July 15th is Tax Day
MERIDIAN, Miss. (WTOK) - April 15th is the day Americans have always known as Tax Day, but with the COVID-19 pandemic, this year’s tax deadline is Wednesday, July 15th.
“If you don’t pay your taxes on time, there will be interest and penalties until you do so,” says Gary James, a managing partner and financial advisor with Summit Wealth Group in Meridian. “Also keep in mind though you can file an extension to file your taxes later, just like you could if it was an April 15th deadline. Basically that would give you until October the 15th [to file].”
The October 15th extension is for extra time to file your taxes, not to pay your taxes. You need to fill out the tax-filing extension request form by July 15th. If you can’t pay the taxes you owe in full, you have some options with the IRS.
“[The IRS will] work with just about anybody. Just always realize when you do work out a payment plan with the IRS, you still are probably going to incur interest and penalties to do so, but they will work with you and you need to work with them,” James explains. “One thing you don’t do is ignore the IRS, that’s not a good idea.”
James says the pandemic should not have a major impact on when you receive your tax return.
“We don’t think there will be huge delays, I mean, they’ve already put it off from April 15th to July 15th so they’ve had some time to prepare anyway, so I wouldn’t think you’d be looking at huge delays getting refunds or returns done and all those kind of things,” James says.
James also wants to remind people who pay estimated tax for 2020 to keep this in mind:
“Be sure you remember because your first two estimates, if you pay estimated tax, were due April 15th of this year and June 15th of this year for 2020 taxes. Now all of those are due Wednesday, so anything that was due for 2019 plus your first two estimates for 2020, are all due Wednesday.”
You can find out more information and how to request an extension at IRS.gov.
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