The IRS Sets a New Due Date for Income Tax Returns

Financial tips

The IRS Sets a New Due Date for Income Tax Returns

Posted by Infinite Wealth Advisors, LLC
7 months ago | April 6, 2020

We all tend to get in a hurry each spring, and feel the pressure of each year’s tax filing deadline. While the news of the coronavirus outbreak has placed even more strain on most of us, the good news is that the IRS has extended the time frame for filing your 2019 federal income tax return.

The new deadline is July 15, 2020. You must file your return and pay any taxes due by this date. The new deadline applies to everyone, and you don’t need to file a form or request an extension in order for this date to apply.

If you can, go ahead and complete your 2019 return now. It will be one less thing to worry about later. But for those of you who are worried about paying taxes due, this new deadline will give you a bit more breathing room.

The new deadline applies to extension forms, too. Normally, you can apply for an extension of six months by filing Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return, and extend your time for completing your return until October. You can still ask for an extension, but you must do so by July 15, and the extension is now only three months.

If you file for an extension, it only applies to the complete return itself. You must still estimate your taxes due, and make a payment in that amount by the July 15 deadline. In fact, the IRS might deny your extension application if they don’t feel you’ve estimated your taxes due in good faith.

You must pay your taxes, or estimated taxes due, by July 15. A late penalty, plus interest on the amount due, will apply otherwise.

Again, it is always best to go ahead and get taxes out of the way early when possible. But if you’re short on time or funds due to the current pandemic situation, you do have a bit more time now. Give us a call if you have any financial planning questions, and we’ll be happy to help.

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