Due to the coronavirus outbreak, the federal tax deadline for filing 2019 taxes has been extended by 91 days to July 15th,2020. So whether you owe the IRS money or you expect to receive refunds, the tax filing deadline is July 15,2020.
If you need more time, you can file for an extension until October 15. You need to complete IRS Form 4868 for an extension. Note that filing an extension only allows you to delay filing taxes but does not give you additional time to pay taxes. So if you owe the IRS money and pay in October, you might end up paying late tax penalties.
Should you delay filing your federal taxes?
If you anticipate getting a refund from the IRS, go ahead and file quickly to get your refund.
If you have tax bills and owe the IRS, it is worth waiting to file.
Where can I find out more information?
You can visit the IRS coronavirus page to find out more information.
What are state income taxes filing deadlines?
State taxes must be filed by July 15th as well as states follow the federal tax filing deadline. Check with your state tax departments to confirm deadlines and extension dates.
Is the tax deadline the same for e-filing and filing by mail?
IRS considers the tax return filed on time if it is addressed correctly, has the correct postage and is dropped in the mail by end of the business day on Tax Day, July 15th.
If you are e-filing, you have until midnight on Tax Day to file your taxes on time.
Has the deadlines for estimated tax payments changed?
IRS divides the year into four payment periods. Each period has its own payment due date. The original dates for estimated tax payments were April 15, June 17, September 16, and January 15 (2021).
Now the first payment date has been pushed to July 15. No other changes have been made at this time but watch for IRS guidance on changes to other estimated tax payment deadlines.
So your estimated payments for 2020 are due on June 17, July 15, September 16, and January 15 (2021).
What is the penalty for late tax payments?
If you don’t pay taxes by your due date, you must pay 0.5% of unpaid taxes every month until your tax bill is paid off. The penalty is capped at 25% of your total tax bill.
Am I eligible for free filing?
If your adjusted gross income (AGI) was $69,000 or less for 2019, you can file your taxes for free of charge. Many companies allow you to file for free if you meet the income requirements. You can find out the companies providing free filing on the IRS website.
Benefits.gov offers an online eligibility checker. You can answer a few questions and confirm your eligibility to file a free return.
Bottom Line
As a result of the coronavirus outbreak, the IRS has extended the tax deadline by 91 days to July 15th. State tax filing deadlines have also been extended. If you are expecting a refund, you should file right away and get your refund. The estimated tax payment deadline for April has been moved to July 15. Watch for IRS guidelines on other estimated tax payment deadlines.
