It’s no secret that this pandemic has thrown a wrench in practically every aspect of our lives. For some Americans, it has been beyond difficult to stay afloat. Apparently, the IRS is having a difficult time keeping up with all of it as well. If you haven’t filed your 2020 taxes yet, have no fear, the IRS has pushed the deadline of April 15th back to May 17th to help you out. That gives you a little over a month longer to get your taxes in order. Mark Dicus & Company is here to talk about this extension and what it means for your taxes.
Can I Go Ahead & File My Taxes Early?
Just like any other year, you are always more than welcome to file your taxes before the tax deadline. The deadline just means that you need to have them completed by that date at the very latest. When it comes to your taxes, the sooner you get them filed, the sooner you get your return. Hopefully, with the backlog of all the stimulus payments that are going out, you won’t see a delay in getting your refund. However, it is a possibility you should be ready for.
What Happens if I Miss Tax Deadline?
For some people, even with the deadline being pushed out, it will be difficult to get your taxes in on time. If this is the case, have no fear. You can always request an extension from the IRS by filing out a Form 4868. If you get approved for this extension, it means that you will have an extra 5 months to get your taxes in. That could mean a date of October 15th. Something important to note is that even if you aren’t ready to file your taxes by May 17th, you need to pay the IRS anything that you owe to avoid paying any penalties.
Does Tax Extension Apply to State?
It gets a little trickier when you are talking about filing an extension for your state taxes. Every state has different rules and regulations that are put in place when it comes to extensions. You will need to check with your state and see what their guidelines are for those that need to file an extension, so you know exactly what your options are. This will give you an idea of how to move forward.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are struggling to get your taxes in order and are worried about making the new deadline of May 17th, you can call on the experts at Mark Dicus & Company to help you prepare your taxes. We can look into any extensions that you are going to need to request as well as explore your options with your state and their guidelines. Call us today!