What date are personal tax returns due each year?
The Federal tax deadline for the Form 1040 is normally on April 15th. For 2021, the IRS changed the federal tax deadline from April 15, 2021 to May 17, 2021. However, taxpayers living in Louisiana, Oklahoma and Texas have until June 15, 2021 to file their personal income tax return. By moving the federal tax deadline to this later date, it provides taxpayers extra time to file their return and remit payment for taxes. If you owe taxes, you can avoid interest and penalties on the liability due if you pay your liability by May 17.
Most states with an income tax generally follow the same deadline as federal taxes, using the same April 15th deadline. Even though the IRS extended the deadline for 2020 taxes, be aware that each state has right to elect to move its filing deadline or to keep it the same. Fortunately, the majority of states extended their filing deadline to May 17 to match the federal filing date. You can check the status of your state here.
New Mexico has extended both the deadline to file and to deadline to pay to May 17, 2021. Texas does not have a state personal income tax but has extended the Franchise Tax Return filing deadline to June 15, 2021.
What if I can’t file my return by May 17?
You can file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. The extension must be filed no later than May 17, 2021. Taxpayers filing Form 4868 will be granted an automatic extension until October 15, 2021. You can electronically file an extension at Free File, through your tax preparer, or you can download a pdf copy from the IRS and mail it in. Mailed extensions should be postmarked no later than May 17, 2021.
Filing an extension ensures you do not receive a failure to file penalty. However, if you owe taxes, you will still need to make a tax payment by May 17, even if you file an extension for your return, or risk penalty and interest charges on late payment of taxes. You can make payments at the IRS payment portal.
What if I did not receive a W-2 from my employer?
You are required to file your tax return or file an extension even if your employer did not provide you with your Form W-2. The employer W-2 Form deadline is January 31st of each year. Ideally you should receive the form by that date or shortly after. If you have not received it by February 14th, you have two options.
First, you can get direct help from the IRS. Call them at 800-829-1040 to request assistance by giving them the following information:
- Provide the IRS with your employer’s name, full address, and phone number.
- Give the IRS your employment dates and your wage and tax information from your year-end paycheck stub.
Your second option is to use IRS Form 4852, Substitute for Form W-2, Wage and Tax Statement. Use the estimated income and tax withholding from the Form 4852 to prepare your taxes. Be sure to submit your form 4852 with your tax return when you file. Be aware that if you are due a refund, there may be a delay in receiving the refund because the IRS will need to confirm the information on the form.
What if I file a return using Form 4852 and later receive a Form W-2?
If you receive a Form W2 after you have filed your taxes using Form 4852, and the information on the W-2 you receive is different than the Form 4852 you prepared and used to file, you will need to file a Form 1040X Amended U.S. Individual Income Tax Return, to amend your tax return.
How much time do I have to file a 2020 amended tax return?
The IRS allows you to amend any year tax return no later than three years from the date the return was filed, or two years from the date you pay the tax for that year. For 2020 tax returns, if you filed on April 15, 2021, you would have until April 15, 2024. If you extended your return and filed on October 15, 2021, you would have until October 15, 2024 to file an amended return. Learn more about filing an amended tax return by visiting the IRS website.
What about Estimated Tax Payments?
Unfortunately, those were not extended for 2021. Estimated tax payments are due quarterly, on the following schedule:
- 1st Quarter Estimated Tax Payment Due Date – April 15
- 2nd Quarter Estimated Tax Payment Due Date – June 15
- 3rd Quarter Estimated Tax Payment Due Date – September 15
- 4th Quarter Estimated Tax Payment Due Date – January 15 of the following year
Filing taxes, filing a timely extension, and paying taxes on time is financially critical. That is why it is wise to meet with a tax professional to determine your tax picture, prepare your tax return correctly and file the correct extension if necessary.
If you need help with your taxes, The Becerra Group can assist you. Call us at 505-462-9090 (NM) or 830-254-4708 (TX), or click here and complete our online contact form. We are here to serve all your tax, accounting, and bookkeeping needs.