Request Extension Now – Individual Tax Filing Deadline is May 17th
May 12th, 2021
If your 2020 personal tax filings will not be finalized by May 17th, now is the time to request an extension of time to file until October 15th. We must get your signed extension authorization by Saturday, May 15th.
Remember it is an extension to file, not an extension to pay your taxes. If there is a balance due on the return, interest will be assessed in addition to the tax. We can help you determine an estimated tax payment to make with the extension in order to limit interest charges.
Additional Tax Updates:
- The IRS announced that it moved the April 15, 2021, filing deadline to May 17, 2021, for individual taxpayers (including Schedule C filers) ONLY!
- S-Corps & Partnerships had a 3/15/2021 deadline.
- 2021 Q1 Estimated tax payments were still due 4/15/2021.
- Trust tax returns were still due 4/15/2021.
- Unemployment: The ARPA provides for an exclusion of up to $10,200 of unemployment compensation for households with up to $150,000 of modified AGI for the 2020 taxable year only. (ARPA §9042; IRC §85(c)). The IRS is advising taxpayers NOT to file an amended return to claim this benefit.
- Healthcare Premium Tax Credit: The Premium Tax Credit repayment requirement is repealed for taxpayers whose 2020 subsidies (which were based on income estimated from tax returns for prior years) were higher than the amount that they were actually entitled to.