2021's Final Tax Deadline
Today is October 12th, three days before October 15th – the last tax deadline of the year. What should you do at this point if you have not gathered your information or tax statements for your CPA?
If you are having difficulty locating your statements, the most effective way is to pull an income and wage transcript from the IRS, which will identify all income sources you had in 2020.
If you run a business and don't have an accounting system to keep track of your income and expenses, you'll want to refer to your bank and credit card statements for accounts registered to your business.
We advise that you always attempt to file an accurate tax return the first time so that you do not need to amend your tax return because every time you amend your tax return, it increases the risk of an IRS audit. But if you must amend your tax return, make sure that you reconcile your bank and credit card statements accurately so that in the event of an audit, you can substantiate all your submitted expenses.
If you are unable to pay before this deadline, you may incur penalties and interest. If this is a risk you face, don't panic. We recommend that you apply for the IRS's installment agreement plan by filling out Form-9465 which will break your payment into more affordable monthly payments.