That’s because the normal April 15 income tax deadline is also the IRA contribution deadline. The May 17 extension could provide some significant benefits for taxpayers looking to save for retirement through an IRA. It applies regardless of the amount you might owe, and payments will not incur additional penalties or interest up until May 17. This extension is automatic, meaning taxpayers do not need to file any additional forms to take advantage of it. This extension applies to all filers, including individuals, businesses, trusts, estates and more. On March 17, 2021, the IRS officially extended the federal income tax filing deadline from April 15 to May 17. That means taxpayers who owe money don’t need to file a tax return until this date, and if they owe money they don’t need to make payments until then. The IRS gave residents and businesses of Texas, Oklahoma and Louisiana extra time because a severe mid-February winter storm left millions without power and water. Tax Deadline Extension: What Is Extended for 2021 Talk to a financial advisor about your plans today. Taxes likely won’t be the only aspect of your finances to be affected by the COVID-19 pandemic. You will still owe penalties and interest if you don’t pay by May 17. So if you owe money for 2019, an extension will not buy you more time.
This extension, however, is only for filing – it does not apply to payments. The deadline to submit this form is April 15. If you need more time than the May 17 or June 15 deadlines, you can file for an extension to Oct.
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