17 Apr Tax Deadline Extended
We were just about to start our one-month countdown to Tax Day here at the Tampa, Florida, CPA firm of Walter S. Sanders & Associates, when the U.S. Treasury Department along with the Internal Revenue Service decided to give taxpayers a little extra time to get their taxes done this year.
The new deadline for filing your 2020 1040 tax returns is May 17, 2021.
In making the announcement, IRS Commissioner Chuck Rettig said, “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities.”
How Does the Extension Affect You?
You don’t have to do anything to qualify for this extension. It is automatic and applies to individual taxpayers, including individuals who pay self-employment tax. You will not be assessed any penalties or interest on any taxes that you might owe.
The extension does NOT apply to any estimated quarterly taxes you may owe. Those are still due by April 15, 2021. (If your income is not subject to income tax withholding, you need to make estimated tax payments to the IRS quarterly. Examples would include self-employment income, interest, dividends, alimony or rental income.)
“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds,” Rettig said. “Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
Our Tampa tax specialists also recommend filing as soon as possible. Getting your 1040s in is the best way to prevent tax scammers from filing a false 1040 tax return under your name. And even if you file now, you will still have until May 17 to pay any tax that you might owe.
If you have questions or need help with your 1040s, we are here to help. Contact us at your convenience.