Income Tax Deadlines
On March 17th, the IRS announced that individual taxpayers have until May 17th to file and pay their 2020 federal income tax. You don’t need to file any forms for this relief it’s automatic. It’s important to note that this extension does not apply to corporations, partnerships, estates, or trusts.
You should pay all federal income tax due by May 17, 2021, to avoid interest and penalties. Interest will begin to accrue on May 18, 2021.
Q1 Estimated Tax Payment
State Individual Income Tax Deadlines
The following states do not have a state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.
You can get your refund faster by filing as soon as possible. If you didn’t receive a stimulus payment or only received partial payment, the only way to get the money owed to you is to claim recovery rebate tax credit on your 2020 income tax return. You may also be eligible for more tax credits for the 2020 tax year.
Get ready today and start gathering your records to make tax filing easier.
Remember, most income is taxable. It includes unemployment income, refund interest, virtual currencies, and income from the gig economy work. If you make money from a gig economy activity, it's generally taxable even if you don't receive a Form 1099-MISC, Form 1099-K, W-2 or other information return.
French Broad River News
French Broad River Photos
French Broad River Videos