The IRS announced yesterday that the deadline for individual taxes is now extended to May 17—giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the deadline was pushed out to until mid-July.
Here are the key points you should know about this new deadline to file your freelance taxes:
If you can file your taxes and pay by May 17, now is the time to get a head start and complete your individual taxes. The IRS is already behind in processing returns and this extension is likely going to add to delays in your return and any potential refund being processed. Filing sooner rather than later, especially if you are anticipating a refund is the best way to expedite having that cash back in your bank account—even before the extended May 17 deadline arrives.
Jonathan Medows is a certified public accountant licensed in New York, New Jersey, Maryland, and Pennsylvania. He is also a recognized expert in taxation for freelancers and the self-employed—often tapped for his expert knowledge and perspective on self-employment taxation by national and regional publications such as The New York Post, BusinessWeek, Forbes taxation blog, WebCPA, CPA Practice Advisor, and others. You can read some of Jonathan’s press coverage here.
©2021 MEDOWS CPA, PLLC