For the second year in a row, you have additional time to file your federal taxes.
The Treasury Department and Internal Revenue Service announced on March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Refer to IR-2021-59
This 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.
Few extra days to file can be a bit of a breather, but you may still not want to wait, here’s why:
One reason is that if your income decreased in 2020, your new return may help you qualify for the most recent stimulus.
The Cares Act stimulus was paid based on your 2019 AGI unless your taxes were not filed yet, and in that case, it was based on 2018 AGI. The Continuing Appropriations Act passed in December was also paid based on your 2019 AGI. The most recent legislation that contained stimulus will pay based on your 2020 AGI if you have filed. Otherwise, it will be based on your last year of filing (likely 2019).
Beyond the unique benefits this year for filing early, there are good evergreen reasons not to delay, including:
- Filing early helps prevent identity theft.
- Filing early gives you more time to plan.
- Filing early gives you quicker access to your refund or more time to pay if you owe money.
Again, just because you have more time to file your taxes doesn’t mean you should necessarily take advantage of the later deadline. Schedule a consultation with your tax experts now.
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