The COVID-19 pandemic has upended many aspects of our routines, including taxes. That’s why this year’s deadline to file and pay your taxes has been extended from April 15 to May 17. Here’s everything you need to know about this relief measure.
What You Need to Know
Usually, Tax Day is in April, but this year it will be different due to the disruptions caused by the coronavirus pandemic.
The deadline to file your 2020 tax return is Monday, May 17. The extended deadline also applies to tax payments, so any penalties, interests, and additions to tax will begin to accrue on May 17.
The new deadline will be applied automatically to all taxpayers, so you don’t have to do anything to take advantage of the extra time to file your taxes.
However, if you need help with your tax return, it’s always a good idea to seek the assistance of a professional who can help you make the most of all the new credits and deductions related to the COVID-19 pandemic.
What You Should Keep in Mind
Do you need more time to file your taxes even with the extended deadline? No problem. You can request an extension that would give you until October 15 to file your tax return.
In that case, it’s important to keep in mind that an extension to file is not an extension to pay. This means that even if you get an extension to file, you still have to pay your taxes by May 17.
Finally, remember that the new deadline refers to federal taxes only. The dates for filing and paying your state taxes may be different, so it’s important that you check with your local tax agency to ensure that you pay your state taxes on time.
Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your 2020 tax return or your stimulus payment, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.