IRS Gives Taxpayers More Time to File
The Internal Revenue Service (IRS) has announced that taxpayers have more time to file their taxes this year. The deadline for filing taxes has been extended from April 15th to May 17th, 2021. This extension applies to both individual and business taxpayers.
Reasons for the Extension
The IRS has extended the filing deadline due to the ongoing pandemic. The agency has stated that the extension is intended to provide taxpayers with additional time to file their taxes and to help them avoid any potential penalties.
The IRS has also noted that the extension is intended to provide taxpayers with additional time to take advantage of any tax credits or deductions that may be available to them. This includes the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit.
What Taxpayers Need to Know
Taxpayers should be aware that the extension does not apply to any payments that are due. Taxpayers who owe taxes must still make their payments by April 15th, 2021.
The IRS has also noted that taxpayers who are expecting a refund should still file their taxes as soon as possible. Filing early will help ensure that taxpayers receive their refunds in a timely manner.
Additional Resources
The IRS has provided a number of resources to help taxpayers with filing their taxes. These resources include an online filing system, a telephone hotline, and a variety of publications.
Taxpayers can also take advantage of free tax preparation services offered by the IRS. These services are available to taxpayers who meet certain income requirements.
What to Do if You Need More Time
Taxpayers who need additional time to file their taxes can request an extension. The IRS will grant an extension of up to six months for taxpayers who need additional time to file their taxes.
Taxpayers who request an extension must still make any payments that are due by April 15th, 2021. The extension only applies to the filing of the tax return, not to any payments that are due.
Conclusion
The IRS has extended the filing deadline for taxes to May 17th, 2021. This extension is intended to provide taxpayers with additional time to file their taxes and to take advantage of any tax credits or deductions that may be available to them. Taxpayers should be aware that the extension does not apply to any payments that are due. Taxpayers who need additional time to file their taxes can request an extension of up to six months.