Last-Minute Tax Advice for 2021

damn_nation_inc Published 05/17/2021 in wow

Tax Day is upon us! Here are a few quick tips that could come in handy while filing.

There are two certainties in life - death and taxes, and the funny thing is that even the act of dying can often incur various odd taxes. These quick tips should hopefully help you get started on your path to financial literacy and be better prepared for next year at the very least.

List View
Player View
Grid View

1.
You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.
2.
However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.
3.
Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.
4.
If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.
5.
On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.

1.
You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.
2.
However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.
3.
Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.
4.
If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.
5.
On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.

Share This Image

REPLAY GALLERY
Share on Facebook

Replay
Last-Minute Tax Advice for 2021

NEXT GALLERY
44 Dank Memes to Dive On Into

RELATED MEDIA

You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.

5/5

1/5

Share
Tweet
Flip
Email
Pin It

Categories: Wow Facts

Tags: taxes tax 2021 irs tips information informative facts

NEXT GALLERY 44 Dank Memes to Dive On Into

Last-Minute Tax Advice for 2021

1.
You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.

2.
However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.

3.
Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.

4.
If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.

5.
On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.

1.

2.

3.

4.

5.

Share This Image

3 Comments

eBaum's Picks

1. You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.

2. However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.

3. Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.

4. If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.

5. On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.

1.

2.

3.

4.

5.

Share This Image

3 Comments

eBaum's Picks

1.
You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.

2.
However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.

3.
Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.

4.
If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.

5.
On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.