Tax Deadline Fast Approaching

Are you one of the many people who took advantage of the extension of the deadline to file your taxes? The new date is May 17, 2021, to file your 2020 tax return. This is true for both federal taxes and South Carolina taxes.

If you need a further extension, you must apply for it by May 17. Please be aware that according to irs.gov:

  • An extension of time to file your return does not grant you any extension of time to pay your taxes. 
  • You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
  • You must file your extension request no later than the regular due date of your return.

This same website, irs.gov, also says that individual tax filers, regardless of income, can use Free File to electronically request an automatic tax-filing extension.

  • Filing this form gives you until October 15, 2021, to file a return.
  • To get the extension, you must estimate your tax liability on this form and should also pay any amount due.

There were several changes in the tax law for 2020. To read our post about filing your Federal Tax Return, click here. South Carolina has some different requirements; read about them here.

Tidelines Editors

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