On March 17th, 2021, the Treasury Department and the Internal Revenue Service announced a tax filing deadline extension. Individuals now automatically have until May 17, 2021 to file their 2020 income tax returns.Â
“Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.”
Taxpayers do not need to submit a form or formally request this extension to May 17. In this case, it is automatic for all individual taxpayers. However, if you want more time, you will need to file a Form 4868 to request an extension until October 15, 2021.
As a taxpayer, you do need to know your correct filing status and be familiar with the options available. If you aren’t sure, Migration Resource Center tax experts can help you determine your filing status. Your filing status typically depends on whether you are single or married on December 31. It is important to realize that this determines your filing status for that entire year.
When preparing and filing a tax return, the filing status affects:
- If the taxpayer is required to file a federal tax return
- If they should file a return to receive a refund
- Their standard deduction amount
- If they can claim certain credits
- The amount of tax they should pay
Migration Resource Center Tax Services
The Migration Resource Center staff has a team of tax consultants, tax attorneys, enrolled agents, and CPAs. We can assist you with tax planning as well as reducing tax liabilities, eliminating tax disputes, negotiating IRS payments, and providing ethical tax representation and tax resolutions. Please contact us at (646) 827-2959 or use our webform to schedule a free tax consultation.