October 15 deadline is approaching for taxpayers who requested an extension to file 2020 tax returns
WASHINGTON - The Internal Revenue Service reminds taxpayers today of the October 15 deadline for filing 2020 tax returns. Individuals who requested an extension must file on or before the deadline to avoid filing penalties. late. Electronic filing options, such as Free file from the IRS, are still available.
Although October 15 is the last day for most people to file, some taxpayers may have more time. These include:
- Members of the military and others who serve in a combat zone. They generally have 180 days after leaving the combat zone to file returns and pay the taxes owed.
- Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the page of Help in disaster situations at IRS.gov.
Generally, there is no penalty for failure to file if the taxpayer is owed a refund. However, people who wait too long to file and claim a refund run the risk of losing it. Those who have yet to file a 2020 tax return, owe taxes, and did not request an extension can generally avoid penalties and interest by filing as early as possible and paying any taxes due.
Schedule federal tax payments electronically
Taxpayers can file now and schedule their federal tax payments through the October 15 deadline. They can pay online, by phone, or with their mobile device and the IRS2Go app. When paying federal taxes electronically, taxpayers should remember:
- The electronic payment options they are the optimal way to make a tax payment.
- They can pay when they file their returns electronically through online tax software. If you use the services of a tax preparer, taxpayers should ask you to pay taxes through a electronic funds withdrawal from a bank account.
- El IRS direct payment allows taxpayers to pay free online directly from a checking or savings account, and schedule payments up to 365 days in advance.
- Options to pay by credit card, debit card, or digital wallet option are available through a payment processor. The payment processor, not the IRS, charges a fee for this service.
- Application IRS2Go offers optimized payment options for mobile devices, including Direct Payment and debit or credit card payments on mobile devices.
- El Electronic Federal Tax Payment System (EFTPS) it is a convenient way that is safe and easy. Select to pay online or by phone through the EFTPS Voice Response System.
View Tax Account Online
Taxpayers can use their online account to view important information securely when preparing to file your taxes or keeping track of balances or notices. This includes:
- Adjusted gross income: This can be useful if you use different tax software or a tax preparer this year.
- Economic Impact Payment Amounts: Eligible individuals who did not receive the full amounts of both Economic Impact Payments can claim the Refund Recovery Credit on their 2020 federal tax return. To claim the full amount, taxpayers will need to know the amounts of the Impact Payments economic received. These amounts can be found on the “Tax Records” tab.
- Estimated Tax Payment Amounts: The total of estimated tax payments made during the year or refunds applied as credit can be found in the tab “Account Balance”(Account Balance) in the online account, and a record of each payment appears under“ Payment Activity ”.
Additionally, taxpayers can view:
- The amount owed in previous years, updated for the current calendar day,
- The history of payments and scheduled or pending payments,
- The details of the payment plan,
- Digital copies of selected IRS notices and
- Approved or rejected authorization requests from tax professionals.
Choose direct deposit for refunds
The safest and fastest way for taxpayers to obtain their refund is by electronically filing and choosing to have the refund electronically deposited into their bank or other financial account. Taxpayers can use the direct deposit to deposit your refund in one, two or even three accounts. They can also buy US savings bonds.
People who do not have a bank account can visit the website of the Federal Deposit Insurance Corporation o the National Administration of Savings and Credit Cooperatives and use the Credit and savings cooperative locator for information on where to find a bank or credit union that can open an account online. Veterans can use the Veterans Benefits Banking Program to obtain financial services at participating banks.