Broker Check

2020 Tax Filing Deadline Extended to May 17, 2021.

| March 18, 2021
Share |

After much discussion and anticipation, the IRS has agreed to extend the tax filing deadline for individuals and entities normally required to file on April 15, 2021, to May 17, 2021 for the 2020 tax filing season. This announcement comes after several months of debate from Washington D.C. and on the back of the recent passage of the American Rescue Plan of 2021 by President Joe Biden (Find more information about the plan here). As of this email, California has agreed to comply with the federal filing extension of May 17, 2021.

To read more about the IRS decision to extend this years’ filing deadline, please find the announcement here: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

We encourage you to get your tax paperwork to us as soon as possible. Even if you file now, you will still have until May 17, 2021 to pay any taxes owed for 2020. If you have already filed, you will also have until May 17, 2021 to pay taxes owed for 2020.

As it stands right now, the first estimated tax payments for 2021 are still due on April 15, 2021. If you usually have estimated tax payment vouchers prepared for you, you should plan to file your taxes and pay by April 15, 2021 to avoid penalties and interest. (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.)

Share |