4 Ways Your 2021 Taxes Will Be Different From 2020 s
It s never too early to start planning to avoid a surprise tax bill
by John Waggoner, AARP, May 18, 2021 |
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You ve checked and rechecked your 2020 tax return, sent it to the IRS, and then spent some time sobbing in the basement. Now you re all set to plan for your 2021 tax return.
No? Think of it this way: A bit of planning now can keep you from wailing and gnashing your teeth next year, when you fill out your 1040 for this year.
Bear in mind that the White House has proposed major tax changes, most of which affect high-income taxpayers those earning more than $400,000 a year and those with taxable investments. Will those tax changes take effect for 2021? Probably not, although you never know.
Monday s tax day - but Texans get until June; here s what you need to know about filing kvia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kvia.com Daily Mail and Mail on Sunday newspapers.
(CNN) - Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances their state tax return, too.
It s a month later than usual, thanks to the pandemic. But the filing deadline s not the only thing that s changed. Many of the upheavals over the past year have caused other changes to your taxes. Due to the COVID crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your return this year.
Here are some of the most important ones.
Why May 17?
While the original filing and payment due date was April 15, the IRS has pushed the deadline to May 17 to give individual filers, tax preparers and the IRS itself more time to sort through the many changes affecting one s 2020 taxes from the latest Covid relief package. As it is, the filing season started a few weeks late this year since the IRS had its hands full administering provisions, like stimulus checks