IRS, Indiana Taxes Due Monday.
INDIANAPOLIS – The IRS extended this year’s tax deadline for individuals from April 15th to May 17th, which means Monday is the last day those of us who operate at the last minute must file an application.
This also extended the tax deadlines that would normally fall on April 15th, e.g. B. Contributions to 2020 retirement accounts, health savings accounts and education accounts. You can find detailed information on the extended deadlines here.
Here’s everything you need to know about Tax Day 2021, including how to get your refund asap and what to do if you don’t finish on time.
Pete the Planner: How to Issue a Tax Refund Check
What time of the day are tax returns for 2020 due?
The May 17th tax deadline means taxes must be electronically filed or stamped before midnight Monday. This gives you the weekend and all of Monday to submit everything.
Some U.S. post office locations in central Indiana have extended hours on Mondays, but you must check with your local post office for details.
Of course, if you are filing electronically, you do not need to visit Swiss Post.
What is the Indiana State Tax Filing Deadline?
Indiana also extended the tax deadline to align with the IRS. The deadline for filing and paying state taxes by individuals is also Monday at midnight.
What if I miss the 2020 tax deadline?
If you receive a refund, there is no late filing penalty. The IRS does not penalize people for waiting to raise their own money. If you fail to meet the deadline, your refund will only take longer.
If you owe taxes, that’s a different story. Penalties and interest rates start rising immediately. The IRS will add 5% of the unpaid tax bill to your tab for each month you fail to submit and another 5% for each month that you fail to pay. Both penalties are a maximum of 25%. In addition, the interest is growing every day.
Related: Big Tax Refund? Take a trip!
What if I am self-employed?
The filing and payment deadlines are the same if you are self-employed, but the IRS has not extended the April 15 deadline to pay your quarterly estimated taxes for January through March 2021. If you have not paid in, you are already liable to prosecution.
Is there an extension for filing taxes for 2020?
If you miss the May 17th deadline and there is a chance you owe something to the IRS, consider filing an extension. The renewal period also ends on Monday and you can email the form for free.
An extension gives you until October 15, so you won’t be charged the 5% per month late filing fee until after that. However, it is important to know that you will continue to receive late payment fees. It is therefore a good idea to deposit as much as you can by Monday to keep these fees down.
If your federal expansion is approved, Indiana automatically grants you state tax exemptions. This extends your time for filing state taxes until November 15th. If you’re not filing a federal extension but need additional time on your state taxes, file that extension here.
How long will it take to get my refund?
The IRS has delays this year, causing some refunds to take 21 days or more. The most likely event that your refund will be delayed is if you submit by mail instead of email, or if the return needs to be verified due to incorrect tax credit information.
Related: Expected Tax Refund Delays
Once your taxes have been submitted, you can check the status of your refund here. You will need the exact amount of your refund to access the information. Keep this in mind when submitting.
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