#Taxtension Warnings, EIP3 & Electronic Payments
The Bottom Line:
Fed Deadline Extended but not all State/ City yet
EIP3 is here - find your $$
Electronic Payment & Deposit is YES
Things are looking up -- vaccines, a new relief bill, EIP3, & now the Treasury Department & IRS extended the deadline for most federal 2020 tax filings and payments to May 17, 2021.
Yay wiggle room! It is critical, however, to know that this extension does not (yet) apply to:
State (& City) taxes if they did not extend:
Fed taxtension does not = city/state taxtension. Stay aware of local filing deadlines where you live/work; for instance, the PA & NJ state deadlines have been extended to align with federal dates but OH legislation is pending.
Estimated Tax payments due April 15:
Those who regularly receive income not subject to withholding (think self-employment income, interest, dividends, alimony, rental income) still need to remit those clams as normal.
Stimulus payment 3: sit back n receive! or go stimulus hunting
If you’re signed up for direct deposit with the IRS, you’ve most likely received payment 3 already. Physical checks will be received later and everyone can (and should) peep Get My Payment regarding all three stimulus rounds.
Taxpayer: GDA, you rascal, why are you blowing up my inbox re if/when I received my stimulus?!
Because we want you to get your money! If you were eligible and didn’t receive your $$, there is a Recovery Rebate Credit we file for you. So check on those payments!
Also head on over once we've filed to Where’s My Refund because everyone hearts refunds.
This brings us to our final point:
Re all things IRS, electronic payments and accounts are quick, reliable, and a great way to empower yourself.
Direct deposit = faster stimulus and refunds, and Direct Pay is a great way to pay, with ability to track/screenshot your transaction, view payment history, and receive email confirmation. If electronic banking and payment isn’t your friend yet, this is a great time to buy it a cocktail and ask about its hopes & dreams.
I know, I know new tech is alot right now -- I love my Velvet Underground vinyl collection and Remington Standard Portable just as much as the next gal but I also love when I don’t burden the disenfranchised postal service to bring me that sweet sweet refund! It's a great time to make the online move.
Keep swimming, friends!
2020 was bat%^& and taxes are no exception: but if you know your deadlines, check your IRS accounts, and make friends with digital accounts & payments, you can empower yourself and your friendly neighborhood accountants (*wink*) to make sure Tax Day is a Good Day.