The federal personal income tax is a progressive tax - opinion
Federal taxes are due on May 17, The Internal Revenue Service extended the deadline as part of its response to the coronavirus pandemic, both to give Americans more time to file their paperwork and the agency a chance to process all those stimulus checks. As many as 35 states updated their tax deadline accordingly, so many Americans can now benefit from extra time. With all the changes, Select rounded up the latest information you should know about as we get closer to Tax Day:. The new federal tax deadline is May The majority of states also extended their tax deadlines to May 17 , in accordance with the updated IRS federal tax deadline. The deadline for quarterly estimated tax payments, however, remains April 15, so freelancers should have already filed. Those who haven't filed previous years' taxes also have until May 17, to file returns for , or The IRS estimates that as many as 1.The federal personal income tax is a progressive tax - consider, that
The IRS has now clarified how it will handle overpayments on individual tax returns applied to income taxes in a post on the IRS website. Luckily, the IRS did not take the most heavy-handed approach possible, though they took quite a bit of time deciding to clarify the issue. Basically, the IRS is going to look at amounts paid through April 15, and compare that to the tax shown on the return. The due dates for estimated tax payments for were not postponed. The first estimated tax installment is due April 15, If an individual taxpayer has a overpayment and elects to credit the overpayment against the estimated tax, the date on which the overpayment is applied against the estimated tax depends on: a the date s of payment, and b the extent to which an overpayment exists as of April 15, An extension of time to file has no effect on either the date of payment or the date on which an overpayment exists. To the extent an overpayment of the tax exists as of April 15, because payments made on or before April 15, , exceed the tax liability , and the taxpayer makes a valid election to apply the overpayment to estimated tax, the overpayment would be applied as of April 15, , whether the return is filed on April 15, May 17, or October 15, the federal personal income tax is a progressive taxSign-up for Daily Newsletter Updates. We have a great number of amazing blog posts contributed by our local bloggers.
/2015-Federal-Tax-Rates-56a938f63df78cf772a4e7d2.png "the federal personal income tax is a progressive tax")
Discover what is happening in your neighborhood by reading their latest posts. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief.
Our top picks of timely offers from our partners
Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17; however, penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, The extended tax return due date applies to any individual who files a federal individual income tax return — or has a federal tax payment reported on one of these see more that would otherwise be due April 15, — using the Form series, including FormSR, and PR.
Additionally, foreign trusts and estates with federal income tax filing or payment obligations that file Form NR now have until May 17, The extended deadline also applies to schedules, returns, and other forms that are filed with a Form or are required to be filed by the due date of the Formsuch as Schedules H, Schedule SE, and Forms A,, E, and This extended deadline does not apply to any other type of federal tax or any federal information returns, including estates, trusts, corporations, and other businesses. Nor does it apply to quarterly estimated payments related to self-employment income, dividends, and rental income, all of which the federal personal income tax is a progressive tax due April 15, Even with the new deadline, however, taxpayers should consider filing as soon as possible, especially those who are owed refunds.
Filing electronically with direct deposit is the fastest way to get refunds and can help some taxpayers receive any remaining stimulus payments they may be entitled to. Individual taxpayers who need additional time go here file beyond the May 17 deadline can request a filing extension until October 15,by filing FormApplication for Automatic Extension of Time to File U. Individual Income Tax Return. If you think you need an extension, please contact the office as soon as possible.
Discover Other Local Blogs
Filing Form gives taxpayers until October 15 to file their tax return; it does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17,to avoid interest and penalties. This relief does not apply to estimated tax payments that are due on April 15, These payments are still due on April Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the The federal personal income tax is a progressive tax by their employer and do not need to pay estimated taxes.
The extended federal tax filing deadline of May 17,only applies to individual federal income returns and tax including tax on self-employment income payments that are normally due April 15, As such, taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline, and it is up to individual states to decide whether to extend tax return deadlines.
Navigation menu
There is a three-year window of opportunity to claim a refund on prior-year tax returns. If taxpayers do not file a return within three years, the money becomes property of the U. For tax year Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, Taxpayers must properly address, mail, and ensure the tax return is postmarked by the May 17,due date.
All Rights Reserved. Montgomery Community Media MCM is the only independent, nonprofit organization providing access to public media public access television and broadband media directly to Montgomery County's over one million residents as well as the resident non-profit organizations, associations and businesses.
Our purpose is to engage, educate and empower individuals and the community to express diverse viewpoints. Connect with Us. Monday April 19 am.
About Financial Cents
Take full advantage of all deductions and credits available. Planning is the key to successfully and legally reducing your tax liability. Read more.]
It is a pity, that now I can not express - it is compelled to leave. But I will return - I will necessarily write that I think on this question.
Certainly. So happens. Let's discuss this question. Here or in PM.
In it something is. Now all is clear, many thanks for the information.
Completely I share your opinion. In it something is and it is excellent idea. It is ready to support you.