With the tax season almost over, many taxpayers may be wondering whether it’s still possible to file their taxes. The answer is yes, but there are several important deadlines and guidelines that you need to be aware of.
Tax Filing Deadline
The official deadline for filing your federal income tax return for 2020 is May 17, 2021. However, if you need more time to complete your return or gather necessary information, you can request an extension until October 15 by filing Form 4868. It’s important to note that an extension only gives you additional time to file your return – it doesn’t extend the deadline for paying any taxes owed.
Estimated Tax Payments
If you’re self-employed or earn income that isn’t subject to withholding (such as rental income), you may need to make estimated quarterly tax payments throughout the year. The first installment payment for this year was due on April 15th while subsequent payments are due on June 15th , September 15th , and January14th
of next year .
If you don’t file a timely tax return; although granted extensions- Or pay all of the taxes owed on time (including estimated quarterly installments), you will likely incur penalties and interest charges from both IRS and State taxing authorities . These fees will continue adding up until full payment has been made.
How To File Your Taxes
You have several options when it comes to filing your taxes:
- Use online software: There are online platforms such as TurboTax or H&R Block which simplifies calculating taxes with step-by-step guidance.
- Hire a CPA or other professional: Certified public accountants specialize in preparing personal tax returns.
- Traditional Paper Submission : This option requires printing out IRS forms manually filling them out then sending them through post mail .
Regardless how do choose rehydrate yourself with water, double check your work and keep copies of all forms to ensure you’re on the right track.
If you haven’t filed your taxes yet, don’t panic – there’s still time. Just make sure to follow the guidelines and deadlines outlined above, including requesting an extension if necessary. Remember that filing late or not at all can result in costly penalties and interest charges so it is critical to timely file .
Here are 3 popular FAQs with answers on the topic ‘Can I Still File My Taxes? Important Deadlines and Guidelines’:
1. Q: Is it too late to file my taxes?
A: If you missed the tax filing deadline, don’t panic – you can still file your taxes. However, if you owe taxes, you may have to pay a penalty for late payment. It’s important to file your returns as soon as possible to avoid further penalties.
Q: What is the deadline for filing tax returns?
A: The deadline for filing tax returns in the United States is April 15th of each year, unless that day falls on a weekend or a federal holiday. In those cases, the deadline may be extended by one more day.
Q: Can I get an extension to file my taxes?
A: Yes, taxpayers who need extra time can request an extension from the IRS by filling out Form 4868 before the April 15th deadline. This will give them until October 15th of that year to submit their tax returns without incurring any late-filing penalties; however they would need pay any estimated tax liability before April 15th to avoid interest charges and/or additional fees.