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.
Individual taxpayers can push federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This applies to individual taxpayers, including individuals who pay self-employment tax. 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.
May 17 is the New Tax Day
The 2021 filing and payment date for 2020 tax returns has been extended from April 15 to May 17, 2021 due to the pandemic and allowing some more time for the taxpayers to consolidate the tax returns. The new tax day for 2021 is now May 17. Few taxpayers who were the victims of Winter Strom will have until June 15, 2021 to report and pay the taxes, for residents of Texas and Oklahoma in response to the 2021 severe winter storms. The IRS added Louisiana to the June 15 extension list in early March.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “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.”
Tax Extension Return Form 4868 and May 17 Deadline
When you need extra time to work on your tax return and would like to avail a formal extension of time with the IRS then you would need to report Form 4848, this is an automatic extension of time allows you till October 15, 2021 to report the tax returns. ExtenionTax.com is an IRS authorized electronic filing service provider, help you report your tax extension on time with the IRS and receive back the approval instantly. Simple to use website makes it easy for any one to handle the taxes on their own.
