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2021 Tax Day Deadline: The last day you can file a file and how to get an extension


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It’s official tax season. On February 12, the IRS began accepting the 2020 income tax returns – and the deadline for those returns is less than 60 days away. (Remember: you must use your Income tax return 2020 in 2021Last year, the deadline was extended to July 15 due to the coronavirus pandemic. But this year the last day to submit (on time) is once again the traditional (and often dreaded) date of April 15.

And that means the clock is ticking for all of us – including the millions of taxpayers who will be faced with a range of new and potentially complicated tax issues. They include unemployment insurance claims, stimulus check income, and questions about qualifying for the home office deduction, to name a few.

That said, the best thing to do is to start now. (This advice applies every year.) Submitting early means one faster turnaround time for your refund and getting one miss stimulus money faster

While the deadline for filing your taxes for 2020 is April 15, you can request more time at the latest filing an extension with the IRSWe have all the details on how to do that below.

read more Best Tax Software for 2021

Can I file my income tax before April 15th?

Yes. And the sooner you file a file, the sooner you’ll get your money back – if one is due. Most repayments are made within three weeks – although this year as the IRS is still trailing in stimulus payments, it may take longer. The agency began accepting returns on February 12, 2021.

Read more: When will you get your tax refund? Possible dates and how to track them

What if I miss the deadline?

There is an important distinction between them Submit late and Pay late. If you need more time to prepare your tax return, you can apply for an extension to the IRS using Form 4868. If approved, you will be given an additional 6 months, making October 15 this year the deadline for your tax papers.

But here’s a big, hairy caveat – even if you’re approved for the extension, you still need to pay your estimated taxes April 15 at the latest to avoid sanctions. (Here’s What You Need to Know estimating your tax bill.) According to the IRS, the late payment penalty is “0.5% of tax due after the due date, for each month or portion of a month that the tax remains unpaid, up to 25%.” That’s just to start; if you do not pay for a longer period, the fines will increase. And there is also a “file failed” fine.

But the tax authorities can waive the fine if you can demonstrate “a reasonable reason for not paying on time”.

Can I request an extension for my company?

Yes. According to the IRS, companies can file Form 7004 to request a deferment until April 15. But much the same rules apply as for an individual; the company still has to pay its estimated taxes by April 15, but can wait until October 15 to file the tax return.

Can I request an extension for my tax return?

Could be. Rules vary from state to state, so you should check with your state tax authority for more information about your specific options for an extension.

If you need help filing your state or federal taxes, there are plenty of them good tax preparation services to choose from – or you always can file your taxes for free

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