Still haven’t filed your 2020 taxes? Here’s what you need to know about Monday’s tax deadline

National

INDIANAPOLIS (WXIN) — The IRS extended this year’s tax deadline for individuals from April 15 to May 17, which means Monday is the final day to file for those of us who operate on last-minute time.  

That also extended tax-related deadlines that would normally fall on April 15, such as making contributions to 2020 retirement accounts, health savings accounts and education accounts. Complete details on which deadlines were extended can be found here.  

Here’s everything you need to know about Tax Day 2021, including how to get your refund as fast as possible and what to do if you can’t finish in time.  

What time of day are 2020 tax returns due? 

The May 17 deadline for taxes means taxes must be electronically filed or postmarked before midnight Monday. That leaves you with the weekend plus all day Monday to get everything submitted.  

Some U.S. Postal Service locations in central Indiana will have extended hours Monday, but you’ll have check with your local post office to get specifics.  

If you’re e-filing, of course, a trip to the post office isn’t necessary.  

What is the deadline to file South Carolina state taxes? 

South Carolina also extended the tax deadline to align with the IRS. The deadline for individuals to file and make payments on state taxes is also Monday at midnight. 

What happens if I miss the tax deadline for 2020? 

If you’re getting a refund, there’s no penalty for late filing. The IRS doesn’t punish people for waiting to collect their own money. Missing the deadline just means your refund will take longer.

If you owe taxes, that’s a different story. Penalties and interest start building immediately. The IRS adds 5% of the unpaid tax bill to your tab for every month you fail to file and another 5% for every month you fail to pay. Both penalties max out at 25%. On top of that, interest builds daily.  

What if I’m self-employed? 

The filing and payment deadline is the same if you’re self-employed, but the IRS did not extend the April 15 deadline to pay your quarterly estimated taxes for January through March of 2021. If you haven’t paid in, you’re already subject to penalties.

Is there an extension for filing 2020 taxes? 

If you’re not going to make the May 17 deadline and there’s any chance you’re going to owe the IRS, you’ll want to file an extension. The extension deadline is also Monday, and you can e-file the form for free.  

An extension gives you until October 15, so you won’t rack up the 5% per month fee for late filing until after that. However, it’s important to know that you’ll still acquire fees for late payments, so it’s a good idea to pay in as much as you can by Monday to keep those fees down.  

If your federal extension is approved, Indiana automatically grants you a state tax exemption. That extends your time to file state taxes to November 15. If you’re not filing a federal extension but need extra time on your state taxes, file that extension here.  

How long will it take to get my refund? 

The IRS is experiencing delays this year, so some refunds are taking 21 days or longer. Your refund is most likely to be delayed if you file by mail instead of e-filing or the return has to be reviewed because of incorrect information relating to tax credits.  

Once your taxes are filed, you can check the status of your refund here. You’ll need the exact amount of your refund to access the information, so keep track of that when you file.  

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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