When are my 2020 Taxes Due?
For Tax year 2020, regular tax filing deadline is April 15, 2021. You should have received your W-2s, Interest Statements and other tax documents by now. If you have not, start calling to get the paperwork organized. If you received unemployment in 2020, you should have also received 1099-G.
In 2020, due to the pandemic, tax deadline was extended to July 15, 2020. But, in 2021 we are back on regular tax filing deadline. This applies to individual as well as corporate tax returns. If you need more time to get organized and prepare your taxes, you can request for an extension to October 15, 2021 by filling out the form 4868. However, do note that you have to make payments towards the taxes you owe by April 15, 2021. If you fail to do this, you will incur penalties and interest. If you pay state taxes, check your state tax filing guidelines for possible extension.
When can I file my 2020 taxes?
If you are in the category of people that have all their ducks-in-row and ready to file your taxes, IRS starts accepting taxes as early as the last week of January 2021. Check IRS.Gov website for the exact date.
How will Stimulus Check Payment affect my Tax Return?
Stimulus check payment were calculated based on your 2019 and 2018 tax returns. This payment is not counted towards your gross income and does not affect the amount you owe or the refund you receive. You are not expected to pay this back, even if your situation changed in 2020.
If you are overwhelmed by the tax laws, OR you owe back taxes to the IRS, you don't have to do it alone. Tax professionals at FinishLine Tax Solutions will guide you every step of the way and help you get through your tax situation or simply help you file your taxes without any hassle. Contact us for a free consultation today.