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:
- Individual Income Tax Returns and Payments for Year 2020
- Contributions to:
- Traditional IRA
- ROTH IRA
- Filing a 2017 individual tax return and still receive your refund (Statue of Limitations runs out 3 years after the original return was due)
- 1st Quarter estimated payment for 2021 – Those are still due April 15, 2021
- 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!