Individuals, small businesses, and corporations can likely benefit from these changes in some way. This extension moves the federal income tax deadline from its original date of April 15 to July 15 for most calendar year tax filings. The IRS, Treasury, and federal government instituted an extension for the 2019 tax year's filing deadline for returns that you are required to file in 2020. 2020 Federal Tax Filing Deadline Extensions (Tax Year 2019) If you're in a strong financial position and still earning income, setting money aside in these accounts can offer potential tax benefits and help you better prepare for your future at the same time. If these contributions result in tax deductions for you, they could lower your tax liability. Coverdell education savings accounts (Coverdell ESAs).Archer medical savings accounts (Archer MSA), or.You now have more time to make contributions for the 2020 tax year for your:

The extended tax deadline also gives you more time to make contributions to certain types of accounts that have deadlines coinciding with filing your tax return. For example, you could transfer the money you've saved to pay your tax bill into a high yield savings account, which could earn you some interest during the extension period. There are several ways you can use this extra time to your advantage. There isn't a plan currently to extend the deadline again, and if you spend that money now, there's no guarantee you'll have the funds come tax day. You probably shouldn't use the money you had set aside to cover any other expenses or purchases.

If you currently have enough to pay the taxes that you owe, it's often best to pay as soon as possible so you can rest easy and not think about taxes again until next year. There's a lot you can do with the extra time. How individuals can take advantage of the new 2021 deadlines

Here's how you can take advantage of the extended tax deadline. To find your state's tax deadline, and to stay updated on the latest tax deadline information, please visit our blog post: ' IRS Announced Federal Tax Filing and Payment Deadline Extension.' Many state tax filing deadlines may change to reflect the federal deadline. First and second quarter estimated tax payment deadlines are still April 15, 2021 and June 15, 2021. The new federal tax filing deadline doesn't apply to 2021 estimated tax payments. But, you'll still need to pay any taxes you owe by May 17. If you file for an extension, you'll have until Octoto file your taxes. Individual taxpayers may defer tax payments until the new filing deadline, interest and penalty free. The new federal tax filing deadline is automatic, so you don't need to file for an extension unless you need more time to file after May 17, 2021. This extension also applies to 2020 tax payments. The 2021 extension moved the federal income tax deadline from its original date of April 15 to May 17 for most individual tax filings. Due to severe winter storms, the IRS has also extended the tax deadline for residents of Texas, Oklahoma and Louisiana to June 15, 2021. To help ease the burdens that taxpayers are facing with Coronavirus (COVID-19), the IRS, Treasury, and federal government instituted an extension for the 2020 tax year's filing deadline for returns that you are required to file in 2021. Victims of these storms have until October 16, 2023, to file various individual and business tax returns and make certain tax payments.įor information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.Ģ021 Federal Tax Filing Deadline Extension (Tax Year 2020) The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disaster caused by recent storms.

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