You may be missing out on IRS money if you don’t meet this Oct. 15 tax deadline

You may be missing out on IRS money if you don’t meet this Oct. 15 tax deadline

Even though tax day was extended to May 17 this year, millions of taxpayers still had to rush to file their 2020 tax return. Some filed for an extension to get more time to gather their records or get professional advice, or even to avoid potential mistakes. But that final tax extension deadline is now approaching. And if you miss the Oct. 15 filing date, you’ll owe late fees or more interest.

Most importantly, if you haven’t yet filed your 2020 tax return, you could be missing out on IRS money, like a tax refund, stimulus checks or child tax credit payments. If you wait too long to file and claim a refund, the IRS says you could risk losing it completely.

Remember, an extension doesn’t postpone having to pay taxes that you owe, it just gives you extra time to file your return. The IRS is still providing several electronic filing options, including free file for individuals whose income is no more than $72,000.

We’ll explain below how to know if the deadline applies to you, who gets more time to file and what happens if you miss the October deadline. Here’s how to track your IRS tax refund and what to know about refunds on 2020 unemployment benefits.

Do I qualify for a tax extension?

The IRS will have granted a filing extension if you filed Form 4868 (PDF) either by paper or electronically using e-file before the May 17 filing deadline. You would’ve had to pay all or part of your estimated income tax due using Direct Pay, the Electronic Federal Tax Payment System, or using a debit or credit card, and note that you were filing for an extension.

Some taxpayers are automatically granted more time to file. This includes military personnel who are serving in a combat zone or persons in federally declared disaster areas.

How do I file my 2020 tax return today?

The IRS says that taxpayers can file and schedule their federal tax payments online, by phone or with the mobile IRS2Go app.

If you need to find a tax software service to use, and you make $72,000 or less, you can find an IRS-approved free filing service easily. You’ll need to gather the following information: income statements (W2s or 1099s); any adjustments to your income; your current filing status (single, married, filing jointly); and dependent information. If you make more than $72,000, you can use the Free File Fillable form.

If you haven’t already made a tax payment, the IRS prefers that payments be made electronically, and offers a variety of ways to do so, including IRS Direct Pay, which is directly linked to a checking or savings account. Another option is by credit card using the mobile IRS2Go app, or through the Electronic Federal Tax Payment System…Read more>>

Source:-cnet 

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