andrew henderson menu

Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

ABOUT THE COMPANY

What we’re all about

MEET OUR TEAM

Meet our 60+ global team

CONTACT US

We’re here to serve you

FAQS

Your questions answered

TESTIMONIALS

Read our testimonials

NEWSLETTER

Get free email updates

NC-image-menu

ACTION PLAN

Our flagship service for entrepreneurs and investors

ACTION PLAN ELITE

Create your Action Plan directly with the Mr. Henderson himself

CITIZENSHIP BY DESCENT

Claim a second passport based on familial connections

ALL SERVICES

Click here to see all our products and services

PASSPORT INDEX

Discover the world’s best passports to have in an ever-changing world

CITIZENSHIP MAP

Explore the citizenship options using our interactive citizenship map

TAX MAP

Explore the tax details for countries using our interactive tax map

ALL RESEARCH

Click here to see all of our research and interactive tools

THE WORLD’S #1 OFFSHORE EVENT

Learn from our R&D playbook and meet like-minded people at our annual event.

NOMAD CAPITALIST THE BOOK

Andrew Henderson wrote the #1 best-selling book that redefines life as a diversified,
global citizen in the 21st century… and how you can join the movement.

Legal Tax Reduction

New US Tax Deadline Extensions for 2021

Fallback Image

It’s been a complicated year. 

Most of us have had huge disruptions in our lives. 

To ease reconciling the chaos into a flawless tax form submission, the IRS recently announced that it will be extending the tax return deadline for US citizens from April 15th to May 17th. 

This applies to individual filers, including anyone who is self-employed. It also means that if you are late in filing, penalties and interest will only apply and start accruing after the May 17th deadline. 

The date is automatically applied so you do not have to file Form 4868 to get the extension. If you feel you will still need more time to file, you can fill out Form 4868 which gives taxpayers until October 15th to file. Be aware though that the form does not apply to the payment of taxes that are due for 2020 or any previous years. Any federal income taxes that remain unpaid past May 17th will begin accruing interest and penalties.

The final date for expats to turn in their taxes is still June 15th. If you need some direction on how to file taxes as an expat, you can check out our Ultimate Guide for US Tax Deadlines for Expats. It’s a great place to start, but like many things when you go overseas, I strongly recommend getting some professional help since the US tax system is anything but simple, and going overseas only makes it more complicated.

If you’re an expat and you feel like you need longer than June 15th, you can also request a further extension to October 15th by filling out Form 4868. But as mentioned before, it’s important to still pay any taxes that you owe by May 17th to avoid any interest charges and penalties.

There are several things to which the postponement does not apply and are still due on April 15th:

  • Corporate tax returns for 2020 note that you need to have your documents in by March 26 to be able to file before the April 15th deadline
  • Foreign-owned business tax filings for 2020 
  • Any other type of federal tax or federal information returns for 2020
  • State tax returns — you’ll need to check with your individual state to see if there are any extensions. Some states like Texas, Oklahoma, and Louisiana have already postponed their state tax deadlines to June 15 due to winter storm disaster relief
  • Estimated income tax payments for the first installment of the 2021 tax year — most taxpayers have taxes withheld from their paychecks, but many pay taxes quarterly on things such as income from self-employment, interest, dividends, alimony, or rental income — these are still due April 15th.

Even with the extension, the IRS still recommends getting your taxes submitted as quickly as possible, especially those who are due a refund. They have put out information for taxpayers who received unemployment benefits in 2020 with a worksheet for figuring out how the compensation affects your taxes. More help and information should be coming in the next few days for other complicated parts of taxation for 2020.

Some have noted that the extension might not be as helpful as it seems since it still requires payment of taxes and the tax return work must be done in order to calculate the payment. Many worry it will just create more confusion and bureaucracy.

GET ACTIONABLE TIPS FOR REDUCING TAXES AND BUILDING FREEDOM OVERSEAS

Sign up for our Weekly Rundown packed with hand-picked insights on global citizenship, offshore tax planning, and new places to diversify.

YOU MAY ALSO LIKE

Reduce Your Taxes And Diversify Your Wealth

Nomad Capitalist has helped 1,500+ high-net-worth clients grow and protect their wealth safe from high taxes and greedy governments. Learn how our legal, holistic approach can help you.

What do you want to accomplish?

Let us know your goal and we will tell you how we can help you based on your details.

$

We handle your data according to our Privacy Policy. By entering your email address you grant us permission to send you the report and follow up emails later.