Preparing your taxes can be a real drag. It can feel like tax day looms over your spring! Well, fear not: the IRS has given you another month to file your taxes!
The Treasury Department and Internal Revenue Service has announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021.
Per a recent press release from the IRS, individual taxpayers can postpone federal income tax payments for the 2020 tax year to May 17, 2021, without penalties and interest, regardless of the amount owed.
Even with the new deadline, consider filing as soon as possible. Filing electronically with direct deposit offers the quickest way to receive a refund if you’re entitled to one. Electronic filing with direct deposit can also help ensure you receive the most recent stimulus payment promptly.
We know filing taxes can be a pain, but having extra time certainly helps! If you have questions on your tax return or liabilities, be sure to reach out to your tax professional! If we can be of any assistance, please don’t hesitate to reach out.
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March 22, 2021