Your Guide to 2021 Federal Income Taxes

Daniel Penzing
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Here is what you need to know about filing taxes this year.

Important Dates for 2021

The following dates are important starting from January 1st 2021 through December 31st 2021. These dates are published here as a courtesy. Please note that this is not a complete list and that you may have other dates to consider as well.

10:00 AM – March 3, 2021

The date employers with 250+ employees are required to begin factoring employee total hours worked into the calculation of their health insurance requirements.

5:00 PM – March 3, 2021

The last day that individuals may submit a 1040EZ, 1040A, 1040 or Form 941 to the IRS.

10:00 AM – March 3, 2021

The date employers with 50 to 249 employees are required to begin factoring employee total hours worked into the calculation of their health insurance requirements.

4:00 PM – June 15, 2021

The extended due date for individuals who file an extension to file their 1040 or Form 941.

10:00 AM – December 31, 2021

The date individuals may file their 1040 or Form 941.

How Early Can You File Your Taxes?

Even though some people procrastinate on their taxes, there are still ways to file early. 2015 was one of the fastest years ever for tax returns, with the average time down to 44 days … that’s two days faster than the previous year!

Those who claim the Earned Income Tax Credit (EITC) have to wait an additional week … they have to wait until mid-February, after the IRS has verified the credit.

The IRS allows you to file for an extension on a tax return, too. You can file for an extension up to 9 months after the originally due date of your tax return. That’s right…that’s until October 15, 2021 for people filing taxes this year.

April 17, 2021 is the official deadline for filing your taxes next year, but you can request that your tax return is considered filed on time if you file your taxes before April 17, 2021 with these two items:

Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return

What Is Tax Day 2019?

Taxes can be confusing, especially how different rules apply to people at different income levels. But luckily, the federal government has plenty of tools and resources to help the average person understand how they’re affected by their taxes.

What About the $1,200 Stimulus Check?

The "stimulus package" contained a small bonus for most taxpayers, tucked inside a larger bill to pay for the costs of various new tax breaks passed by the newly-elected Democratic Congress.

Who Needs to File a Tax Return for 2019?

Every year millions of taxpayers wonder if they need to file tax returns. You can most likely file your taxes if you earned money through a job, in interest on savings, or from a side business you run. However, most people have additional credits, exemptions, and deductions they can use to lower the amount of income tax they owe. There are usually deadlines for claiming these options, so if you don’t file by the April 15 deadline, you can’t use these credits or deductions.

You also need to file a return if you owe self-employment taxes on your side business, have to make estimated tax payments to the IRS, or received any sort of refundable credit (like the earned income tax credit [EITC] mentioned above). Keep in mind that if you owe taxes, you will have to either deposit the amount you owe or send the IRS a tax money order if you don’t file by April 15.

If you can’t file an extension because you owe money to the IRS, you might be able to set up a monthly payment plan. Contact the IRS and see if you qualify.

Should You DIY or Hire a Professional Tax Preparer?

This is a question both business owners and those who simply want to file a simple tax return have to ask themselves every April. Over the years, the number of taxpayers willing to do their own taxes has steadily declined due to the complexity of the tax code and the increasing number of taxpayers who are fearful of making a mistake on their own that could lead to an audit.

· This is a question both business owners and those who simply want to file a simple tax return have to ask themselves every April. Over the years, the number of taxpayers willing to do their own taxes has steadily declined due to the complexity of the tax code and the increasing number of taxpayers who are fearful of making a mistake on their own that could lead to an audit.

Every year the Internal Revenue Service receives more than 150 million returns. Of those returns, roughly 90 percent are filed electronically and the majority are done so by paid preparers.

Think of those numbers in the context that only about 38 percent of all taxpayers are honest enough to pay the federal income tax they are legally required to pay.

Is it any wonder then that tax preparers want you to hire them to prepare your taxes?

If you would like to save money while getting the same, if not better, service that a tax professional would provide, here are a few tips to help you.

What's Your Tax Filing Status?

When tax season comes around, you need to be clear about your filing status. Filing status determines what you can claim for tax deductions and credits. It also determines the right tax bracket for your salary and which tax tables you need to use. Thus, you should choose your filing status based on your individual situation. There are generally five categories:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er) with Dependent Children

Not sure what you should claim? The IRS provides A Guide to Filing Status that will help you choose the most advantageous status.

Federal Income Tax Rates and Brackets

There are many reasons to file your taxes early. So no matter how you choose to file, this guide will help you make the right decisions so you can get your taxes done right and your refund as fast as possible.

The 2019 income tax filing season is here. The first deadline (April 15, 2019) is just around the corner. If you can file and pay your taxes by the deadline, you won’t have to pay the federal government a dime more than you owe. But you should pay close attention to the coming deadlines and the weather if you live in an area that’s in a federally declared disaster area.

And this tax season is different. The Tax Cuts and Jobs Act (TCJA) changed tax filing for those who pay their taxes early. You can find out more about the new deadlines by reading this post.

The information in this article is not specific to your own tax circumstances and presented for general informational purposes only. The information is not intended to be and should not be used as a substitute for specific individualized tax advice offered by a qualified tax advisor. Please consult a qualified tax expert before implementing any of the ideas presented here or in my other posted material.

2019 federal income tax brackets

Standard deductions and more for single, married and heads of households.

The 2021 federal tax brackets, standard deductions, and more for single, married and heads of households have all been released by the IRS.

The federal tax code is constantly changing, and while the 2021 tax brackets remain relatively the same from 2019 to 2021, there are some notable differences.

From the tax brackets to the standard deduction, there are several things that you will want to understand about filing your 2021 federal income taxes. With most Americans having about five to six months to prepare their federal tax returns for the Year 2021, it is a good idea to get to know the basics.

The 2021 tax brackets for federal income taxes will be released in January of 2021, but for now, we can look at the current tax brackets for 2019 to give us an idea of what lies ahead.

Here is an overview of the federal income tax brackets for 2019 and a quick peek at the 2021 income tax brackets for anyone who just can't wait to see what the future has in store.

The tax brackets remain relatively the same for 2019 and 2021, so this information is still relevant and useful. This is one area of your tax return that you will want to have all of the details correct, so you don't want to guess or assume anything.

Deductions for 2019

Since any particular deduction or tax credit can change from one year to the next, it is a good idea to double check the numbers before you start filing your taxes.

As you file your taxes in 2019, there are some simple things you can do to ensure that you have everything you need to file by tax season 2021.

Tax year 2019 will close on April 15, 2019, so you have a little while to file. If you are planning on filing for an extension, you need to do it by April 15. If you don’t file for an extension by April 15, you have until October 15, 2019, to file your taxes.

That is a bit of a change from the April 15, 2018, filing deadline for taxes. You may remember, the IRS and the 16 states that participate in the e-file system had their clocks changed due to changes made by Congress to the tax law.

This change gives you a little bit of extra time to file for next year’s taxes. But it might not feel like it when the deadline is looming ahead of you, and filing can seem overwhelming.

2021 federal income tax brackets

What Information Do I Need?

If you're filing your taxes online, you'll have to have several important pieces of information at hand. Some of this information is super easy to get your hands on; for example, your employer will just need to provide you with your W-2. However, other pieces of information you will need to look up independently, including your Social Security number and last filing status. This information may be harder to find, but the IRS has a tool to help you look it up.

Where can I get my Social Security number?

Social Security Numbers are issued by the Social Security Administration to American citizens. To find your own Social Security number, you can contact the Social Security Administration or go onto their website and request the number. Of course, you'll need your date of birth and a few other pieces of information. Social Security Numbers aren't considered a private piece of information, so you'll likely be able to find yours with a simple internet search.

Where do I find my filing status?