For all our Anderson clients and followers, we wanted to let you know that the IRS announced today that the federal income tax filing due date for individuals will be automatically extended to May 17, 2021. 

 

IRS Tax Resources You Need

The IRS will be providing formal guidance in the coming days. You can find more information on the IRS website by clicking this link.

This extension is automatic and applies to filing and payments. So if you owe taxes for 2020, you have until May 17, 2021, to pay them without interest or penalties.

 

How Does the May 17th Tax Deadline Impact You? 

The deadline extension only applies to individual returns and extension payments. It does not apply to entities.

First-quarter estimated tax payments are still due April 15, 2021.

The time to contribute to a traditional IRA, Roth IRA, or HSA for 2020 has also been extended to May 17th.

 

What’s the Difference between Federal and State Income Tax Deadlines in 2021?

The May 17, 2021 deadline only applies to the Federal Income tax. Some state income tax deadlines will remain the same.

Most states have left their normal tax deadlines in place, but five states (Delaware, Hawaii, Iowa, Pennsylvania and Virginia) have later tax filing deadlines.

Check out this chart to see the state tax deadlines in your state here.  

 

Join Anderson’s Next Tax & Asset Protection Event

To get the latest updates on how to protect your assets and save more on taxes, be sure to sign up for our next Tax & Asset Protection Workshop LIVE! on April 24th, 2021.