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Advance Tax Due Dates Ay 2021 22

The advance tax due dates for the year 2021 have been announced. The following are the due dates:

Advance Tax Due Dates Ay 2021 22

What are the advance tax due dates for 2021?

The advance tax due dates for 2021 are: January 1, 2020; April 15, 2020; October 15, 2020; January 1, 2021.

What are the consequences of paying late?

There are many consequences of paying late in the United States. The Internal Revenue Service (IRS) imposes a number of penalties on taxpayers who owe taxes, including interest and penalties on late payments. Below is a list of some of the more common penalties:
The first penalty that is assessed is an interest charge on the unpaid tax. This charge is calculated as a percentage of the unpaid balance and begins to accrue from the date that tax was due. The interest rate is currently set at 1%.
Another common penalty assessed by the IRS is a fiscal year or month-end delinquency penalty. This charge is equal to 25% of the amount due plus any applicable surcharges, and it becomes immediately due upon notification by the IRS.
Penalties for failing to file a tax return can also be severe, including fines and imprisonment.

How can you minimize your tax liability through advance tax planning?

If you are looking to minimize your tax liability through advance tax planning, it is important to keep in mind the upcoming due dates for various taxes.

Conclusion.

The Due Date for Advance Tax in 2021 is April 15. The following are some tips to help you prepare your taxes: 1. Get organized early and make a plan. 2. Use tax preparation software or a tax professional. 3. Make use of deductions and credits to reduce your taxable income. 4. Claim all available deductions and credits, even if you don't think they will apply to you. 5. Pay any advance tax due as soon as possible so that you don't have to worry about it late in the year. 6. Keep accurate records of all your finances so that you can correctly calculate your taxes next year. 7. Understand the IRS' updated filing guidelines for 2019 and 2020, which may affect your taxes this year 8.

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