1010 B Street,
April 22, 2021
In March, the Internal Revenue Service announced that it was pushing the deadline for 2020 federal tax returns ahead to Monday, May 17. This extended due date does not apply to all individual taxpayers, though. For example, if you live in Texas, Oklahoma, or Louisiana, you could have the opportunity to file as late as June.
The deadline for first-quarter 2021 estimated tax payments still falls on Thursday, April 15, and it applies to taxpayers in 47 states and the District of Columbia. If you’re retired and are taking distributions from retirement accounts and have other investments, you may need to heed this April 15 estimated tax deadline. If you already pay estimated tax because you are self-employed and/or own a business, you may have made that Q1 estimated tax payment already. If not, remember that any loans received through the Paycheck Protection Program (PPP) or grant programs may need to be factored into the calculations. Last year, the I.R.S. extended the deadline for Q1 estimated taxes from April 15 to July 15, but that has not happened this year. Individual income taxes and Q1 estimated taxes are not due for taxpayers and businesses in Texas, Oklahoma, or Louisiana until June 15; the I.R.S. is granting these taxpayers additional time in view of the rough winter storms that hit these states.1