For many people, mid-April is the usual time to file taxes. But if you need more time to gather your paperwork or get your affairs in order – is it possible to get a 2021 tax extension?
The good news is that the IRS allows for an extension of the filing deadline in certain circumstances. And, in even better news, the new tax deadline for 2021 tax returns has been announced: July 15.
Here’s what you need to know about the 2021 tax extension deadline and how it might affect your taxes this year.
If you’re wondering whether or not you should file for an extension, the answer is generally yes if you think you might need more time to prepare your return. Remember, it’s better to file for an extension and get your taxes done right than to rush through the process and make mistakes that could cost you later on.
Filing for an extension is easy, and at Halter CPA, we can help you do it. We’ll make sure that everything is in order and that you’re taking advantage of all the tax breaks and deductions you’re entitled to.
Once you’ve filed for an extension, you’ll have until July 15 to get your taxes done. That’s an extra two months to get things in order and make sure you’re taking advantage of all the deductions and credits you’re entitled to.
And, if you need even more time, you can file for another extension. But keep in mind that this second extension only gives you until October 15 to file your return so it’s best to use it as a last resort.
Also remember that state tax deadlines may differ from the federal deadline, so be sure to check with your state tax agency to find out when you need to file. This is because some states automatically grant an extension to taxpayers who get a federal extension, while others require you to file for an extension separately.
Moreover, your tax deadline will depend on the type of tax return you’re filing. The deadline for filing an extension is generally set by the calendar year, including trusts and estates, individuals, tax-paying entities, and individuals that are self-employed.
If you’re filing an individual tax return, the deadline is April 15. But if you’re filing a return for a trust, estate, corporation or partnership, the deadline is the 15th day of the 4th month after the end of the fiscal year.
At Halter CPA, we can help you with all your tax needs, whether you’re filing on time or need an extension. We’ll make sure that everything is done right so that you can focus on what’s important: running your business. Contact us today to learn more about how we can help you with your taxes this year.