PRESQUE ISLE, Maine (WAGM) - While tax season is in full swing, the deadline for individual taxpayers has been moved to Monday, May 17, 2021.
Tim Poitras of Chester M. Kearney, says that change doesn’t apply to everyone.
“Last year when they did the extension, they extended everything. So now this year you have until May 17th to file your personal taxes and pay any tax due,” Poitras said. “Corporations that are typically due April 15th are still due, and any fiduciary returns such as estates or trusts those are also still due April 15th, and of course extensions are still available. The other big one is estimated tax payments. If you’re an individual that makes quarterly estimated tax payments, that first quarter payment is still due April 15th.”
Poitras says to keep stimulus payments in mind as well.
“If you didn’t get your full amount of round one or round two, you can get a credit on your tax return. So, if you didn’t get those stimulus payments you want to be sure you claim them on your return,” Poitras adds. “Also getting your return done as soon as possible if you didn’t get round three. You want to get your return in if you’re under the income threshold to get your third-round stimulus payment.”
Given the later deadline, Poitras says this does not mean you should wait to file.
“We’ve encouraged everyone to get in and get them done. That way if there’s an opportunity also to save some tax by doing an IRA or an HSA contribution, those have to be done by May 17. So, it gives you a little lead time to prepare for that.”
Poitras says he’s seen refunds in as little as two weeks for e-filing. He adds there is a delay with paper filing, as the IRS is still processing paper returns from 2019.
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Tax Deadline on May 17 ; Local Accountant Provides Tips Ahead of Tax Day 2021 - WAGM
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