I am so glad the IRS has extended tax season! I truly mean it, no sarcasm here. Things are moving pretty slowly here in the office due to a COVID outbreak and the unbelievable number of curve-balls we’ve been thrown in the past 5 months. If it weren’t for the extended amount of time, I would have to add #sexydepends to my Amazon cart. Thank you, IRS!!
In true IRS fashion, this extension is not a blanket extension for everything due on April 15th.
Here is the quick run-down on what has and has not been extended:
Extended:
- Individual Income Tax Returns and Payments for Year 2020
- Contributions to:
- Traditional IRA
- ROTH IRA
- HSAs
- MSAs
- ESAs
- Filing a 2017 individual tax return and still receive your refund (Statue of Limitations runs out 3 years after the original return was due)
NOT Extended:
- 1st Quarter estimated payment for 2021 – Those are still due April 15, 2021
No Mention:
- SEP and SIMPLE IRA Contributions
What this all means:
For most taxpayers, there is no real change to their typical filing other than the due date is now May 17th instead of April 15th. The extension does allow a little extra time to look at some tax savings accounts and benefits.
For self-employed individuals, we will want to at least make some educated guesses and get to work right away to ensure all tax saving benefits are available.
For me, it means 31 more days of caffeinated awesomeness.
More updates to come, I am sure!
If you have questions, you know where to find me!
~Amy
Amy, we will not be home from Florida until after the first week in June. Can we extend filing until later than May 17?
Yes! Extensions are still available and will still get you a due date of October 15th. Just remember any money that is due will still be due on May 17th for 2020.
What about City and State taxes…I recently saw a reminder that city taxes are due in April.
Some states have followed suit with the extended deadline. Michigan has announced an extended due date, however I need to reach out to Battle Creek and Springfield to ensure filing deadlines.