Today is Tax Day but It Isn’t…Kind Of, Sort Of!
Today would normally be one of the worst days of the year for millions of people in the United States. The dreaded tax day...deadline day...D Day...the day when most Americans would have to have their federal and state income taxes filed to avoid penalties, but fortunately, (sigh of relief) we have a reprieve for 2021.
I remember a number of years where I was scrambling the night before and the day of the tax deadline trying to get all my information together while feverishly crunching numbers. Now days it isn't as bad getting your information together as we have computers and software problems that help to ease the burden come tax time.
For a lot of taxpayers, 2020 has been a crazy year with stimulus check rebates and new credits. Top that off with changing deadlines. In fact most Americans didn't realize that the deadline had been moved to May 17 for federal tax returns and even more wasn't sure what the deadline was going to be for their state income taxes.
Now don't get to far ahead of the of horse with your wagon because if you're a small business owner, you do free lance work, or gig work and you do estimated tax payments every quarter you are still liable for those quarterly taxes. The deadline for those estimated taxes are still due on April 15. For workers that have their federal and state taxes deducted from their paychecks, you still have till the extended Monday, May 17 deadline to file your taxes.