IRS Has Extended The Tax Filing Due Date
The IRS is extending this year's tax filing due date.
Due to the pandemic, the Internal Revenue Service has decided to extend the tax filing date for tax payers. Typically, taxes should be filed by April 15th. The IRS wants to dedicate the extra time to give more breathing room to those who maybe facing hardship.
The time extension postpones when individuals must file their return and when their payment is due. According to KWTX, those who money will not face any further penalties if they pay pay by the extended deadline.
The new date also applies to those who also pay self employment tax, but does not apply to estimated tax payments that are due on April 15.
The new filing due date is May 17th!
That doesn't mean you should wait until that day, though. Sure it's more of a cushion, but don't end having to rush things because you procrastinated. Plan to set some time aside on a weekend or get to your preferred tax service ASAP.
You can request an extension from the IRS that would allow you to file later in the year, but you'll have to convince them you've got a very good reason for needing it. There could also be interest and penalties.
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