The IRS will begin accepting tax returns for 2021 on Feb 12th.
Historically personal taxes have been due on April 15th, Helping You Tax & accounting would like to remind everyone that personal returns will not be due until Monday April 18th of this year due to a federal holiday.
If you cannot file your return on time, you may receive a six month extension by filing the IRS form 4868. This means you could have until October 17 of this year to file your return.
If you owe money to the state or IRS, they could charge you interest on any balance due when you finally file. The rate is less than what a bank or credit card would charge, and most of the time late filing penalties are avoided by filing the extension. By filing the Federal form 4868 extension, you avoid a 5% per month late filing penalty on your federal return, even if you do not pay the tax due until October 17th.
Oregon late payment penalties are more severe than the federal. Oregon may charge you a late penalty if you owe money and do not send it in with an extension. If you owe nothing to the IRS or State, there is no late filing penalty. However, the government is playing with your money for free during the extension time.
Helping You Tax and Accounting service will provide free extension forms for anyone that asks for one. Feel free to call with any questions or to set an appointment.
For those families that are more comfortable speaking Spanish, Rachel McCullough is also available at the office to help with all your tax filing and extension needs.