Income Tax Extension Deadline Is Nearing. Are Your Taxes Filed?

If you didn’t file your income taxes by May 17, 2021, and requested an extension, October 15, 2021 will be here before you know it.  If you haven’t filed your 2020 taxes yet, time is running out for the filing of returns and payment of taxes owing – although getting an extension was not an extension of time for the payment of taxes.

Taxpayers who owe tax – even those who did not request an extension – and have yet to file a 2020 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any balance due. Even if a taxpayer can’t afford to immediately pay the taxes they owe, they should still file a tax return as soon as possible to reduce possible penalties.

Ok, let’s face it; maybe you haven’t been motivated to finalize your taxes because you know that you are going to owe taxes and don’t want to face the reality of what that amount is.  Please do yourself a favor and get those taxes done and filed.  If you can’t pay the amount of taxes you owe, the IRS does offer options for the payment. All you have to do is ask.  Payment plans are available but you MUST reach out to the IRS. 

If you are missing information needed to complete your taxes, reach out to the source of the income to obtain a duplicate tax statement.  Usually a phone call is all that is needed to have a duplicate mailed to the address of record on the account.  You may even be able to get a duplicate tax form online by accessing your account. 

Would you like to see your IRS account?  Visit irs.gov and you have many options such as viewing your balance and payment history, paying taxes, accessing your tax records and much more.  Go to the Get Transcript area on the site. 

If you are fortunate enough to be receiving a refund, file your taxes electronically using one of the free filing options available and have your refund direct deposited to your bank account.  Otherwise, you may be waiting several months to receive your refund. 

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About the Author

Kay Sowa is a paralegal in the Trusts and Estates Group at Capehart & Scatchard, P.A. She is an IRS Enrolled Agent, an Accredited Estate Planner®, and a Certified Trust and Fiduciary Advisor. She oversees the trust and estate administration practice for the firm. She is an accomplished author and lecturer who has frequently spoken on behalf of a number of organizations including the National Business Institute and the Institute of Paralegal Education.

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