Tax Filing: Update on Deadlines

April 3, 2021
Tax Filing Updates On Deadlines

The IRS has extended the federal income tax filing due date for individuals to May 17, 2021. That means individuals, married filing jointly, married filing single and heads of households, including those who pay self-employment tax, can postpone federal income tax payments for the 2020 tax year originally due on April 15 to May 17, without penalties and interest, regardless of the amount owed. You aren’t required to file any forms for this federal extension.

2021 Estimated Taxes Owed Still Due April 15

This relief does not apply to 2021 estimated tax payments that are due on April 15. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.

Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868, however taxpayers should pay any federal income tax due by May 17 to avoid interest and penalties.

Some States Extending Filing Deadline

As of this writing, many states have extended their filing deadline to May 17 to align with the federal filing deadline since you typically file your federal return first, and more states are expected to follow. The IRS urges taxpayers to check with their state tax agencies for those details.

Consult With Your Wealth Team

If you have questions about your specific tax situation, consider consulting with your wealth advisor and tax professional. At Mariner Wealth Advisors, our tax team is in-house, so you can reach out directly to your tax professional or coordinate your tax strategy with your wealth advisor. Your team is here to provide proactive tax strategies to help minimize your tax burden.

This article is limited to the dissemination of general information pertaining to Mariner Wealth Advisors’ investment advisory services and general economic market conditions. The views expressed are for commentary purposes only and do not take into account any individual personal, financial, or tax considerations. As such, the information contained herein is not intended to be personal legal, investment or tax advice or a solicitation to buy or sell any security or engage in a particular investment strategy. Nothing herein should be relied upon as such, and there is no guarantee that any claims made will come to pass. Any opinions and forecasts contained herein are based on information and sources of information deemed to be reliable, but Mariner Wealth Advisors does not warrant the accuracy of the information that this opinion and forecast is based upon. You should note that the materials are provided “as is” without any express or implied warranties. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. Additional fees may apply for tax planning and preparation services.

Mariner Wealth Advisors (“MWA”), is an SEC registered investment adviser with its principal place of business in the State of Kansas. Registration of an investment adviser does not imply a certain level of skill or training. MWA is in compliance with the current notice filing requirements imposed upon registered investment advisers by those states in which MWA maintains clients. MWA may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Any subsequent, direct communication by MWA with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For additional information about MWA, including fees and services, please contact MWA or refer to the Investment Adviser Public Disclosure website. Please read the disclosure statement carefully before you invest or send money.

Contact Us