FILING tax returns on time and correctly is a hugely important task.
Last year, the deadline was extended from April 15 to July 15 because of the ongoing coronavirus pandemic. No such extension has been granted for this year’s filing date, however.
Tax returns can be filed electronically before the deadline[/caption]
To make sure you get your return in on time this year, here’s everything you need to know about completing the document.
When can I file my 2021 taxes?
Both individual and corporate tax returns for the 2020 fiscal year must be filed by April 15, 2021.
Those unable to file their return by then, can request an extension until October 15, 2021.
You will still be required to pay taxes by the original deadline, however, as failure to do so may lead to penalties and interest being added.
Can I file my taxes electronically?
The short answer is yes, you can file your taxes electronically.
The Free File Alliance helps millions of Americans file their tax returns for free.[/caption]
Taxes for most are due by April 15, 2021, but there is an option to electronically file them much earlier.
The IRS (Internal Revenue Service) will begin accepting electronic returns at some point between now and February 1.
By this time, taxpayers should have received their last paychecks of the 2020 fiscal year.
What is the Free File Alliance by the IRS and how do I use it?
The Free File Alliance is a non-profit coalition of tax software companies partnered with the IRS.
Its aim is to help millions of Americans prepare and electronically file their federal tax returns for free.
Most read in News
The service gives taxpayers access to a number of different tax software options made available from Free File Alliance members.
After selecting the software that works best for their tax situations, users are transferred from IRS.gov to the company’s website to complete their returns.
The Free File Alliance is set to be open for the 2021 filing season before February 1.