Tax deadline upon us, Advanced Child Tax Credit payments to begin in July
Today marks the 2021 tax deadline. Individuals who need additional time to file beyond the May 17 deadline can request a filing extension until October 15 via a 4868 form.
IRS spokesperson Robert Marvin said the agency estimates 900,000 will file for an extension in New York State.
“Interest and penalties begin to accrue on unpaid balances after May 17," Marvin said. "So you really should get that done by today. And if you can't pay, don't let that stop you from filing your return or request for extension if you need it.”
There are options on the IRS website that will allow you to pay over time if you owe money.
Payments of the Advanced Child Tax Credit, under the American Rescue Plan, will begin being issued on July 15. Marvin said the IRS expects roughly 39 million households covering 88 percent of children in the US will begin receiving monthly payments, without any further action.
Eligible families are expected to receive $300 per month for each child under the age of 6 and up to $250 per month for each child 6 and above.
Marvin said so far, the IRS has received about 80 percent of all individual returns they expect to receive so far.
"So this puts us on track compared to other years," Marvin said. "We've also processed 115 million returns as of May 7. That's a nationwide number.”
More information and resources for filing taxes can be found here https://www.irs.gov/