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The IRS announced that the April 15th deadline for federal tax return filing will be extended to May 17th instead of the usual April 15th. This tax extension can help Americans get extra time to file their taxes and preplan things seamlessly. Mid-May date would help small businesses and self-employed get things sorted out with more time.
“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to,” said IRS Commissioner Chuck Rettig.
Unemployment Benefits Taxed or Not?
There may be a lot of confusion regarding the tax liability of unemployment benefits on stimulus checks received in 2020. The American Rescue Plan (ARP), passed in March 2021, includes a stipulation that makes $10,200 of unemployment compensation earned in 2020 tax-free.
The IRS issued a statement on Friday, March 12, 2021, that included the line “For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time until the IRS issues additional guidance.”
e-Filing Can Help You
The IRS urges taxpayers who are eligible for a refund, to file for the refund as soon as possible. e-Filling can make this process faster. Most tax refunds associated with e-filed returns are issued within 21 days.
Did you know? You can file your federal taxes online for free! Free File will help prepare and file your federal individual income tax return for free, using tax-preparation-and-filing software.
April 15 – First estimated tax payment for 2021 due
May 17 – Deadline to file 2020 tax return
June 15 – Second estimated tax payment for 2021 due
Sept 15 – Third estimated tax payment for 2021 due
Oct 15 – Extended deadline to file 2020 tax return
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