Review Of 2021 Tax Extension Deadline 2023

COVID19 & Tax Season The IRS Has Extended The 2021 Tax Filing Deadline — Beirne Wealth from beirnewealth.com

2021 Tax Extension Deadline: What You Need to Know

Introduction

The 2021 tax extension deadline is quickly approaching, and it's important to know what you need to do to ensure you're not hit with any penalties or fees. In this article, we'll go over everything you need to know about the deadline, including what it is, who it affects, and how you can prepare.

What is the 2021 Tax Extension Deadline?

The 2021 tax extension deadline is the last day to file your federal income tax return if you requested an extension back in April. Typically, the deadline to file your taxes is April 15th, but if you need more time, you can file for an extension. The deadline for this extension is October 15th, 2021.

Who Does it Affect?

The tax extension deadline affects anyone who requested an extension back in April. If you didn't file your taxes by the original deadline, April 15th, and you didn't file for an extension, you may face penalties and fees for late filing.

How Can You Prepare?

If you're one of the many Americans who requested an extension back in April, it's important to start preparing now to ensure you meet the October 15th deadline. Here are some steps you can take: 1. Gather all necessary documents: Make sure you have all the necessary documents and forms you need to file your taxes, including your W-2, 1099 forms, and any other income or deduction records. 2. Double-check your information: Before you file, make sure all the information on your forms is accurate and up-to-date. Any mistakes could result in delays or penalties. 3. Use tax preparation software: Consider using tax preparation software to simplify the process and ensure accuracy. 4. Get help if needed: If you're struggling to file your taxes or have questions, don't hesitate to reach out to a tax professional for assistance.

What Happens if You Miss the Deadline?

If you miss the 2021 tax extension deadline, you may face penalties and fees for late filing. The penalty for late filing is typically 5% of your unpaid taxes for each month your return is late, up to a maximum of 25%. If you owe taxes and don't file your return or request an extension, the penalty can be even higher.

The Bottom Line

The 2021 tax extension deadline is fast approaching, but with the right preparation and attention to detail, you can ensure you file your taxes on time and avoid any penalties or fees. If you're still struggling or have questions, don't hesitate to reach out to a tax professional for assistance.

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