Individuals must generally file their income tax returns by April 15, unless the date falls on a weekend or holiday or they file Form 4868 requesting an extension until October 15. The latest tax information, including details on reconciling early child tax credit payments or applying for a recovery refund credit for lack of stimulus payments, is available. Rocky is a senior tax editor at Kiplinger with more than 20 years of experience in federal and state tax regulations. Most states align their income tax filing deadline with the federal due date, but some have different deadlines (for example, before joining Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided news and guidance to certified public accountants, lawyers, and other tax professionals).The Treasury and the IRS have postponed filing federal tax returns and paying certain federal taxes. The IRS offers a variety of free options to help taxpayers, from free assistance at Voluntary Income Tax Assistance and Tax Advice for Seniors offices across the country to the availability of the IRS Free File program.
Now is the time to review the capital gains tax rules to plan for the end of the year. Companies that operate on a calendar year have been granted an automatic extension to file corporate tax returns and pay any taxes due. If you expect to owe taxes during one or more previous tax years and you haven't filed or paid them, you are likely subject to penalties for late filing and late payment. Many commercial tax preparation software companies and tax professionals will accept and prepare tax returns by Jan. 24 for filing when IRS systems open.
Residents of Maine (opens in a new tab) and Massachusetts (opens in a new tab) have an additional day this year, until April 19, to file their federal income tax return. Depending on your taxable income, you may fall into one of seven different federal tax categories, each with its own marginal tax rate. By law, the IRS cannot issue a refund involving the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February, although eligible individuals can file their returns starting Jan. 24. If you know how much you'll contribute before the tax deadline, you can include it on your tax return and make the contribution before the new deadline. In addition to IRS Free File, the IRS's voluntary income tax assistance and senior tax counseling programs prepare free basic tax returns for qualified individuals.
The next business day was April 18, so this year became the new federal tax filing deadline for most people.