Last-Minute Tax Tips

Are you procrastinating on your taxes? Don't worry... the IRS reports that approximately 1/3 of Americans wait until the last minute, so you're not alone! We've gathered some useful resources for you in case you wait until the last minute.

 

It's that time again... tax season!

This may not be your favorite time of the year, but we've gathered some resources for you in case you've waited until the last minute to get your taxes done. The good news is you have some extra time this year! The U.S. Treasury Department and the IRS announced that the federal income tax filing due date will be extended from April 15, 2021 to May 17, 2021.

Free Tax Filing Resources

Many Americans take advantage of the free services available for filing their taxes. Here is a list of free services that may be available to you.

Resources from the Internal Revenue Service:

  • If you make less than $72,000 per year, you can take advantage of the Free File Software found on this section of the IRS website.
  • If you make more than $72,000 per year, there is still hope! You can go to the same page on the IRS website to access Free File Fillable Forms.
  • There may be free tax preparer's near you! "The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $54,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals." Click here to see if there's a VITA program near you!

Make a Payment - Quick and Easy!

In the event you have to make a payment to the IRS, they've made it pretty easy for you. Visit the "Direct Pay" page of the IRS website to pay them directly.

File for an Extension

Again, the tax deadline has been extended to May 17, 2021. However, if your taxes are more complicated and you need to file an extension, you can do that right on the IRS website on the Extension of Time To File page. However, filing may give you more time to file your return, but it doesn't give you more time to pay taxes you owe. If you can't come up with the money by the May 17 deadline, your bill will be inflated by underpayment fines and interest on the balance until you pay it off.

Did you know many of our agents can help you with life insurance and retirement solutions? Talk to your local agent today to understand your options and make a plan for your future.

Information from www.irs.gov

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