{"id":206803,"date":"2021-03-19T23:10:00","date_gmt":"2021-03-19T20:10:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/attention-heres-one-important-tax-deadline-that-has-not-been-delayed\/"},"modified":"2021-03-19T23:10:00","modified_gmt":"2021-03-19T20:10:00","slug":"attention-heres-one-important-tax-deadline-that-has-not-been-delayed","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/attention-heres-one-important-tax-deadline-that-has-not-been-delayed\/","title":{"rendered":"#\n  Attention: Here\u2019s one important tax deadline that has NOT been delayed"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35a988ef8a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35a988ef8a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/attention-heres-one-important-tax-deadline-that-has-not-been-delayed\/#May_17_is_the_new_date_to_file_2020_income_taxes_and_pay_any_amount_due_but_some_workers_may_have_to_send_the_IRS_money_before_then\" >May 17 is the new date to file 2020 income taxes and pay any amount due, but some workers may have to send the IRS money before then<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/attention-heres-one-important-tax-deadline-that-has-not-been-delayed\/#95_million_estimated_payments_in_2018\" >9.5 million estimated payments in 2018<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/attention-heres-one-important-tax-deadline-that-has-not-been-delayed\/#Andrew_Keshner\" >Andrew Keshner<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Attention: Here\u2019s one important tax deadline that has NOT been delayed<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"May_17_is_the_new_date_to_file_2020_income_taxes_and_pay_any_amount_due_but_some_workers_may_have_to_send_the_IRS_money_before_then\"><\/span>\n  May 17 is the new date to file 2020 income taxes and pay any amount due, but some workers may have to send the IRS money before then<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000204145\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       People who are staring at a federal income tax bill are getting a bit of a breather, now that the Internal Revenue Service has set May 17 as the new deadline to pay 2020 taxes and file a return during this tumultuous tax season. <\/p>\n<p> But gig workers, freelancers and self-employed small business owners can\u2019t relax completely.<\/p>\n<div class=\"paywall\">\n       April 15 is still the deadline to send in estimated tax payments, the IRS confirmed Wednesday. That means these folks have a May 17 deadline to settle up their 2020 federal taxes, but they also have an April 15 deadline to pay one-fourth of their projected 2021 federal tax bill.<\/p>\n<p>\u201cTalk about confusing, for not only the tax professional community, but also for individual taxpayers,\u201d Barbara Weltman, founder of Big Ideas for Small Business and the author of \u201cJ.K. Lasser\u2019s Guide to Self-Employment.\u201d<\/p>\n<h6><span class=\"ez-toc-section\" id=\"95_million_estimated_payments_in_2018\"><\/span>9.5 million estimated payments in 2018<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The decision keeping the current estimated payment intact could affect millions of people, according to one estimate. More than 9.5 million individual returns in the 2018 tax year included estimated tax payments, according to the American Institute of Certified Public Accountants.<\/p>\n<p>Last year, the IRS pushed the income tax filing deadline to July 15 due to the pandemic\u2019s havoc. At the time, the agency also said the estimated payments due in April and June of that year were <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.irs.gov\/newsroom\/irs-reminder-deadline-postponed-to-july-15-for-those-who-pay-estimated-taxes\" class=\"icon none\">pushed to July 15, 2020.<\/a><\/p>\n<p>That\u2019s not h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening this year and Barry Melancon, AICPA\u2019s CEO, said, \u201cthis selective decision by the IRS unfortunately creates more bureaucracy and confusion and is out of sync with real world stresses that taxpayers, tax practitioners and small businesses are dealing with.\u201d<\/p>\n<p>The organization credited the IRS for the filing extension, but it was hoping for a June 15 deadline instead.<\/p>\n<p>On Thursday, IRS Commissioner Charles Rettig told lawmakers there was a reason why the estimated payment date did not budge. <\/p>\n<p>\u201cThere\u2019s a large contingent of wealthy individuals in this country who do not make their estimated payments,\u201d Rettig told members of the House of Representatives\u2019 Oversight Subcommittee within the Ways and Means Committee. Instead, they calculate the potential interest rates they\u2019d face in penalties versus the potential returns from investing the money. \u201cAnd we\u2019re not going\u00a0 to give them a break of interest and penalties to do so.\u201d<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        The IRS said most people automatically have their taxes withheld by their employer, who then sends it along to the tax collection agency.<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p><\/div>\n<\/p><\/div>\n<p>       \u201cThe issue is where do we draw the line,\u201d Rettig said at another point in the hearing, defending the still-intact April 15 deadline for estimated payments.  \u201cAnd that line will quickly extend to wealthy individuals who will <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> the system. Every time we open a door, they come in with all their advisors and everything else.\u201d <\/p>\n<p>The line, Rettig explained, ended at more relief for income tax filers which included \u201cthe most vulnerable individuals.\u201d<\/p>\n<p>Let\u2019s break down what\u2019s self-employed taxpayers still need to plan for.<\/p>\n<p>A paycheck from an employer already has money taken out for income taxes, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security and Medicare. The IRS noted Wednesday most people automatically have their taxes withheld by their employer, who then sends it along to the tax collection agency.<\/p>\n<p>But if a person is making their living as a gig worker, a freelancer, a sole proprietor, a partner in a partnership or a member in a limited liability company, they do not have an employer cutting them a paycheck.<\/p>\n<p>That\u2019s where the estimated taxes come in. America has a \u201cpay-as-you-go\u201d tax system, Weltman explained. \u201cYou can\u2019t just wait and pay at the end.\u201d<\/p>\n<p>In addition to April 15, estimated payments for this tax year <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/web.blockadvisors.com\/estimated-tax-payments-2021\/\" class=\"icon none\">are also due <\/a>on June 15, Sept. 15 and Jan. 18, 2022.<\/p>\n<p>A person who pays too little along the way can face penalties, Weltman said. But there are ways to avoid this.<\/p>\n<p>The IRS says most people paying estimated taxes will avoid the money penalty\u2019s ding if they owe less than $1,000 after accounting for their withholdings and credits. Another way is if they <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.irs.gov\/taxtopics\/tc306\" class=\"icon none\">paid at least 90%<\/a> of their upcoming tax bill.<\/p>\n<p>There\u2019s also a safeguard against penalties for people who have earned less than $150,000 the year before, Weltman said. They\u2019ll avoid penalties when <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/tax-responsibilities\/avoiding-underpayment-tax-penalty\/\" class=\"icon none\">paying one-fourth of last year\u2019s total tax bill<\/a> with every installment.<\/p>\n<p>Putting payment deadlines aside, it\u2019s still not easy for people paying estimated taxes because they need to plan for four bills along the way. \u201cOne of the biggest challenges for people making estimated payments is having the cash to do it,\u201d Weltman said.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Andrew Keshner\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Andrew_Keshner\"><\/span>Andrew Keshner<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D31D71298B82%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Attention: Here\u2019s one important tax deadline that has NOT been delayed &#8221; May 17 is the new date to file 2020 income taxes and pay any amount due, but some workers may have to send the IRS money before then People who are staring at a federal income tax bill are getting a bit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":206804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-206803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/206803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=206803"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/206803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/206804"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=206803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=206803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=206803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}