FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 25, 2021 • THE QUEENS COURIER 21
tax guide
IRS extends tax fi ling deadline to May 17
Th e Treasury Department and Internal
Revenue Service announced today that
the federal income tax fi ling due date for
individuals for the 2020 tax year will be
automatically extended from April 15,
2021, to May 17, 2021.
“Th is 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 fi ling
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.”
Individual taxpayers can also postpone
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.
Th is postponement 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.
Individual taxpayers do not need to fi le
any forms or call the IRS to qualify for this
automatic federal tax fi ling and payment
relief. Individual taxpayers who need
additional time to fi le beyond the May
17 deadline can request a fi ling extension
until Oct. 15 by fi ling Form 4868 through
their tax professional, tax soft ware or
using the Free File link on IRS.gov.
Filing Form 4868 gives taxpayers until
Oct. 15 to fi le their 2020 tax return but
does not grant an extension of time to pay
taxes due. Taxpayers should pay their federal
income tax due by May 17, 2021, to
avoid interest and penalties.
Th e IRS urges taxpayers who are due a
refund to fi le as soon as possible. Most tax
refunds associated with e-fi led returns are
issued within 21 days.
Th is relief does not apply to estimated
tax payments that are due on April
15, 2021. Th ese payments are still due
on April 15. Taxes must be paid as taxpayers
earn or receive income during the
year, either through withholding or estimated
tax payments. In general, estimated
tax payments are made quarterly to
the IRS by people whose income isn’t subject
to income tax withholding, including
self-employment income, interest, dividends,
alimony or rental income. Most
taxpayers automatically have their taxes
withheld from their paychecks and
submitted to the IRS by their employer.
State tax returns
Th e federal tax fi ling deadline postponement
to May 17, 2021, only applies
to individual federal income returns and
tax (including tax on self-employment
income) payments otherwise due April 15,
2021, not state tax payments or deposits or
payments of any other type of federal tax.
Taxpayers also will need to fi le income
tax returns in 42 states plus the District of
Columbia. State fi ling and payment deadlines
vary and are not always the same as
the federal fi ling deadline. Th e IRS urges
taxpayers to check with their state tax
agencies for those details.
For more information about this
disaster relief, visit the disaster relief page
on IRS.gov.
— Courtesy of IRS
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