With the beginning of each new year comes the tax season. This year The Internal Revenue Service (IRS) has made a couple of changes taking into consideration that we are in the middle of the COVID-19 pandemic that has affected many of us at home and many businesses around the world. So we are going to inform you about important dates of the 2021 season and some other information that surely you must need. 

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Tax Season Dates

Normally the tax season started in the US around late January, but there were some issues related to the pandemic that pushed this year’s first day to file to February 12. However, there are other changes; for example, the deadline to file a personal income tax return was extended to May 17, which also extended the deadline for any money owed without incurring a late fee or interest penalties. But any of this doesn’t affect estimated quarterly tax payments that are still due on April 15 for business owners and independent professionals because their tax is not dependent on an employer. With this clarified, let’s move on with the important dates, which occurred on spring and extensions can be applied until fall:

The penalties for missing a date are not that impactful, normally a charge on the interests. For example, the late filing penalty for a 1040 return is 5% of the tax due per month as of 2020, up to a cap of 25% overall, with additional fees piling up after 60 days. The IRS strongly recommends paying the taxes as soon as possible especially if you miss a date. 

Important information about the tax season

You can file using a digital form; this is called File Electronically. Of course, if you haven’t missed any payment date so far, remember the payments for each quarter. Many taxpayers can e-file at IRS Free File, but only if their AGIs were under $72,000 in 2020. The IRS will accept this e-files returns until November; the exact date will be announced around October and November of this year. 

We know that the situation overall is not easy, the pandemic has impacted many things and lives, but that doesn’t mean that you cannot pay your taxes. This is one of your duties as owner of a business or corporation, or if you are an independent professional earning a suitable amount of money. The IRS is open to discuss with you a generous payment plan to help you to pay those taxes even if you don’t follow the normal deadlines, but the main goal with this is that you pay them one way or another. Just try to check all the available options; visit the official website.

The tax season has proved to be a tough one for the overall world situation. Not only in the US the tax services have been struggling to find ways to help over payments, but as you can notice, the IRS has made several arrangements to help you. Don’t hesitate to look for more information on their website or contact them to know more about their payment plans.

USA tax season 2021.

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