I am sure that most of you are aware that there are 67 days until taxes are due. Due to the coronavirus pandemic, the federal income tax filing due date is extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest. In addition, many states have also extended their tax deadlines and payments.
Many people are asking to file extensions which are unnecessary. at this time. Due to the automatic extension taxpayers do not need to file any additional forms or call the IRS. If you find yourself not able to file by the July 15th deadline then you should file a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Returns. Are you due for a refund? Even though the filing deadline has been extended you should file as soon as possible in order to get your refund. In order to expedite your refund, you should always file electronically and utilize the direct deposit function.
Do you still not have your documents together to file this season. I suggest you read 240 Days Till Taxes are Due. This will provide you some basic tips and software suggestions in order to get your financial documents in order. Even if you do not feel you are prepared this year, you can start today and have all your documents in order for your 2020 tax season. If you have any questions or concerns read the IRS Filing and Payment Deadline Q&A. I look forward to hearing that you all improved your document organization and experienced an easy tax filing season!
