Many people are starting to worry about their taxes as the year comes to an end. It’s critical now more than ever to keep knowledgeable and up to date on tax laws and regulations because the epidemic is having a variety of negative effects on the economy. To assist you in navigating tax season, we’ll address some frequently asked tax questions in this post.
The income, credits, and deductions you have in 2021 will determine how much tax you owe. The tax brackets for 2021 have been made public by the IRS, and they are a little higher than they were last year. For instance, the top tax rate for individuals is currently 37%, while the top rate for married couples filing jointly is 35%. To calculate your potential tax liability for the 2021 tax year, utilize an online tax calculator.
You can still file your taxes even though the deadline has passed. For filing late, you can, nevertheless, be subject to fines and interest costs. Normally, April 15th is the due date for individual income tax returns; however, in 2021, that date has been moved to May 17th. You have until October 15th to ask for an extension if you need extra time to file your taxes.
It is still possible to file your 2019 taxes in 2021. However, submitting your taxes late could result in fines and interest charges if you owe money for the 2019 tax year. To prevent additional fines and interest fees, it’s critical to file your taxes as soon as possible.
Yes, you can file your New Jersey taxes online using the website for the NJ Division of Taxation. You can submit your NJ taxes online by using tax preparation software as well. Remember that in order to file your taxes online, you might need to register for an account with the NJ Division of Taxation. How can I file my New Jersey state taxes for nothing?
There are various free options for filing your NJ state taxes. You can use free tax preparation software or file your taxes for free online using the NJ Division of Taxation website. If you satisfy certain income limits, you can also be qualified for free tax preparation assistance through the Volunteer Income Tax Assistance (VITA) program. For qualifying clients, several tax preparation firms also provide free tax filing choices.
The extended due date for submitting federal and state income tax returns is October 15, 2021.
Yes, even if you don’t owe any taxes, you must still submit a New Jersey state tax return. This is necessary so that the state can assess if you qualify for any tax credits or refunds. In addition, penalties and interest fees may apply if a state tax return is not submitted.