The deadline for reporting taxes and making payments has been extended by the state of Nebraska for the calendar year 2021. The continuous COVID-19 pandemic and the financial hardship it has created for several taxpayers are the reasons for this. The new file and payment due date has been changed to July 15, 2021. All taxpayers, including people, corporations, and businesses, are covered by this extension.
In Nebraska, taxpayers who have already received a federal extension are automatically eligible for a state extension because the state follows the federal extension. It is crucial to remember that this extension only covers the state tax return and payment; it does not cover any outstanding federal taxes.
Over-65 taxpayers in Nebraska are eligible for an additional standard deduction. This additional deduction for married taxpayers filing jointly in 2020 was $12,000 while for single filers it was $9,000. This additional deduction is intended to assist seniors who could be on limited incomes and have greater medical costs.
It’s vital to remember that this additional deduction only applies to those over 65 in tax year 2020. As of right present, no statement has been made regarding an additional deduction for the 2021 tax year.
There are other possibilities available for people over 65 who are looking for further deductions. For instance, taxpayers who are over 65 and have medical costs that total more than 7.5% of their adjusted gross income are eligible to write those costs off on their tax return.
In conclusion, Nebraska has moved forward the due date for filing and paying taxes for the 2021 tax year to July 15. The federal extension is followed by the state, and taxpayers over 65 may be entitled to an additional standard deduction. Even if there isn’t yet a special deduction for taxpayers over 65 for the 2021 tax year, eligible people can still take use of existing deductions.
Yes, a new W-4 form is available for 2021. The IRS updated the form in 2020 with the goal of making it easier to use and more precise when determining how much federal income tax should be withheld from an employee’s paycheck. To make sure the right amount of taxes are being deducted from their paychecks in 2021, it is advised that employees verify and update their W-4 forms.