Curious about when you need to file your taxes, what the penalties are for filing and paying late, and whether you might need to file an extension?
Federal and State Tax Deductions and Penalties
When is the last day I can file my taxes?
Tax season begins when the IRS opens and starts accepting returns for processing and ends on May 17, 2021. Note: If you are a Texas, Oklahoma, or Louisiana resident, you have until June 15, 2021, to file your federal tax return.
However, you can file an extension and that will give you another five months, until October 15, 2021, to file. However, you still need to pay your taxes by May 17 but the forms will not be due until October 15.
State income tax filing deadlines
|State||Filing Date (Original)||Filing Date (Revised)|
|Alabama||April 15||May 17|
|Alaska||No State Income Tax||No State Income Tax|
|Arizona||April 15||May 17|
|Arkansas||April 15||May 17|
|California||April 15||May 17|
|Colorado||April 15||May 17|
|Connecticut||April 15||May 17|
|Delaware||April 15||May 17|
|District of Columbia||April 15||May 17|
|Florida||No State Income Tax||No State Income Tax|
|Georgia||April 15||May 17|
|Hawaii||April 15||May 17|
|Idaho||April 15||May 17|
|Illinois||April 15||May 17|
|Indiana||April 15||May 17|
|Iowa||April 30||June 1|
|Kansas||April 15||May 17|
|Kentucky||April 15||May 17|
|Louisiana||May 15||June 15|
|Maine||April 15||May 17|
|Maryland||April 15||July 15|
|Massachusetts||April 15||May 17|
|Michigan||April 15||May 17|
|Minnesota||April 15||May 17|
|Mississippi||April 15||May 17|
|Missouri||April 15||May 17|
|Montana||April 15||May 17|
|Nebraska||April 15||May 17|
|Nevada||No State Income Tax||No State Income Tax|
|New Hampshire||April 15||May 17|
|New Jersey||April 15||May 17|
|New Mexico||April 15||May 17|
|New York||April 15||May 17|
|North Carolina||April 15||May 17|
|North Dakota||April 15||May 17|
|Ohio||April 15||May 17|
|Oklahoma||April 15||June 15|
|Oregon||April 15||May 17|
|Pennsylvania||April 15||May 17|
|Rhode Island||April 15||May 17|
|South Carolina||April 15||May 17|
|South Dakota||No State Income Tax||No State Income Tax|
|Tennesee||April 15||May 17|
|Texas||No State Income Tax||No State Income Tax|
|Utah||April 15||May 17|
|Vermont||April 15||May 17|
|Virginia||April 15||May 17|
|Washington||No State Income Tax||No State Income Tax|
|West Virginia||April 15||May 17|
|Wisconsin||April 15||May 17|
|Wyoming||No State Income Tax||No State Income Tax|
Do I need to file a tax extension?
If you will be unable to complete your tax return by the end of tax season on May 17, 2021, yes, you need to file an extension.
How do I file a tax extension?
Will I be penalized if I file late?
If you file your tax return after May 17, October 15 if you filed an extension, you will not be penalized. The late filing penalty is 5% of the unpaid taxes with a minimum penalty of $330, or 100% of the unpaid taxes if less, when the return is filed later than May 17. The penalty increases 5% a month until the taxes are paid or the penalty reaches 25% of the unpaid taxes. The penalty for filing late is higher than the penalty for paying late.
Is the penalty for paying late the same as the penalty for filing late?
The penalties for paying late and filing late are two separate penalties and the combined penalty maxes out at 25%. The late payment penalty is 0.5% of the unpaid taxes per month up to a total of 25% of the unpaid taxes. However, if both the late filing and late payment penalty apply in a month, the maximum penalty added for that month is 5%.
What other penalties are assessed on taxpayers?
Taxpayers can be assessed many penalties in addition to the late filing and late payment penalties. There is the underpayment penalty which applies if you owe more than $1,000 and you have a wage income or you owe when you are self-employed. The underpayment penalty is assessed because the tax code says you must prepay your taxes through withholding or estimated payments.
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