There's good news for taxpayers around the country! The orginal April 15 deadline to file your taxes has been pushed back to May 17. This is extremely helpful for those who are still waiting to receive their W-2 forms, 1040 forms, etc. However, if you are able to file earlier than this date, than you very well should.
It is very easy for us to become complacent when we are given extra time to get something done. Extra time should equate to less stress right? Well, you might want to rethink that concept. The reason why the IRS is extending the dealine is due to a huge backlog of mailed returns, and overwhelmed phone lines, along with the delayed start to the 2021 tax season.
The key thing to note here is that although there is a deadline extension, the sooner you file your taxes, the sooner you will receive your refund. Because there is a gigantic backup of returns to process, there are already delays for the people who filed earlier. It would be in your very best interest to get your taxes to the IRS as soon as you possibly can.
One piece of information to remeber is that if you have not received the first two stimulus payments in 2020, you can apply it to your 2020 tax refund.
If you file electronically and choose to receive you refund through direct deposit, you can expect your return to be issued within 21 days from the day your refund is accepted by the IRS. Going for direct deposit is a great way to ensure you refund arrives to your bank account as quickly as possible.
This is extension is very beneficial for those in low-income communities who do not have access to up-to-date information about stimulus payments as well as tax refund information. There are families who do not file their taxes because their income is so low that they are not required to do so. If you know any families in this situation, please spread the word!
For more information about this topic, please check out the link below!
Singletary, M. (2021, March 19). If you're in line for a stimulus payment, Here's why you shouldn't wait to file your taxes on May 17. Retrieved March 25, 2021, from https://www.washingtonpost.com/business/2021/03/19/irs-tax-deadline-may-17/
Colby, C. (2021, March 19). Tax day extended to May 17. everything you need to know now. Retrieved March 25, 2021, from https://www.cnet.com/personal-finance/taxes/tax-day-extended-to-may-17-everything-you-need-to-know-now/