When are Taxes Due?
Individual and corporate tax returns must be filed for the 2020 tax year by April 15, 2021. The filing deadline will be extended to March 15th, 2021, for partnerships and S corporations.
If you’re unable to file your return on time, you can request an extension. However, you’ll still have to pay your taxes by your original deadline. If you don’t, you may be on the hook for penalties and interest.
When Can I File Taxes in 2021?
Even though taxes for most taxpayers are due by April 15, 2021, you can e-file (electronically file) your taxes earlier. The IRS likely will begin accepting electronic returns anywhere between Jan. 15 and Feb. 1, 2021. The IRS will announce on its website before the end of 2020 when exactly you can file.
If you received an Economic Impact Payment in 2020 (also known as a stimulus payment) as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), it will affect how much you owe in taxes for the 2020 tax year. These stimulus payments were advance payments of refundable tax credits from individual 2020 tax returns. ”Even though the advance payment was based on your 2019 or 2018 tax return, the payment is earned on your 2020 return,” says Bobby Williams at Tax-Turbo. Therefore, even if you didn’t qualify based on your 2019 or 2018 adjusted gross income, you may still receive the credit when you file for 2020.
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Bobby Williams (The Tax Man)
Tax-Turbo
Phone: 1 (469) 720-8012
Website: www.tax-turbo.com
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