It's that time of year again. Income tax season is upon us, and it's important to be aware of the deadlines that come with it. Knowing when and how to file your taxes can make the entire process easier and can save you from potential penalties. This article will cover some important dates related to the IRS income tax filing deadlines for 2021.
Deadline to File Your Tax Return
The deadline for filing your IRS income tax return is April 15. However, if you are an individual or a sole proprietor, you may be able to file an extension for up to six months. This will give you until October 15 to file your return. It's important to note that this extension only applies to filing your return and not to paying any taxes that are due. Any taxes you owe must be paid by April 15 regardless of whether you file an extension.
Deadline to Contribute to Retirement Plans
The deadline to contribute to retirement plans, such as a 401(k) or IRA, is April 15. If you are an individual or a sole proprietor, you may be able to make these contributions up to the extension deadline of October 15. If you are self-employed, you may also be able to make contributions to a Simplified Employee Pension plan (SEP) up to the extension deadline.
Deadline for Making Estimated Tax Payments
If you are self-employed or an independent contractor, you may need to make estimated tax payments throughout the year. The deadlines for these payments vary depending on when you file your return. Generally, estimated tax payments are due April 15, June 15, September 15, and January 15 of the following year.
Deadline for Filing an Amended Return
If you make a mistake on your tax return or need to make an adjustment, you can file an amended return. The deadline to file an amended return is typically three years after the original filing date. So if you need to amend a return you filed in 2021, you have until April 15, 2024 to do so.
Deadline for Claiming a Refund
If you are due a refund from the IRS, you have three years from the original filing date to claim it. So if you filed your 2021 return on April 15, 2021, you have until April 15, 2024 to claim your refund.
Deadline for Paying Your Tax Bill
If you owe taxes when you file your return, you must pay the amount due by April 15. If you are unable to pay the full amount, you can set up a payment plan with the IRS. You can also apply for an offer in compromise, which is an agreement with the IRS to pay less than the full amount you owe. Regardless of the payment option you choose, you must make all payments by the April 15 deadline.
Conclusion
Filing your taxes can be a complicated process, but it's important to be aware of the deadlines associated with it. Knowing when and how to file your taxes can save you from potential penalties and make the process easier in the long run. The deadlines discussed in this article are just a few of the important deadlines related to IRS income tax filing for 2021. Be sure to check with the IRS for more information.
