and understand the specific challenges real estate businesses experience.