If you file IRS Form 4868 on or before the May 17, 2021, filing deadline, the tax extension deadline gives you until Oct. 15 — an extra three months — to file your tax return.
Get an extension when you make a payment
You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card.
Due to the COVID-19 pandemic, the federal government extended this year's federal income tax filing deadline from April 15, 2021, to May 17, 2021.
Will the IRS charge penalties for not filing by October 15th? If you have a tax refund coming, there is no penalty for filing late. Penalties are calculated based on amounts due. If you file after the October 15 extended tax deadline and you owe, you will be subject to late filing fees.
On March 17th, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. This is to help taxpayers navigate the unusual circumstances related to the pandemic.
Answer: Yes, you can file an original Form 1040 series tax return electronically using any filing status. Filing your return electronically is faster, safer and more accurate than mailing your tax return because it's transmitted electronically to the IRS computer systems.
In fact, getting a tax extension can actually reduce your chances of facing an IRS audit. While no one outside the IRS can say for sure how the audit selection process works, it is safe to say that a tax extension does not do anything to trigger an audit.
Filing a tax extension is free, easy and automatic: Just submit Form 4868 electronically or on paper by the filing deadline.
If you expect to owe money, you're required to estimate the amount due and pay it with your Form 4868. As long as you do that, the extension will be granted automatically.
In the U.S., the Treasury Department and Internal Revenue Service extended the deadline for the filing of federal income taxes from April 15 to May 17.
IRS tax deadline: Retirement and health contributions extended to May 17, but estimated payments still due April 15. Taxpayers have until May 17 to contribute to their individual retirement accounts and health accounts, the IRS said Monday. The agency previously extended the tax filing deadline to mid-May.
Job Changes
If you've moved to a new job, what you wrote in your Form W-4 might account for a higher tax bill. This form can change the amount of tax being withheld on each paycheck. If you opt for less tax withholding, you might end up with a bigger bill owed to the government when tax season rolls around again.
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