BUSINESS + ECONOMY

Tax Day 2021: What you need to know and how to file for an extension

May 17, 2021, 10:05 AM
a tax form, 1040, is often used to file taxes...
A hypothetical family, the Beehives, is used to show what the tax burden a typical family in Utah would pay. Photo credit: Getty Images.

SALT LAKE CITY, Utah — Today is Tax Day and local experts say many people have waited until the last minute to file, despite the deadline being roughly a month later than usual.

Tax Day in May

Susan Speirs, CEO of the Utah Association of CPAs, says even with the extra time, a lot of people are simply wired to wait until the last day.

“People tend to wait until the last minute to file, especially if they owe,” she explained. “It’s just human nature.”

She added moving the deadline back had the unintended consequence of placing an even heavier burden on accountants and tax experts.

“A lot of long hours and a lot of midnight oil being burned,” said Speirs. “You know, because people wait until the last minute, but they don’t want to extend their return.”

Not ready? Look to file for an extension

For those who haven’t filed yet and don’t think they’ll be able to do so by today, she says the best option is getting an extension.

IRS Form 4868 is needed to grant an extension. It can be submitted electronically and will push the deadline to file back to October 15.

Those who don’t file on time or get an extension will be hit with a late filing and/or late payment fee. According to Speirs, those penalties can add up to 25% of the tax due.

According to a recent CNBC poll, about a third of all people procrastinate to file their taxes.

A majority say they do so because it’s too time-consuming. About 22% of respondents claim to put off the activity because of the stress involved, while another 10% say they’re in no hurry to file because they know they aren’t set to receive a refund. Only 6% claim to put off filing because they’re worried they’ll end up owing money to the government.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team. here.

Today’s Top Stories

Business + Economy

a businessman is pictured looking at something, men in the workforce...
Chris Jacobs

Men without college degrees leaving the workforce, according to new study

The study claims social status is likely a driving factor in men without degrees leaving the workforce because pay often indicates social status.
10 hours ago
Thousands of previously banned Twitter users have begun to have their accounts restored to the plat...
Clare Duffy, CNN Business

The mass unbanning of suspended Twitter users is underway

Twitter accounts that had previously been banned are beginning to be restored to the platform, according to a independent analysis.
10 hours ago
holiday deals...
Matt Egan, CNN

Shoppers are dipping into savings and going into debt. That could cause a holiday hangover

The problem, however, is that many Americans' paychecks are not keeping up with stubborn inflation.
10 hours ago
county library...
Elizabeth Weiler

Members of the council explain the Salt Lake County library tax

SALT LAKE CITY — The Salt Lake County Council is approving a budget that includes a property tax increase for the Salt Lake County library system.  The Salt Lake County Library is funded through property taxes paid by Salt Lake County residents. Over 60% of people have library cards according to Salt Lake County government.  […]
1 day ago
a man is pictured playing call of duty...
The Associated Press

FTC sues to block Microsoft-Activision Blizzard $69B merger

The FTC’s complaint points to Microsoft’s previous game acquisitions where Microsoft made some game titles exclusive despite assuring it wouldn't.
1 day ago
Glass jar with coins on table, closeup. Money saving concept (Adobe Stock)...
Amanda Dickson

Opinion: Budgeting when you live below the poverty line

If you're living below the poverty level, it can be hard to buy the things you need. Here's how one school assignment is trying to give more insight.
2 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Tax Day 2021: What you need to know and how to file for an extension