If you earned less than $12,400 or $24,200 combined with your spouse, you are exempt from filing a tax return. The rest will have to use Form 1040 to file their federal income tax returns. Also, this is a little bit higher if filing as head of household since the standard deduction amount for them is $18,650.
Same as any other year, the tax filing deadline in 2021 was April 15. However, due to the COVID-19, the Internal Revenue Service postponed the deadline for three months. Therefore, the 2019 tax returns you supposed to file before April 15 is now pushed to July 15. The same also goes for tax payments. Instead of April 15, you have until July 15 to file your federal income tax return.
In all cases, you have the option to file a tax extension. The tax extension would normally give you an additional six months to file a tax return. It still applies but the tax filing deadline is already extended for three months. So you will have an extra of six months after the July 15 deadline. If you file an extension, you must file taxes before October 15.
Tax Extension Deadline
As of now, the deadline to file an extension is July 15. However, filing a tax extension will not give you six more months from this date. You will only have three more months to file your tax return, thus, pushing the deadline to October 15.
Whether you file an extension or not, you will have to pay taxes before the regular deadline, July 15. If you end up owing to the IRS after you filed your taxes, you will be subject to late fees and interest. So make sure to pay taxes before you file an extension.
The Internal Revenue Service allows taxpayers to file an extension and pay taxes at the same time. This can easily be done using IRS Direct Pay. But you will only be able to make payments with a savings or a checking account.