July 15, the new filing date for 2020 is around the corner
As the Covid-19 Pandemic spread earlier this year, the federal government delayed the regular April 15th tax filing deadline until July 15th. This decision provided some economic and emotional relief for taxpayers having to deal with uncertainty brought on by lockdowns and closures. The deadline is now rapidly approaching, and no more delays will be made.
Taxpayers should file now or request an extension. For those of you still waiting to file, make a payment, or extend, here are a few answers:
DO I HAVE TO FILE OR EXTEND?
Yes. In most cases, you must file and pay your taxes by July 15 or extend.
If you need additional time to file, you can request an extension on the IRS website. That will give you until Oct. 15 to file. An extension to file does not mean you have more time to pay. Those of you planning on extending should estimate how much you owe and make that payment by July 15.
You can find extension forms by filing status here
IF I CAN'T PAY NOW, WHAT SHOULD I DO?
You should file your taxes even if you don’t have the ability to pay.
The IRS is willing to set up payment plans or make other arrangements with taxpayers who cannot pay by July 15.
WHERE IS MY REFUND?
The IRS is still processing and issuing refunds. Most will be processed within a 3-week period.
CAN I FILE ONLINE?
Yes, you can file and pay your taxes online. The IRS prefers that you use electronic options to support social distancing and increase the effectiveness of processing of returns, refunds, or payments. The IRS is still working through a backlog of mail that has accumulated during its closure in response to the pandemic.
CAN I FILE AN EXTENSION?
Yes, you can E-file your extension form for free on the IRS website. Individual tax filers can use free file to electronically request an automatic tax-filing extension.
To get this extension, you must estimate your tax liability on the form and should also pay any amount due.
You can find extension forms by filing status here:
https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return