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Tax Day Is Extended to May 17th: Here’s What You Need to Know

In mid-March, the Internal Revenue Service (IRS) and the Treasury Department announced that the federal income tax filing deadline for individuals would be extended past April 15th to a new deadline of May 17th. The 2021 tax deadline extension was proposed to provide relief for taxpayers during the difficult economic circumstances spurred by the pandemic. With all of these sporadic changes and heightened difficulties, many individuals still have questions regarding their tax filings.

SD Associates, P.C. is a full-service CPA and business advisory firm that provides expert tax planning services for individuals and businesses alike. We’re here to help answer all your questions regarding the 2021 tax deadline extension and provide expert insight on how you can file correctly. Below, we’ve answered some common questions or concerns regarding this unusual tax season. 

When Can I File 2020 Taxes in 2021

Individual taxpayers are traditionally required to file their tax payments on April 15th of each year. Unprecedented circumstances this year, however, have prompted the IRS to provide an extension to help ease the burden of a challenging economic climate. 2020 taxes should now be filed before the deadline of May 17, 2021. Regardless of the amount owed, individual taxpayers can avoid any interests, penalties, or related fees associated with delayed payments by filing before this deadline. 

If you’re an individual taxpayer who requires further time beyond this new deadline, you are still able to request an additional extension to October 15, 2021, through your tax professional or online software services. This grants taxpayers more time and flexibility in filing their 2020 taxes, but it does not provide any leeway in paying taxes that are due. 

How to File 2020 Taxes? 

Now that you know when you can file 2020 taxes in 2021, you may still be wondering how the actual procedure of filing has changed. The first thing to note is that this new extension will be processed automatically. In other words, you will not need to file any additional forms or contact the IRS to qualify or update your tax standings. There should similarly be no real difference in the physical filing this year, other than the fact that you may be entitled to certain benefits or refunds. The IRS suggests that filing electronically with direct deposit is the most efficient and quickest way to secure these refunds and receive the stimulus payments that you’re potentially entitled to. Despite the extension, the IRS continues to urge individual taxpayers to file as soon as they possibly can to avoid further miscommunication or tax filing penalties. 

Tax Partners You Can Rely On 

In navigating the complex tax world, it can become increasingly difficult and overwhelming to stay up-to-date and knowledgeable on all the new updates or tax regulations. SD Associates, P.C. has provided personalized tax services for individuals and businesses for nearly 40 years. We go beyond traditional tax advice to truly create long-lasting and meaningful partnerships with clients. If you’re looking for the “best tax services near me”, look no further than SD!