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Monday, October 18, 2021

Tax Returns Update: Deadline Set For 15 October

Quite a large section of the population had to rush to file their tax returns of the previous year, despite the deadline extended to 17 May. Several others also opted to file for an extension which would grant them some more time in order to get their records straight, or even get some professional advice in order to avoid mistakes.

Now, the final extension on the deadline is just a couple of weeks from now. If one were to miss the filing date on the 15th of October, they would owe the IRS late fees or even more interest. One needs to remember that an extension doesn’t necessarily postpone the option of paying taxes that one owes- simply that one gets some extra time to file it. 

How do I know if I qualify for a tax extension for tax returns?

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In order to properly file your tax returns, the IRS would definitely grant you a major filing extension if you have filed it through paper or electronically through an e-file before the filing deadline on the 17th of May. You will still have to pay every estimated income tax that is due using Direct Pay, a debit or credit card, or the Electronic Federal Tax Payment System. You also have to note that you are filing for a tax extension. It has been reported that quite a few taxpayers are usually granted quite some time to file their taxes. 

For your tax returns, the IRS has mentioned that one can file and schedule their tax payments through phone, online, or using the IRS2GO app. If one does need to find a software service for filing their taxes, and also have an annual payment below $72,000, they would definitely be able to avail an IRS- approved free filing service pretty easily. They would have to secure just a few necessary information that could be required. 

Your tax returns could also serve the issue of stimulus money- for if the agency owes you money, you can claim the missing payments using a recovery rebate credit on the tax form for the previous year.

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