McCullough and Associates, LLC

In March, stocks posted solid gains due to improving economic conditions and widening vaccination programs. However, tech and high-growth stocks played a limited role in the rally.

Federal and State Individual Income Tax Return Filing Deadline Extended to May 17, 2021 The Treasury Department and Internal Revenue Service announced on March 17th 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. On Friday, March 19th, Missouri Governor Mike Parsons announced that Missouri will mirror the Treasury Department and Internal Revenue Service's decision and exte...nd the state individual tax filing and payment deadline for the 2020 tax year from April 15, 2021, to May 17, 2021. Payment relief for individuals: The deadline to pay taxes owed on individual income tax returns with a due date of April 15, 2021, has been extended until May 17, 2021. This relief applies to individual taxpayers, including those who pay self-employment tax. However, it does not apply to estimated tax payments that are due on April 15, 2021; that deadline has not changed. Penalties and interest will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individuals that file their return and pay their balance by May 17, 2021, will automatically avoid interest and penalties on the tax paid by May 17. Individuals may still ask for an extension of time to file their individual income taxes. With that extension, the return will not be due until October 15, 2021. However, any payments must still be made by May 17, 2021.

In February, the burgeoning economic recovery and decreasing number of COVID-19 infections lifted stocks.

As January came to a close, stocks were mixed as attention shifted to unprecedented activity around a handful of companies with short-interest positions.

2021 HSA Contribution Limits Click here to learn more about the 2021 HSA contribution limits. https://www.mcculloughandassociatescpa.com/index.jsp