Tax Filing 2021 Poll: Stick to the Deadlines

Close to 7 million people have already filed their returns and so far it looks like this tax season should be business as usual.  Right now, the average tax refund is $1,825, the average amount due is $3,196, and when it comes to meeting tax deadlines, there is no indication that tax filing deadlines will be extended. In our March opinion poll, tax and financial pros agree with this, particularly when it comes to instalment payments.  Specifically, 60% of poll respondents feel that further postponement of taxes due would not be appropriate. Here are two noteworthy comments:

Robert Litschel points out for many instalment payments will be reduced when 2020 taxes are filed in anticipation of post-pandemic income levels: “The payments for these dates are estimates based on 2019 income levels.  The amounts will likely be reduced when 2020 taxes are filed if the taxpayer has reduced income.”

Elie Benatar – it will depend on the taxpayer’s circumstance and rightly points out instalment payments can be adjusted downward if required.

Do you feel this tax season should continue to be business as usual? You have one more day to weigh in on this month’s poll!

Additional educational resources: Get up-to-speed on all the nuances of an unusual tax season with the Advanced Tax Update and Pandemic Certificate Course.