Individual Estimated Tax Payments for the First Quarter of 2021 – CAUTION

Melissa Clary Tax 0 Comments

The IRS did not extend the deadline for the first installment of the 2021 estimated tax payments, which continues to be April 15, 2021. Even though the filing due date for individual returns has been extended, in many cases the amount of estimated tax payments required for 2021 is predicated on tax determined for 2020. So, although your individual return for 2020 is not due until May 17, it may be necessary to estimate your 2020 tax liability prior to April 15 in order to determine your first 2021 quarterly estimated payment which is due April 15.

If this office is holding up the completion of your returns because of missing information, please forward that information as quickly as possible in order to meet the deadlines.  Keep in mind that the ending days of tax season are very hectic, and your returns may not be completed if you wait until the last minute.  If it is apparent that the information will not be available in time for the May 17 deadline, then let the office know right away so that an extension request, and 2021 estimated tax vouchers if needed, maybe prepared.

Is your return completed, but you are unable to pay your tax liability? Please call to discuss your options.

If your returns have not yet been completed, please call right away so that we can schedule an appointment and/or file an extension if necessary.

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