In response to the Coronavirus (COVID-19) pandemic, the Treasury and IRS issued new guidance that calls for a tax deadline extension, moving the customary April 15 deadline to .
On top, what is the last day to file your 2020 taxes?
Though last year the IRS extended the deadline from April 15 to July 15, this year the agency granted us one extra month, and for most people, 2020 taxes came due on . If you requested an extension and were approved, your last day to file is Oct. 15, 2021.
Eventually, when can I file 2020 taxes in 2021? Even though taxes for most taxpayers are due by Ap, you can e-file (electronically file) your taxes earlier. The IRS likely will begin accepting electronic returns anywhere between Jan. 15 and Feb. 1, 2021, when taxpayers should have received their last paychecks of the 2020 fiscal year.
Beside, what happens if you miss the tax deadline?
You'll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due. You'll also likely owe interest on whatever amount you didn't pay by the filing deadline.
What happens if I don't file my taxes?
Failure to file penalties result in a 5 percent penalty each month on any unpaid taxes, capping at 25 percent. Here is how it breaks down: First month: 5 percent of tax liability. Second month: 5 percent of tax liability, plus a penalty of $210 or 100 percent of your tax liability, whichever is less.