The IRS is postponing the tax filing deadline for non-business taxpayers to May 17, 2021. The extension applies to individual’s tax payment and filing responsibilities originally due April 15th; however, this does not apply to estimated tax payments for tax year 2021 that are due on April 15, 2021.
This is because taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
The State of Wisconsin has also extended the WI Individual Tax Return & Payment Deadline to May, 2021. Click here for the official statement.
To learn more about quarterly estimated taxes read our article Estimated Tax Payments; Do I Need to Make Them, When and How?