The Deadline for Federal Income Tax Returns Has Been Extended

Asset Protection Group | Apr 6, 2020

During most years, many of us rush to complete our federal income tax returns at the very last minute. This year, the stress feels more pressing than usual, with many of us under both personal and financial pressure due to the coronavirus epidemic.

Fortunately, the IRS has responded to the situation by extending the deadline for filing your federal income tax return to July 15. Here’s what you need to know about that.

You don’t need to do anything special in order to access the extension. This extension on the filing period has been granted to everyone, regardless of circumstances. You don’t need to file a special form or request permission to file late. The regular deadline has simply been moved from April to July.

You can request an extension if you need even more time. Normally, you can request a six-month extension on filing your income tax return by completing Form 4868 (Application for Automatic Extension of Time to File US Individual Income Tax Return).

You must pay your taxes or estimated taxes by July 15. As in every other year, even those who file for an extension to complete their returns must estimate taxes due in good faith and make that payment.

This means you have been granted until July 15 to either complete your return and pay the amount due, or complete Form 4868 and pay estimated taxes due. Either way, you will be making a payment by that date (unless you are owed a refund).

If you don’t pay either your taxes due or estimated taxes due, you can be charged a penalty plus interest on the unpaid amount.

It is still a good idea to complete your tax return now, if you can, so that you can avoid the hectic rush just before the due date. But if you need a bit more time, it is relieving to know that we all have until July 15.

If you have any other questions about financial planning, please give us a call and we will be happy to assist you.