Pay taxes is something we all need to do to anyone who earns an income, and knowing when they are due could help you avoid the hiccups. Each year, the default tax filing deadline is April 15, and 2021 is no exception.
Sometimes it happens that April 15th falls on a Saturday or Sunday. When this is the case, the tax filing deadline is extended by a day or two, as needed. In other words, if April 15th is a Saturday, the IRS will not move the deadline until Friday 14. Instead, it will extend the deadline to the following Monday. But in 2021, April 15 falls on a Thursday, so you should plan to file your tax return by then.
Will the IRS extend the 2021 tax filing deadline due to the pandemic?
Many people were thrown on a loop this year when the coronavirus outbreak exploded in March. As such, the IRS gave filers a three-month extension and extended the tax filing deadline to July 15. Not only did the filers have three more months to file a tax return, they also had three more months to pay any taxes. debt they owed from 2019 without incurring interest or penalties on this amount.
But it remains to be seen whether the IRS will allow a similar extension in 2021. Even though there are several promising coronavirus vaccines in preparation, they may not be deployed to the general public before mid-2021 or even beyond. As such, there’s a good chance the pandemic will still be an issue until the April 15 tax filing deadline of next year.
That said, this year the pandemic took everyone by surprise. Next year, it won’t be a surprise – it will be more of an ongoing situation, and so, in theory, reporters should have the wherewithal to get around it. In fact, many tax professionals have switched to online services and have secure portals where clients can submit tax documents, so even if in-person meetings are not secure in the months leading up to April 15, 2021, filers should still have a way to do their taxes on time.
Of course, those who fail to complete their taxes by April 15 of next year can still apply for a six-month extension. The IRS automatically grants these extensions to filers who request one. But tax extensions don’t actually give filers more time to pay off an overdue tax debt – they just allow them to take longer to submit a return without incurring a non-filing penalty.
Get a head start on your 2021 tax return
Chances are, the world is still pretty volatile when taxes are due in 2021. Your best bet, then, is to get the ball rolling when you get back as soon as possible. Typically, you will receive the tax forms you need, such as your W-2 and 1099 forms, by the end of January. Once you’ve done that, you can start working with your tax preparer to prepare your return (or if you’re filing just one, you can start the process yourself).
Also, keep in mind that you are allowed to submit a tax return before the filing deadline, and the sooner you do, the sooner you will get a refund if you owe money. The IRS typically starts accepting tax returns at the end of January, so if you find yourself ahead of the game, you could be in line for some money much sooner than most tax filers.