Is income tax date extended?

The IRS began accepting 2019 tax returns on January 27 and the deadline for filing is Wednesday, April 15. In order to submit your tax return, you first need a W-2 form, or Wage and Tax statement, from every employer you had during 2019. If you're a freelancer, you'll need 1099 forms.Jan 27, 2020

The IRS offers an extension of up to 120 days to pay your taxes. Terms: Good for any amount due. You must agree to pay the full bill within 120 days.

The Failure to Pay Penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won't exceed 25% of your unpaid taxes.

If you do not pay your taxes by the due date, you will begin to accrue interest and penalties on the outstanding amounts. As time goes on, you may be subject to liens on your property or garnishment of your wages. In the most extreme tax evasion situations, you may even be subject to up to 5 years in jail.

Sources of Income

1. Employed. Forms W-2.
2. Unemployed. Unemployment (1099-G)
3. Self-Employed. Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC.
4. Rental Income. Records of income and expenses.
5. Retirement Income.
6. Savings & Investments or Dividends.
7. Other Income & Losses.

Meanwhile, the income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended to September 30, 2021, from its earlier usual deadline of July 31, 2021.4 days ago

Generally, the information return for 2020 has to be filed on or before May 1, 2021. However, because the due date falls on a Saturday, the information return is considered on time if it is received or postmarked on or before May 3, 2021.