On March 17, 2021, IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. That means you do not have to file Form 4868 for the tax return extension unless you plan to file after May 17. For any return or payment postponed by this announcement, no penalty and interest to file a federal income tax return and its payment will be accrued between April 15 and May 17, 2021*.
* Postponement applies only to individual taxpayers (Form 1040); estimated income tax payments are due April 15, 2021 for 2021 tax years.
Taxpayers should double-check to ensure they have all their documents before filing a tax return. If taxpayers find errors or missing documents such as a W-2 or Form 1099, they should contact the employers and payers or other issuers to request the missing documents or to reissue corrected forms. If taxpayers do not receive missing or corrected documents in time to their returns, they may need to estimate the payments made to them. Estimated amounts can be reported on Form 3852 on their federal tax return. If they receive the missing or corrected Form W-2 or Form 1099-R after filing their return and the information differs from their estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.
Most taxpayers should have received income documents near the end of January, including:
- Forms W-2, Wage and Tax Statement
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
The Internal Revenue Service (IRS) issued the standard mileage rate for 2021 to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purpose.
Standard Mileage Rates for the beginning on January 1, 2021 for the uses of car, vans, pickups or panel truck will be:
- 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020
- 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020
- 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020
The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
- Under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
- Taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details see Moving Expenses for Members of the Armed Forces.
For everyone who’s looking to start the new year off right, check out the tax filing dates below. Don’t forget to talk to your tax preparer about gathering information needed to complete these filings.
Deadlines for Businesses and Non-profit Organizations
- January 31, 2012 – W-2’s due to employees; 1099’s due to contractors/investors/others
- February 29, 2012 – W-3 and 1096’s due to IRS
- March 15, 2012 – Corporate tax returns or filing extension due to IRS
- May 15, 2012 – Non-profit tax returns or filing extension due to IRS
Deadlines for Individuals
- April 17, 2012 – Individual tax returns or extension due to IRS
If you are unsure of your filing requirements, visit the IRS website to determine your obligation.
Monday is the deadline for filing your taxes! Give us a call if you need help finishing up. Also don’t forget you can file an extension as well.
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