Attention, Last-Minute Filers: Income Tax Returns Due Today

RIVERSIDE (CNS) – Tax procrastinators be warned — today is the
deadline to get your taxes filed.

The Internal Revenue Service began accepting 2021 tax returns in
January. And while Tax Day is normally April 15, Monday marks the third year in
a row the Internal Revenue Service has extended the filing date for federal tax
returns.

Because of the COVID-19 pandemic, the deadline for tax returns in 2020
was extended to July 15. The federal government extended the tax deadline
again last year to May 17. This year, the deadline has been pushed forward
because of Emancipation Day, a government holiday celebrated in the District of
Columbia.

Last-minute filers will need to submit their 2021 tax returns by
Monday or request an extension, which would give them six more months to get
their fiscal declaration in order.

An extension of time to file is not an extension of time to pay,
however, and taxpayers must estimate their tax liability and pay any amount due
by the filing deadline to avoid penalties and interest.

If you’re owed a refund, there is no penalty for filing federal taxes late.

The IRS encourages taxpayers to file electronically because tax
software does the calculations, flags common errors and reduces tax return
errors by prompting taxpayers for missing information.

Even while your local post office may offer extended hours on Tax Day,
the fastest way to receive a refund is to file electronically and use
direct deposit, the IRS says.

IRS Free File is available to any person or family with an adjusted
gross income of $73,000 or less in 2021. Most tax software providers make their
online products available for free, and taxpayers can use IRS Free File to
claim the remaining amount of their Child Tax Credit, the Earned Income Tax
Credit and other important credits.

The IRS estimates 1.5 million taxpayers did not file a 2018 tax return
to claim tax refunds worth more than $1.5 billion — and the three-year
window of opportunity to claim a refund from that year closes Monday for most
taxpayers.

If they don’t file a 2018 tax return by the deadline, the money
becomes the property of the U.S. Treasury. The law requires taxpayers to
properly address, mail and ensure the 2018 tax return is postmarked by that
date.

The IRS considers a tax return filed on time if it is addressed
correctly, has enough postage, and is postmarked by the due date.

More information is available at https://www.irs.gov/filing/free-file-
do-your-federal-taxes-for-free.

Copyright 2022, City News Service, Inc.

CNS-04-18-2022 01:33