The IRS announced that it is extending the deadline, so individual income tax returns are now due May 17. That is 31 days later than the original deadline. No additional paperwork is needed to take advantage of this extension. Keep in mind that this extension applies to individual 1040 tax returns, not business tax filing deadlines or quarterly estimated tax deadlines.
We offer many resources and tools that can assist you in understanding tax basics. Learn how to complete your tax return here, and check out our other resources on tax brackets, payments throughout the year and more. We even have a coaching session to assist you in understanding the complexity of your individual return.
By planning ahead for next year’s taxes, you can reduce the amount you owe in the future. Making financial decisions based on their tax consequences and contributing to a tax-deferred retirement account are just a few ways you can save on taxes.
Remember, this information is just a starting point. We still recommend speaking with a qualified, licensed professional who can provide advice tailored to your individual needs.
First Class Checking Account customers have access to free or reduced tax filing options. Learn more about this benefit here.