Taxes are mandatory payments we must make to the State according to the amount and form dictated by law. They are used to finance education, healthcare, the provision of justice and security, the fight against poverty, and the promotion of different economic sectors. That is why they are essential for the economy and well-being of a nation.
Now, a tax deadline is the last date on which we can comply with this responsibility. In this article, we will show you the deadlines for 2021.
This year’s deadline for federal tax filing and taxpayers to pay what they owe the Internal Revenue Service (IRS) is April 15, 2021. By law, the IRS can impose penalties on those who fail to file a return and pay before the deadline.
Penalties for late filing are usually 5 percent per month on unpaid taxes or part of a month for late filing.
If you do not comply with the tax deadlines, you will generally have a penalty of 0.5 to 1 percent of your unpaid taxes. The penalty applies monthly or part of the month after the deadline when the taxes are not paid.
Don’t leave your duties to the last minute. Meet the tax deadlines and avoid the headache of having to pay extra in penalties, interest, or ultimately lawyers.