The new deadline only applies to federal taxes; state returns may still need to be filed by April 15, 2021.
If you’re having a tough time getting your taxes filed, you’re in luck. The U.S. Treasury Department and the Internal Revenue Service (IRS) announced that the April 15 tax decline will be extended until May 17, 2021. The extension also means taxpayers that owe money will have an extra month to settle up with the federal government. The IRS is still encouraging taxpayers that are due a refund to file as soon as possible.
The extended deadline applies only to federal, meaning that taxpayers will need to check to see if dates for state taxes have been changed. Keep in mind that not all states follow the same filing deadline as the federal government.
Last year, the IRS processed more than 150 million tax returns with the average refund hovering around $2,500. The extension will ease pressure on the agency that has been busy sending out stimulus checks right in the middle of tax season.
"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. "Even with the new deadline, we urge taxpayers to consider filing 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.”
Courtesy Internal Revenue Service, Twitter
Taxpayers that are due a refund will typically receive it within 21 days of filing, if they use electronic filing and direct deposit. Taxpayers who make less than $72,000 are eligible for free tax return filing through the IRS’s free file program. The IRS also has a new smartphone app where users can make payments, check the status of their refund, and get tax tips. The extension of the deadline does not apply to regular quarterly tax payments.
Have you filed your taxes yet? What are you gonna spend your refund money on? Comment below.
