Tax Filing

Tax Filing-Things You Must Know

Tax filing is an essential duty of every individual of any country. The famous tax filing agent Fremont named “Sanjay Taxpro Inc” has a business tax filing service and, if you want to get connected with them, you can refer to the contact us on their website. In this article, we will discuss the extension by the IRS for payment. 

In a news announcement, The Treasury Department and Internal Revenue Service stated the extension of filing the federal income tax by individuals for the tax year 2020. The department declared that formal guidance is provided by the IRS, and the extension date will be increased from 15th April 2021 to 17th May 2021.

The pandemic has been bad for everyone. Therefore, the IRS wants to laytime for the individuals to file tax by navigating the circumstances and working on administrative responsibilities. IRS Commissioner Chuck Rettig declared that according to the new deadline, every taxpayer must fill the form.  

Electronic Tax Filing is the easiest method of the digital world for refunds or any additional payments. Also, there will be no extra penalties on the taxpayers who have a high sum of money to deposit as an additional fee. Though, the filing can be extended by October by filling Form 4868. A cache in Form 4868 only increases the duration of filing tax returns but not extends to initiating payments of the tax due. Therefore, it is advisable taxpayers must pay their taxes till May to avoid any legal penalties. Also, the IRS requests all the people who were tax refunds to file asap. Due to the electronic method, most of the refunds are made in 21 days. 

Don’t let the deadline pass and connect with the website we have mentioned to avoid any legal actions or penalties and miss your refund.