So you filed your taxes. Maybe you need to file an extension. So what now? We know this year presents more questions than arguably any year before. To help you plot a course through the end of tax season, here are some important dates for individual filers to mark on the calendar!
APRIL 15
April 15th is tax day in 2021. All taxes are due on this day.
First Installment
According to the IRS, if 2021 income tax is not being paid through withholding (or won't pay in enough tax during the year via withholding alone), pay the first installment of 2021 estimated taxes. Use Form 1040-ES”
April Extension Deadline
Form 4868 is the application for automatic extension of time to file U.S.
Individuals must file a 2020 Form 1040 or Form 1040-SR and pay any estimated tax due electronically. As long as part or all of the taxes due are paid, the extension to October 15 will be approved.
In order to receive an automatic, 6-month tax filing extension as an individual filer, complete and file Form 4868 after estimated income tax amount is paid.
Make a note* if an extension is given, be sure to file Form 1040 no later than October 15, 2021. Remember, the extension is not for money owed, it is only an extension to file Form 1040.
JUNE 15, 2021
If an individual does not have income taxes withheld for 2021 taxes, the second installment of estimated taxes is due on June 15. All estimated taxes on earnings from April 1 through May 31, 2021 should be paid by this date.
SEPTEMBER 15, 2021
September 15 is the third installment date for estimated tax payments in 2021.
If an Individual does not pay taxes through withheld income tax, September 15 is the third installment date to pay estimated taxes in 2021. In this case, individuals should use Form 1040-ES.
OCTOBER 15, 2021
If, as an individual filer, the automatic 6-month extension to file income tax returns for 2020 ends on October 15, 2021. File Form 1040 on or before this date. Once taxes are filed, individuals are to pay any remaining tax, interest, and/or penalties due.
If you have not yet filed your 2020 taxes, keep in mind the IRS strongly recommends filing electronically and opting to receive any refunds via direct deposit. This will assure the most streamlined services and refund turnaround time due to a large amount of filings.
If you haven’t already, sign up for your own Fancard and choose to direct deposit your refund onto a Fancard Prepaid Mastercard®. You can utilize the easy-to-use Fancards app to keep track of your funds all while showcasing your favorite team on the go.
To learn more about dates and deadlines for individual taxes this tax season, be sure to visit the IRS website.