COVID-19 UPDATE: New Tax Deadline

Orange City Iowa Estate Planning

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The IRS has pushed back Tax Day from April 15 to July 15, 2020. Here are the new deadlines, and why you may want to file now.

Counting Money for the Tax Deadline

You now have till July 15 to pay your federal taxes. The three-month extension is automatically available to any federal taxpayer without a limit on amount owed, including individuals, trusts and estates, corporations, non-corporations and those who pay self-employment tax.

All 41 states that have a personal state income tax have extended their deadlines as well. Most are aligned with the federal deadline of July 15, though there are exceptions. Find a state-by-state list of deadlines at Business Insider.

Is there a penalty for paying after July 15?

Yes. To avoid a penalty for filing after July 15, you’ll need to request an extension and pay your estimated taxes by the cutoff date.

Why you might want to file now

Keep in mind that the quicker you file, the quicker you’ll get your refund if one is owed to you. Most tax refunds are issued within three weeks. Also, your tax refund does not affect your coronavirus stimulus payment if you’re eligible.

For more information about coronavirus tax relief, filing deadlines and payments, visit the IRS website page at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

 

Resource: C|net Personal Finance, Coronavirus and Tax Day: Deadline extended, but you can file now for a refund, April 15, 2020; Business Insider, Income taxes are no longer due on April 15 in any US state, April 7, 2020; IRS, Filing and Payment Deadlines Questions and Answers.

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