The IRS announced that the federal income tax filing due date for individuals (not businesses) for the 2020 tax year will be automatically extended from 4/15/21 to 5/17/21. Individual taxpayers also can postpone federal income tax payments for the 2020 tax year due on 4/15/21 to 5/17/21 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 5/17/21.
Additional time for filing beyond 5/17/21 can be requested by filing an extension until 10/15/21 on Form 4868. Please let us know if you would like to extend your personal tax returns. Note that this relief does not apply to estimated tax payments that are due on 4/15/21. The IRS will provide more guidance in the coming days.
Remember that extending tax returns does not extend the time to pay income taxes so contact us if you need to pay an estimated tax amount with the extension filing.
Neighboring states below have also extended the April 15th filing due date to May 17th, 2021:
- South Carolina
- Virginia
- Tennessee
- Alabama
For a list of other states’ websites Click Here.
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