Tax Due Dates

Tax Due Dates for September 2021

September brings important tax filing deadlines for businesses and individuals. At Russo CPA we help navigate the waters of tax preparation through smart tax planning. Schedule a free tax consultation today and let us know how we can help you. …

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Tax Due Dates for August 2021

August 2 Employers — Federal unemployment tax. Deposit the tax owed through June if more than $500. Employers — If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ …

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Tax Due Dates 2021

Tax Due Dates for July 2021

July 12 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, …

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File on Time – Even if You Can’t Pay

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios:

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Federal Tax Deadline Extended To May 17 — The Details

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief.

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Tax Filing Season Starts February 12

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Additional Tax Deadlines Extended to July 15

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty, or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments, and other actions:

  • All taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.
  • Individuals, trusts, estates, corporations, and other non-corporate tax filers now qualify for the extra time.
  • Americans who live and work abroad can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

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CARES Act: Information for Individual Taxpayers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.

Let’s take a look at a few of the highlights:

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Tax Returns and Estimated Taxes Now Due July 15

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements for gift and generation-skipping transfer taxes due April 15 are now due July 15, matching postponements granted to federal income taxes and returns.

Many states have also extended their tax deadlines and payments for a number of taxes in response to COVID-19. Please call for additional information.

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