Important information

X - TRUST RETURNS
X - FIRST QUARTER ESTIMATED TAX PAYMENTS

Individual taxpayers can wait to file their 2020 tax returns and pay the balance due on these returns. The Internal Revenue Service has extended both deadlines to May 17, 2021. However, first quarter estimated tax payments are still due April 15, 2021. Many taxpayers that will wait to file and pay by the extended deadline will use the quarterly estimated tax payment system. Do not be caught unaware of this subtle nuance. Taxpayers will be subject to penalties and interest on first quarter estimated tax payments made after April 15th. Also, trust returns are still due on April 15, 2021. For more information see the Forbes article at: https://www.forbes.com/sites/ashleaebeling/2021/03/17/new-tax-day-deadline-monday-may-17-2021/?sh=4fc1fd2d9c6f

On a side note, the first $10,200 of unemployment benefits will be excluded from taxable income for individuals with incomes below $150,000 regardless of filing status. For more information on this read the CNBC article here: Unemployment Tax Break

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