The IRS Extended the Tax Deadline for Individuals Until May 17, 2021
The COVID-19 pandemic is still very much affecting every part of life, in light of the financial hardships that individuals continue to face, the IRS has extended the deadline to file personal income tax returns until May 17, 2021.
This provides an additional month for individuals to gather the needed information to complete their personal income tax returns, Form 1040 with the IRS. In addition to the actual tax return, this extension also applies to all tax payments. Individuals can put off their tax payments to the IRS without fear of any interest or penalties accruing.
Here’s the latest information from the TaxBandits team.
State Taxes
When it comes to state taxes, there may not necessarily be any extended deadline. This decision is left up to the discretion of each state. Be sure to check with your state to see if they have made any changes to their tax deadlines for individuals.
There are a few exceptions to the new May 17 tax deadline, this includes the many individuals in states that have been affected by recent natural disasters. Individuals in the states of Texas, Louisiana, and Oklahoma will still have until June 15, 2021 to complete their tax returns and make tax payments.
Can you still file an Extension?
Yes, you can. The 1040 extension until May 17 is completely automatic, and requires no additional paperwork on your part. Although, if you need more than the additional month to complete your filing, you still have the option to file a Form 4868 extension. This provides an additional 5 months to file, bringing your extended deadline out to October 15, 2021.
Keep in mind, this additional time that you are granted by filing a Form 4868 does not apply to your tax payment. You will need to make your payment to the IRS on May 17, 2021, even if you file an extension.
How Can I File an Extension?
If you need additional time to file your tax return, our sister product, ExpressExtension offers a simple solution. You can complete your Form 4868 in minutes and transmit it to the IRS.
In addition to receiving instant updates about your tax extension, you can also make a secure tax payment while you file. To file with another experienced e-file provider on the market, check out ExpressExtension today.
