You have to pay your taxes, but you are not sure when are taxes due. Also, it might be possible that you can’t afford to pay them on time. What to do under such a situation is another question mark. In this article, you will get to know when you should pay taxes.
The right time to pay those taxes
The deadline for filing your tax is April 15 every year. If it’s a holiday or a weekend, then the following working day will be considered the tax payment deadline. The last date to file your tax return changed just last year, i.e., in 2020.
Tax day for the current year
The IRS has officially announced that it will start accepting tax filings from February 12 this year. However, tax filing started from January only. This leaves you with a sufficient time period to get yourself ready to pay taxes. Having answered your question that when are taxes due, let`s move on to other details.
Can extensions be filed?
A person can apply for an extension if for some reason s/he requires more time to file taxes. However, taxes should be paid before April 15. It is advised to fill and submit Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Tax Return.
While filling the Form 4868 you should keep in mind that you have to pay the amount before the deadline. If this is done, no penalty or interest will be applied on you.
If the IRS approves your request, you will be given an extension of six months if you are residing within the US, and four months if you are living outside the country.
After submitting this form, you will be notified if your application is approved. There are chances that it might not be accepted. Therefore, ensure that you are not applying very close to the due date.
To pay your due taxes, you will need all the necessary forms filled out, and documents maintained properly so that you are able to back your claims. All forms are available at IRS`s official website which also has other relevant information like a detailed explanation of these forms and the deadlines by which they should be submitted.
When will the tax filing be due after my extension request has been approved?
Any individual who has been allowed an extension will now have to file his tax by October 152021. We would, once again, stress on the need to sort things out in a timely manner, and not delay the process unnecessarily even if you have been granted the leverage.
Other types of taxes that might be due
People who are either self-employed or hired on a contractual basis, may have to pay an estimated tax. This is also known as the “Quarterly Estimated Tax Payment”. Individuals who do not get taxes deducted from their paycheck before they receive the money, have to pay an estimated tax amount to the IRS every three months.
All Quarterly Estimated Taxes are filed through Form 1040-ES. There are two specific dates by which you should file these taxes. If the person is a farmer, fisherman or a self-employed electrician, mechanic, maid or dancer etc., they will have to follow these deadlines to file the tax:
- The first quarterly payment of tax will be due by April 15
- The second quarterly payment of tax will be due by June 15
- The third quarterly payment of tax will be due by September 15
- The fourth quarterly payment of tax will be due by January 15
For Quarterly Estimated Taxes, above are the timelines that define when are taxes due.
Who pays taxes monthly?
An individual who earns tips has to pay taxes differently. He will have to make monthly tax payments. The 10th of every month is the due date for such personnel to file taxes.
Note for 2021
The IRS has devised a standardized schedule for quarterly and monthly tax payments and it must be followed by everyone.
Now you know that earners are placed into three categories by the IRS for the purpose of tax deduction. You have also learned when are taxes due for all these types of worker categories.