The May 17th New Tax Deadline: What You Need To Know
By Todd Whalen - May 17, 2021
New Tax Deadline: What You Need To Know
Due to COVID-19, the IRS has moved the deadline for filling 2020 federal taxes to May 17th, 2021. How does this affect you, and what steps should you take to make sure you file taxes properly and avoid potential penalties? Read on and find out.
It’s Important To File Your Taxes Before The May 17th Deadline To Avoid Penalties
Filing your taxes before May 17th will ensure that you get your refund quickly if you’re owed money by the IRS. In addition, failing to file in time could result in penalties, such as 5% interest per month on the money you owe.
You need to remember to file your state taxes, too. Similarly to the IRS, the Colorado Department of Revenue has also extended its tax deadline to May 17th.
Be Proactive If You Think You Owe The IRS Money – Get Help From A Tax Specialist
It’s important to file your taxes even if you can’t pay. This can help you avoid further fees and penalties from the IRS. And if you are in tax debt due to improper filing or failing to file, don’t stress – the IRS offers repayment plans and options to help you get back on track.
For example, an Offer in Compromise (OIC) can be used to settle your tax debts for less than you owe in some situations, letting you pay what you owe in installments.
There are also a few other payment plans and steps you can take to avoid penalties and potential prosecution. No matter how dire your situation may seem, working with a tax specialist like Advanced Tax Solutions will ensure you get the best possible outcome for your situation.
Need Help? Contact A Tax Debt Specialist At Advanced Tax Solutions
If you have a complex tax situation and may owe back taxes to the IRS, don’t go it alone. Working with a tax specialist at Advanced Tax Solutions can help you understand what you owe and the next steps to take – and get the best outcome for your situation. Contact us online or give us a call at (303) 753-6040 to get started today.