The Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
April 15th is not just Tax Day. It is also the deadline to file a protective refund claim for timely-filed 2017 tax returns. Currently there is litigation pending in the Supreme Court challenging the constitutionality of the tax provisions of the Affordable Care Act (“ACA”). This litigation may not be decided until the summer. In the event the Court determines the ACA tax provisions are unconstitutional, taxpayers may preserve their right to a refund by filing a protective refund claim for taxes paid in tax years where the statute of limitations remains open, generally 2017 and after.
When to claim social security is a very personal choice, so it’s important to consider not only your monthly retirement benefit, but also your overall financial picture. There is no “one size fits all” solution to claiming Social Security benefits. As with other matters surrounding your retirement, it’s critical to know your options and test various scenarios before making any major decisions.
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes.
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