Tax deadline could get delayed until mid-May — what you need to know

Tax deadline could get delayed until mid-May — what you lot need to know

(Image credit: Andrew Harrer/Bloomberg via Getty Images)

Nosotros're less than a calendar month away from the usual April xv deadline for filing your federal income tax. Just a study claims that the 2021 tax deadline may become pushed back by a month, and non only to give some relief to procrastinators.

Bloomberg reports that the Internal Acquirement Service plans to push button back the tax filing deadline to either May xv or May 17. (May 15 would be a month delay, but it falls on a Saturday this year, and typically, the IRS sets its filing deadlines for weekdays.)

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The conclusion'southward non official yet, as the agency looks to finalize what the actual due engagement will be. Bloomberg cites three sources familiar with the talks going on within the IRS, which has the power to push back the filing deadline without any congressional intervention.

The reason for the delay should be fairly credible — this figures to exist a mess of a tax year for most people, with the ongoing coronavirus pandemic introducing new wrinkles to many tax returns.

Take the stimulus bill signed into law earlier this month. It includes a tax exemption of upwardly to $10,200 on jobless benefits, and that figures to touch returns of anyone who lost their task due to the economic fallout of the coronavirus pandemic. What's more than, Bloomberg notes, the 1040 tax form is where filers tin merits any missed stimulus payments during the last year — there were $2,000 and $600 payments in 2019, ahead of the more recent $one,400 payment.

Even if the IRS does push back the deadline, you'll notwithstanding demand to find the best tax software to prepare your returns. Our reviews of programs similar H&R Block Deluxe 2021 and TurboTax 2020 accept into account how those programs handle COVID-instigated changes to the revenue enhancement code.

Still, it seems likely that the IRS will make an official announcement shortly. Delaying this twelvemonth's filing borderline has been supported by key Democrats and Republicans on the congressional committees overseeing tax laws. The move wouldn't be unprecedented as the filing deadline was pushed back in 2020, too, due to the COVID-19 outbreak.

Philip Michaels is a senior editor at Tom's Guide. He has strong opinions most Apple tree, the Oakland Athletics and old movies. Follow him at @PhilipMichaels.