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Why it’s important to meet the tax return filing and payment deadlines
/in News, Tax Tips - Individual/by Betty KimThe May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty […]
Income tax deadline is extended, but estimated tax payment is still due on April 15
/in News, Tax Tips - Individual/by Betty KimAs you have already heard, due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. This extension is automatic and applies to filing and payments. The Franchise Tax Board (FTB) also announced that, consistent with the Internal Revenue Service, it has […]
Estimated tax payments: The deadline for the first 2021 installment is coming up
/in News, Tax Tips - Individual/by Betty KimApril 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income. […]