The IRS has some bad news if you were hoping for more time to file your tax return. Due to COVID-19, the original due date for filing 2019 returns was already postponed from April 15 to July 15, 2020. However, several groups were pressuring the IRS to allow even more time to file returns and pay taxes this year. But the IRS shot down that idea and announced that there will not be another delay. So, you still only have until July 15 to get your taxes done and pay any tax due.
If you can't meet the July 15 deadline for whatever reason, you can request an automatic extension of time to file until October 15 by filing Form 4868 by July 15. While this will give you more time to file your return, it does not give you more time to pay any tax due. You still have to estimate your tax liability on the extension form and pay any amount due by July 15 to avoid penalties and interest.
You can also get an extension by paying all or part of the tax you owe using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. Make sure you indicate that the payment is for an extension. When getting an extension by making a payment, you don't have to file a separate extension form and will receive a confirmation number for your records.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you're facing hardships, including those related to the coronavirus pandemic, and can't pay the tax you owe, pay what they can now and look into the various IRS payment options for the remaining balance. They include setting up a payment plan, an "offer in compromise," or requesting a temporary collection delay. Another option is to take out a loan to pay the taxes due, since loan costs could be lower than the combined IRS interest and penalties.
Finally, don't forget about your state tax return. The due date for your state return could be different than the July 15 deadline for federal returns. Check with your state tax agency to double check the tax due date where you live.
-
-
Stock Market Today: Stocks Waver as Government Shutdown Looms
Rising yields, higher oil prices and Washington's march toward its first shutdown since 2019 sapped risk appetite.
-
New California Gun and Ammo Tax Becomes Law: What to Know
Gun Taxes A new California gun control law doubles the tax on guns and ammunition purchased in the state.
-
Tax Relief for Maine and Massachusetts Following Hurricane Lee
Tax Deadline Following Hurricane Lee, the IRS has granted tax relief for Maine and Massachusetts taxpayers. Here are the payments and filings that qualify.
-
Inherited an IRA? Four Things Every Beneficiary Should Know
Inherited IRA Inherited IRA distribution rules have changed in ways that can significantly impact your taxes and tax strategy.
-
A Little-Known Tax-Free Way To Help Pay Your Student Loan
Student Debt Employers can provide valuable assistance with employee student loan repayments.
-
Tax Tips for National Preparedness Month
Disaster Preparedness September is National Preparedness Month. These tips can help you secure important documents and information — before a disaster happens.
-
Places That Now Have More Time To Pay Estimated Tax
Tax Deadlines Estimated tax payments are due soon — September 15 in most cases. But many people have more time to pay the IRS due to natural disasters. Are you one of them?
-
IRS Announces Florida Tax Relief Following Hurricane Idalia
Tax Deadline In response to the severe damage caused by Hurricane Idalia, the IRS has extended tax deadlines for affected Floridians.
-
Will Your State Rebate Check Be Taxed for 2023?
State Rebates Here's what the IRS says about taxing 'state stimulus checks' and other special state rebates and what it could mean for you.
-
Most Expensive States for Millionaires in 2023
Income Tax If you earn a lot of money, you may want to avoid these most expensive states for millionaires. Some high earners in these areas could pay income tax rates greater than 50%.
