Tax Filing Deadlines Are Rapidly Approaching!

Melissa Clary Tax 0 Comments

Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2020.
In addition, the May 17, 2021 deadline also applies to the following:

Tax year 2020 balance-due payments – Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due.  Late payment penalties and interest will be assessed on any balance due, even for returns on extension.  Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.

Tax year 2020 contributions to a Roth or traditional IRA – May 17 is the last day contributions for 2020 can be made to either a Roth or traditional IRA, even if an extension is filed.

Individual refund claims for tax year 2017 – The regular three-year statute of limitations expires on May 17 for the 2017 tax return.  Thus, no refund will be granted for a 2017 original or amended return that is filed after May 17. Caution: The statute does not apply to balances due for unfiled 2017 returns.

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