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The IRS has once again made adjustments to tax deadline dates. See below for the different changes and how they affect you…..
Individual Tax Returns
The usual April 15th tax-filing deadline has been moved to May 17th, in order to give taxpayers an added month to file and pay taxes due.
The above filing deadline change does not apply to 1st quarter 2021 estimated tax payments, usually made by small businesses and some retirees. The deadline remains April 15 for the payment of these taxes.
IRA’s & HSA’s
The deadline was also changed for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This was moved to the same May 17th date as the filing deadline.
All of the above changes are automatic and don’t need any special election by taxpayers in order to take advantage of deadline moves.