If you've put off filing your taxes this year due to... well... everything, we're sorry to say, it's time to stop procrastinating. The deadline for taxpayers to file their 2019 tax returns and tax payments has finally arrived.
Thanks to shutdowns and health restrictions brought on by COVID-19, the federal government extended the deadline to file your 2019 taxes for three months, pushing tax day back from April 15th to July 15th. The extension was meant to provide further tax relief to Americans who were impacted by the nationwide lockdowns.
Unfortunately, there won't be another extension. The Department of the Treasury and IRS announced last month that the deadline to pay your taxes would not be extended again, however, individual taxpayers who need more time to file their taxes can request another automatic extension to file by Oct. 15. Individuals have until midnight Wednesday to submit their request, according to the IRS's website. Taxpayers can file Form 4868 through their tax preparer, or by using tax software. Businesses that need an extension can request one by filing Form 7004.
It's important to know that if you do decide to ask for an extension on your taxes, you still need to pay any money owed to the IRS. Failure to pay can results in fines and interest charges. To avoid those, you can estimate any taxes you might owe and send a payment to the IRS before the midnight July 15th. The IRS notes on its website that it offers several options for anyone who might be experiencing economic hardships due to COVID-19 and cannot pay in full.
The easiest way to file your taxes now is to use electronic services such as E-File or the IRS Free File. You can find more information at IRS.gov/efile for more information.
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