On March 17, the IRS announced that the federal income tax filing deadline for individuals will be automatically extended from April 15, 2021 to May 17, 2021. However, if you will be receiving a refund, you are encouraged to file before that date so that you can receive your tax refund as soon as possible.
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.
Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15. Requesting an extension gives you until October 15 to file your 2020 tax return but it does not grant an extension of time to pay taxes due, so be sure to pay any federal income tax due by May 17, 2021, to avoid interest and penalties.
Finally, please note that this extended deadline does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.