New Tax Filing & Payment Deadline | Your Questions Answered
The IRS recently announced that the filing deadline for individual tax returns has been extended to May 17th, 2021. To clear up any confusion, we’ve addressed some commonly asked questions below.
When is my 2020 income tax return due?
Under the new tax deadline, you must file your 2020 tax return by May 17th, 2021. However, it’s a good idea to file as soon as you can; putting it off means a longer wait to receive a refund, as well as any remaining stimulus money you may be eligible to receive.
Does the new filing deadline allow me to postpone paying my 2020 taxes?
Yes! The federal extension allows you to postpone paying your 2020 tax bill until May 17th, 2021. As long as you pay your taxes by May 17th, you will avoid any additional interest or penalties.
I am required to make estimated payments for 2021. Are these affected by the deadline extension?
No. If you are required to make estimated payments, your first quarterly payment is due April 15th, 2021. Failing to make estimated payments on time may result in penalties and interest from the IRS.
Does the federal change affect my state’s tax deadline?
No. State filing and payment deadlines may or may not line up with the federal deadline. Check with your state tax agency for information regarding deadlines for your state income tax return.
If you are a Georgia resident, the filing and payment deadline for your 2020 state tax return has been extended to match the federal deadline of May 17th, 2021. If you are required to file tax returns in multiple states, consult your CPA regarding the filing deadlines for each state.
Consistent with the federal change, Georgia’s estimated payment deadlines are not affected; for taxpayers required to make estimated payments, the first quarterly payment of 2021 is still due by April 15th, 2021.
I live in one of the states affected by the February winter storms. When are my taxes due?
If you live in Texas, Oklahoma, or Louisiana, your federal taxes are not due until June 15th, 2021. The May 17th deadline extension does not affect the June deadline. The estimated payment deadline for the first quarter of 2021 has also been extended to June 15th for taxpayers living in these states.
If you’d like to stay in the loop and receive an e-mail notification with each new blog post, please subscribe below!