Category Archives: Extension Tax

post’s related to extension tax

What someone should do if they missed the May 17 deadline to file and pay taxes

The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.

If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest.

Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through October 15, 2021, to prepare and file returns electronically.

Continue reading

May 17 is the deadline to request for Tax Extension and to push deadlines beyond due date

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. Today May 17, 2021 is the deadline to report and pay your federal taxes, when you’re in need of additional time then report tax extensions on time to push your deadline beyond May 17. The tax extension is only to report your taxes and taxes you owed should be paid in full by this deadline. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

Continue reading

The IRS has announced tax exemption for citizens of those states that have been impacted by storms, straight-line storms, tornadoes, and flooding.

Tax Relief Definition

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that affected taxpayers in certain areas will receive tax relief. 

Tennessee – Individuals and households affected by severe storms, straight-line winds, tornadoes, and flooding that reside or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 25, 2021, and before August 2, 2021 are postponed through August 2, 2021.

Continue reading

You will have until October 15 to file your return when your Tax Extension Form 4868 is approved by the IRS

The Internal Revenue Service already 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. When your Income Tax Extension Form 4868 is approved you’ll have until October 15, 2021 to file your return but you still need to pay any taxes owed by May 17.

ExtensionTax and Tax Filing
Continue reading

Some people get more time to file without asking; Anyone else can request an automatic extension

Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service. Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the case every year, many Americans will still need more time to meet their tax-filing obligation.

Continue reading