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Filing Your 2021 Taxes

Posted on by djbechard

If you received an Economic Impact Payment in spring 2021 you will need to have your letter from the IRS saying how much money you received, before you can file your taxes.

If you have children and received the child tax credit payment from July to December 2021, you will get a letter in the mail that you will also need in order to file your taxes.

 

If you don’t have your letters when you file your taxes you can expect delays.

 

If you are receiving a tax refund, this is a great opportunity to get ahead financially either by paying down debt or saving for the future.

By: Brenda Langdon

Tax Deadline Changes

Posted on by mjsaxton@ksu.edu

The Treasury Department and Internal Revenue Service 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.

This continues to be a tough time for many people and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic.  Even with the new deadline, taxpayers are urged to consider filing as soon as possible, especially those who are owed refunds.

Filing electronically with direct deposit is the quickest way to get refunds and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.

By: Brenda Langdon