The deadline for filing the tax return of 2021 is coming up and most taxpayers have already completed their return last year. This year the term was extended for a period of two months , which means that the new date for submit your tax return due this Monday 17 of May.
This is because the Internal Revenue Service (IRS) decided that US taxpayers will need more time than usual to do your tax returns after a year with many new government programs that were intended to offer financial support during the coronavirus pandemic.
The IRS Commissioner, Chuck Rettig , said about the extension: “This is still a difficult time for many people and the IRS wants to continue to do everything possible to to help taxpayers navigate through unusual circumstances related to the pandemic, while also working on important responsibilities over the tax administration. ”
If you do not meet the new deadline, it is likely that there are consequences and economic sanctions and the possibility of losing the payments of the stimulus check if you do not file your return.
So far there is nothing to suggest that the tax filing deadline goes to be further expanded , however you could request an extension until 15 October .
The IRS may issue financial penalties for filing your tax return outside the deadline date . But not only that, but the fines that you have pending will accrue interest while they remain without a payment, so it is important that you file your tax return on time.
# IRS and @ USTreasury extend filing and payment deadline for individuals to May 17, 2021. Details at https://t.co/BAj5rvsPvy pic.twitter.com/26 rGNababM
– IRSnews ( @IRSnews) March 17, 2020
In addition to the penalties you may receive for not filing your tax return on time, the IRS has made the payment of the three rounds of the stimulus check monitoring your decla tax ration and will do the same with the resources that the federal agency will deliver for the Child Tax Credit .
Payments of complementary stimulus checks or ‘plus-up ‘that the IRS is sending are also being authorized based on your most recent tax return in case you have received a lower payment than you were entitled to.
If the IRS does not have that information you could lose the right to receive those payments that will end at the end of this year.
The extension of the tax credit for children It is based on your tax return and in case you do not submit it You could lose the first payment that will begin to be sent in July through monthly payments of up to $ 300 dollars per child .
Related: What conditions would allow you to extend beyond the 17 May to make your tax return
Failure to file tax return
If you do not comply with your declaration before 17 May, you may be fined.
In case you make your tax return and present it on time, You could receive a fine if you do not pay your taxes that are pending or that you owe before the 17 of May. Remember that e n case you request an extension for filing your taxes This will not apply to make the payment of taxes or debt that you have with the IRS.
If you are making quarterly estimated tax payments, you must continue to make payments on time . Otherwise you will receive a penalty or pay interest for not doing it.
If you make the payment of taxes with a check and for some reason your bank does not accept the payment of taxes on your behalf, this action could count as a defaulted payment .
Here you can know how to make your first tax filing .
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