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2021 Tax Deadline and last minute tips
2021 Tax deadline was extended one extra month due to COVID-19. The IRS filing deadline for your 2021 return is Monday, May 17th, 2021. Due to the speical circumstances, many taxpayers may need to file an extension this year. Filing an exntesion before the deadline will allow you an extra 6 month to file your return, but it will not extend any payment penalty if there is balance due on the return. If you think you might owe taxes to the IRS and/or your state tax agency, you should still work with your accountant to ensure no balance might be due on your return. One mistake taxpayers often make is to not file the return when there is a balance due on the return. If you have a balance due on the return, the best option is to file the return and apply for a payment plan. The payment plan will automaticlly reduce 50% of your accumlative payment penalty each month. Any questions you may have, do not hestaite to contact our office.
Henry R. Liu,BBA, EA, CFE, CTRS | 05/15/2021