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Tax extension 2021: How to delay filing your federal and state taxes Updated May 12, 2021; Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you owe for each month or partial month past the deadline. The extension is automatic — you do not have to send any justification or reasoning like “I have 5,000 wadded-up receipts crammed in a shoebox.” The I...

WKBT May 10, 2021 9:00 AM MoneyTips Posted: Updated: Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you owe for each month or partial month past the deadline. The extension is automatic — you do not have to send any justification or reasoning like “I have 5,000 wadded-up receipts crammed in a shoebox.” The IRS and Treasury Department ha...

Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings. There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe. First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primar...

KXLY May 4, 2021 7:00 AM MoneyTips Posted: Updated: 1. Use a Roth IRA Because Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. You may draw contributions out at any time and earnings may be withdrawn tax-free if you are at least age 59½ and have had the account for at least five years. Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth...

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