Canyon Ferry Lake News Article

Income Tax Deadlines

LakeNews.com
Posted: 3/26/2021

Lake News

On March 17th, the IRS announced that individual taxpayers have until May 17th to file and pay their 2020 federal income tax. You don’t need to file any forms for this relief it’s automatic. It’s important to note that this extension does not apply to corporations, partnerships, estates, or trusts.

You should pay all federal income tax due by May 17, 2021, to avoid interest and penalties. Interest will begin to accrue on May 18, 2021.
The IRS extended the deadline to June 15th for victims of disaster areas in Texas, Louisiana, and Oklahoma.

Q1 Estimated Tax Payment
The first-quarter estimated tax payment due date for 2021 has not been postponed. Estimated tax payments are still due by April 15, 2021.

Extensions for October 15
If you need additional time to file beyond May 17th you can request a filing extension until October 15th through a tax professional. The extension will only apply to filing and not tax payments. To avoid penalties and interest pay taxes by May 17th.

State Individual Income Tax Deadlines
After the IRS announcement, many states (Including Alabama and Georgia) announced that their deadline for filing and paying 2020 state individual income taxes would also be automatically extended. The state filing and payment deadlines vary, not all conform to the federal extension date of May 17th. The due date for the estimated tax payment remains the same.

The following states do not have a state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.

You can get your refund faster by filing as soon as possible. If you didn’t receive a stimulus payment or only received partial payment, the only way to get the money owed to you is to claim recovery rebate tax credit on your 2020 income tax return. You may also be eligible for more tax credits for the 2020 tax year.

Get ready today and start gathering your records to make tax filing easier.

  • Forms W-2 from employers
  • Forms 1099 from banks and other payers
  • Other income documents and records of virtual currency transactions.
  • Form 1095-A, Health Insurance Marketplace Statement, if you purchased Marketplace coverage
  • Notice 1444, Your Economic Tax Payment, if you received an Economic Impact Payment and think you qualify for the Recovery Rebate Credit.

Remember, most income is taxable. It includes unemployment income, refund interest, virtual currencies, and income from the gig economy work. If you make money from a gig economy activity, it's generally taxable even if you don't receive a Form 1099-MISC, Form 1099-K, W-2 or other information return.

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