Haven't filed taxes yet? Don't panic. Here's what to know

Tax season can be a stressful time of year for many people, especially for those who haven’t filed their taxes yet. However, there’s no need to hit the panic button just yet. In fact, there are a few things you should know before you file. Here’s what caught our attention in this informative article, “Haven’t filed taxes yet? Don’t panic. Here’s what to know.”

First off, if you haven’t filed your taxes yet, don’t fret. The IRS has extended the tax filing deadline to May 17th, 2021. This means that you have an extra month to get your taxes together without having to worry about any penalties or interest.

However, if you think you’ll need more time to file your taxes, you can file for an extension by filling out Form 4868. This form will give you an extra six months to file your taxes, extending the deadline to October 15th, 2021. Keep in mind that an extension to file is not an extension to pay any taxes owed.

It’s also important to note that the IRS has made some changes to the tax code due to the pandemic. For instance, the CARES Act allows taxpayers who itemize their deductions to deduct up to 100% of their adjusted gross income (AGI) for cash contributions made to qualifying charitable organizations in 2020. Additionally, people who took money out of their retirement accounts under the CARES Act will have some additional flexibility in how they pay back those distributions.

In conclusion, while tax season can be a stressful time, it’s important to stay informed and know what options are available to you. By utilizing an extension, taking advantage of changes to the tax code, and gathering all necessary documents, you can confidently file your taxes before the new deadline without any issues.