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2020 tax extension filers due date is Friday October 15th

Posted on October 4, 2021

 

October 15 is fast approaching – which is the last day to file taxes if you requested an extension for your 2020 tax return. Taxpayers should file by Friday, October 15, 2021 to avoid a failure-to-file penalty.

If this includes you, know you can file any time on or before Friday, October 15, providing you have all required tax-related documents. Remember that you will need to pay any remainder taxes, too, since amounts owed after May 17 this year will be subject to penalties and interest.

Here’s what you need to know: 

  • Do-it-yourselfers, use IRS Free File Available on IRS.gov through October 15, e-filing is easy, safe and the most accurate way for do-it-yourselfers to file taxes. It can also help you determine your earned income tax creditchild and dependent care credit, and recovery rebate credit.
  • If you are eligible for a recovery rebate credit and either didn’t receive Economic Impact Payments or received less than the full amounts, you must file a 2020 tax return to claim the credit even if you don’t usually file.
  • If you are due a refund, file ASAP and use direct deposit to get your tax refund electronically deposited — free of charge — into your bank account. BTW, Teipen CPAs want you to know there is no penalty for filing a late return for people who are due a refund.
  • Pay your tax balance ASAP. The deadline to pay 2020 income taxes was May 17, 2021. If you think you may still owe back taxes, check your account balance or view payment options on IRS Free File. You can pay taxes online (for free) from a checking or savings account with Direct Pay.
  • If you owe taxes and can’t pay your balance in full, pay as much as you can to reduce interest and penalties for late payment. The IRS has options for people who can’t pay their taxes, including applying for a payment plan on IRS.gov.
  • Special deadline exceptions may apply for certain military service members and eligible support personnel in combat zonesMilTax online tax software is available to service members and their families, regardless of income, and is offered through the Department of Defense.

If you are having tax payment difficulties, don’t ignore this month’s deadline. Check in with us at Teipen CPA Group. We can help you get in touch with the IRS to figure out a repayment plan quickly and simply.