Burlington, VT Accounting Firm | Do It Yourself Extension Kit Page | Montgomery & Merrill PC

Extensions

The due date for 2020 Federal and Vermont returns has been moved to 5/17/21.   .  

Federal extension

The IRS provides several ways to file and pay tax due for an Extension of Time to File Your Tax Return.  If you simply want to mail a check with a paper form 4868, you can find it on line at: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Vermont extension

The Vermont individual tax extensions can be filed on line or with a paper form.  You can find links for both of these options at:  Request an Extension

Estimated taxes 

If you have income that does not have taxes withheld or not enough withheld, you may need to pay quarterly estimated taxes. How do I know if I have to File Quarterly estimated tax payments?

The first installment for 2021 is currently due on April 15, 2021 . Yep, you read that right--although IRS saw fit to change the due date for 2020 returns from 4/15 to 5/17, they did NOT change the due date for the first quarter estimated tax payment.   (Helpful hint:  if you expect that you will be due a refund from 2020, you will be able to apply that overpayment toward your 2021 estimated taxes to reduce the amount you need to send to IRS or VT at 4/15/21).

            Calculating Estimated tax

You can base your 2021 estimated taxes on your 2020 tax or on what you expect your 2021 tax to be.

            Federal estimated tax

Quarterly federal estimated taxes are paid with voucher 1040 ES.  IRS provides an Estimated Tax For Individuals package to assist you in calculating and paying your estimated taxes for 2021.

Vermont estimated tax

Quarterly Vermont estimated taxes can be paid using the  myVTax online tool or with paper voucher IN 114.  Whichever way you choose, the instructions and helpful worksheets are available on line also.

 

Vermont Homestead Declaration/Property Tax Adjustment/Renter Rebate

 

It is necessary to file your homestead declaration every year.  The due date for this year has been moved to May 17, 2021. The rules are a little complicated so it is worth your while to read the Instructions for HS-122 and HI-144  There are penalties for not filing

If your 2020 Household Income was less than $138,500 you may qualify for a Property Tax Adjustment.  May 17, 2021  is the due date for Property Tax Credit claims this year.  No extension is available. A $15 penalty is charged for late filed Property Tax Adjustment claims filed between May 17 and October 15.  October 15, 2021 is the final deadline.  If you file a claim based on estimated income figures, we can amend the claim when your tax return is complete.  There is no penalty for amending, although it will mean that your property tax bill will be revised by the town and your property tax payments will be increased or decreased accordingly.

 

            Vermont Homestead Declaration - Form HS-122

Form HS-122 can be filed on line at www.myVTax.vermont.gov

See below to obtain a paper form for filing by US Mail.

2021 Vermont Property Tax Credit

To claim a property tax adjustment, you must provide information about your Vermont Household Income using Form HI-144, in addition to your Vermont Homestead Declaration Form HS-122. This is a calculation similar to your Adjusted Gross income but with several important differences, so read the instructions with care.

Both HS-122 and HI-144 can be filed on line using myVTax

 

Forms HS122 and HI-144 can also be filed on a paper form that you can download from the VT Department of Taxes website:  HS 122/HI 144

RENTER REBATE

If you lived in Vermont for the entire year 2020, you rented a home for all twelve months, you are not someone else’s dependent, no one else in your household made a renter rebate claim and your household income is under $47,000, you may qualify for a rebate of some of the rent you paid. The application for a rebate is due April 15, 2021.

You can file for the rebate in myVTax or you can mail a paper copy of the Form PR-141 Renter Rebate Claim and Schedule HI-144 Household Income.  The rules can be unexpected, so we encourage you to read the Instructions for  PR-141 and HI-144 before completing the claim.

 

   

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