2020 tax filing deadlines are right around the corner! A reminder for those who have not yet filed their federal tax return that now is the time! May 17, 2021 is the new due date to file your return and pay any taxes owed. Or you must file for the automatic extension and pay the tax you estimate to be due for 2020.
In addition, the 2020 tax filing deadlines also apply to:
Tax year 2020 balance-due payments
Taxpayers filing extensions please remember that a filing extension is an extension to file your taxes. This is NOT an extension to pay any balance due. If you owe a balance, the IRS will assess late payment penalties and interest. This includes returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.
Tax year 2020 contributions to a Roth or traditional IRA
The last day that contributions can be made to either a Roth or traditional IRA is May 17, 2020. That May 17 deadline holds regardless if an extension is filed.
Individual refund claims for tax year 2017
The regular three-year statute of limitations expires on May 17 for the 2017 tax return. Thus, no refund will be granted for a 2017 original return filed after May 17. Nor amended return that is filed after May 17. Caution: The statute does not apply to balances due for unfiled 2017 returns
Individual estimated tax payments for the first quarter of 2021
– Caution – The IRS did not extend the deadline for the first installment of the 2021 estimated tax payments. This continues to be April 15, 2021. Even though the filing due date for individual returns has been extended, in many cases the amount of estimated tax payments required for 2021 is predicated on tax determined for 2020. So, although your individual return for 2020 is not due until May 17, it may be necessary to estimate your 2020 tax liability prior to April 15 in order to determine your first 2021 quarterly estimated payment, due April 15.
Can’t find your information in time for the new 2020 tax filing deadlines?
If we are can not file your taxes due to missing information, please forward that information as quickly as possible. This was we can meet the deadlines. Keep in mind that the last three weeks (and especially the last three days) of tax season are very hectic. We can not guarantee that your returns can be filed on time, if you wait until the last minute.
If you can’t provide your information by the May 17 deadline, let the office know right away. This way we can promptly file an extension request, and prepare 2021 estimated tax vouchers.
Is your return completed, but you are unable to pay your tax liability? Please contact us to discuss your options.
If you are a returning customer, and you have not brought us your documents, please call right away. This way we can schedule an appointment immediately and/or file an extension if necessary.
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