| Most Americans have just a few days left to file 2020 taxes. Here's what to know | | |  | WED, MAY 12, 2021 | | | | For the second year in a row, the IRS extended the filing deadline for federal taxes.
Hopefully, the later May 17 deadline has provided much needed financial flexibility to so many Americans who find themselves dealing with the hardships brought on by the pandemic. To be sure, the month-long extension was also a vital reprieve to the underfunded and overburdened IRS.
With all that said, time is indeed running out for those of you who still haven't filed. Even with the additional time, many Americans still procrastinate when it comes to preparing and filing their taxes.
I urge you to use the next few days to get those taxes filed.
After all, the IRS gave Americans an extra month to file, so the least good taxpayers can do is meet the new deadline.
And remember: individual taxpayers were able to postpone federal income tax payments for the 2020 tax year due on April 15 to May 17, without penalties and interest, regardless of the amount owed.
Would you like more good news?
Americans have until that May 17 deadline to contribute to their 2020 IRAs, Roth IRAs and health savings accounts. If you find you haven't met the limits yet and have some extra cash, you have a great opportunity this year. And let's be honest, it's not every year that you get an extra month to contribute to your IRA or HSA. Any extra money you can contribute now could be helpful in the long run as these accounts grow.
So, with due respect: Put down that container of ice cream, avoid grabbing another cold brew, hide the remote control and get those taxes filed. The clock is ticking.
For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. | |
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