Upcoming IRS Deadlines You Don’t Want to Miss
The 2020 tax season was a bewildering mix of missing incentive check discounts, new loans, and, of course, a time shift. Given a recent IPX 1031 poll, 32% of Americans were unaware that the federal tax deadline was extended to May 17 , so it might be appropriate to look back at other important IRS deadlines coming in the next two months.
The deadline for paying taxes remains April 15th for work concerts.
Although the IRS has extended the tax filing season to May 17 due to the pandemic, workers who have earned tax-free income – freelancers, giants, and small business owners – still have to pay payroll taxes after the fact. Quarterly schedule, which means the deadline is still April 15th. These estimated tax payments could include self-employment income, dividends, alimony, or rental income. This means tomorrow is your last day to file your first quarter tax return if you want to avoid possible late fees.
You can contribute to the IRA and HSA until May 17th.
You still have time to contribute in 2020 to your Individual Retirement Accounts (IRA and Roth IRA), Medical Savings Accounts (HSA), Archer Medical Savings Accounts (Archer MSA) and Coverdell Education Savings Accounts (Coverdell ESA). In 2020, a person under 50 can contribute $ 6,000 to their IRA, and a person over 50 can contribute up to $ 7,000; these contributions can be deducted in whole or in part from the tax base in accordance with the rules of the IRS.
The deadline for refunding unclaimed taxes for 2017 is May 17.
The IRS gives you a three-year window during which you can claim a tax refund (if you qualify) before the money becomes the property of the US Treasury. Usually the deadline is April 15th, but this deadline has been extended to May 17th to meet the new federal taxation date.
The AFSP 2021 deadline has been pushed back to May 17.
The Annual Application Season Program (AFSP) for calendar year 2021 has also been extended. AFPS is a continuing education program that helps non-qualified tax preparers become familiar with the latest tax laws.