Tax Filing and Payment Deadline 2021
The 2021 tax season is upon us. Be prepared to file your federal income tax return and pay the IRS if you owe any tax. The tax filing and payment deadline is the same in 2021 but there are ways you can get around this.
The Internal Revenue Service mandates that every taxpayer should pay their federal income taxes by April 15. This is the same as the filing deadline. You must both pay taxes and pay the IRS by April 15. While you can get six more months to file a federal income tax return by filing a tax extension, the owed tax must be paid by April 15.
Missing the deadline to file and pay is equally bad as you will be subject to late fees and interest. But late-filing is going to bring more penalties in the short run. The IRS offers payment installments if you can’t pay taxes but require you to file as soon as you can.
You can file a tax extension and the tax filing deadline will be pushed six months further on to October 15. Here is how you can file a tax extension.
Extension with Form 4868
Fill out and mail IRS Form 4868—Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Before you file an extension regardless of the method used, you must figure out your tax liability for the tax year and pay the IRS any remaining taxes owed.
This is one of the methods that you can file a tax extension but filing it online is going to be easier in comparison to filing a Form 4868.
Online Automatic Extension
Filing an extension online is a lot easier than filing it through filling out and mailing a Form 4868. You can file an extension by filing Form 4868 electronically but if you have a tax liability to pay the IRS, file your tax extension through Direct Pay.
This will allow you to both pay taxes and file your extension online. Since this is a direct payment method, you can also pay other taxes such as estimated taxes through Direct Pay when filing your extension.
But, you can e-file Form 4868 and pay the IRS through EFTPS if you’re enrolled.