Tax Day 2021: the deadline to file tax returns is today
WILMINGTON, N.C. (WECT) - Monday is the official deadline for individuals to file their 2020 federal and state tax returns.
It’s a month later than usual, thanks to the pandemic. The original filing and payment due date was April 15, but the IRS pushed the deadline to May 17 to give individuals and itself more time to sort through the changes affecting taxes from the latest COVID-19 relief package.
Unless you choose to file for an extension, you must file and pay any remaining federal income taxes you owe for 2020 by May 17 to avoid being hit with late filing or late payment penalties. You can get a five-month extension to file your 2020 federal income taxes, meaning they won’t be due until October 15. To do so, you must submit your request to the IRS by May 17.
You can expect refunds within 21 calendar days of the IRS receiving your return. The IRS says it takes longer to process mailed documents, such as paper tax returns, so the fastest way to receive your refund is to file electronically and choose direct deposit.
If you received a stimulus check, note that it is not taxable. Unemployment benefits are taxable, but for households with income below $150,000, the first $10,200 in unemployment benefits are exempt from federal income tax. This is thanks to a provision in the latest COVID-19 relief package signed into law by President Biden.
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