Deadline extension nationwide (instead of individuals) can provide financial relief to taxpayers as they are already going through hard times because of the The IRS moved the deadline back to July 15 last year to help families who had problems with job losses due to COVID-19 company closures across the country.
If itthis year, it can do more than , if you expect one. This year, your is linked to your taxes, and can control how much money you get in one , plus it could affect it Here’s what you need to know about this year’s tax day, and how putting it back can affect you in more ways than one.
What is the House asking the IRS to do about this year’s tax term?
On February 18, the House Ways and Means Committee sent a letter to the IRS urging the agency to delay the deadline for filing your tax returns after April 15 this year.
The letter did not suggest a specific new due date to file federal taxes, but it did point out that the IRS has moved the 2019 tax deadline by three months to July 15 due to the coronavirus. The commission urged the IRS to extend the tax filing season again this year, “to eliminate unnecessary fear of taxpayers and practitioners.”
The IRS has not publicly responded to the committee’s request. CNET has contacted the IRS for comment.
How will a new tax deadline affect the third round of incentive checks for me?
Since stimulus payments and, shifting the tax date would affect the
First, Congress is proposing to use the IRS, if processed, when it determines the amount you put into your In particular, the IRS would look into the , on your 2020 form to help calculate your payment, using a But the tax authorities would use your 2019 tax return if you had not yet submitted your 2020 tax return. This could work to your advantage if your income from 2019 was lower than your income from 2020. If your tax return for 2020 were to do so , Like you , you’d like to file an application as soon as possible, so the IRS will process your 2020 taxes before it’s released
Postponement of the tax term would do that, but then again, it would also mean you should any missing incentive money, and if there is a difference between your 2019 and 2020 taxes, you should wait
What a new tax term could mean for any missing stimulus payments
Your federal tax returns this year are also how you get back all the money the IRS owes you from the first twoIf you have not received payment or received less than you were , you can as a discount credit when you submit an application this year. – those who normally do not have to file a tax return. If you wait to file your taxes closer to a new, later due date, so are you , which is bundled
If the IRS extends the filing due date, will that delay me from paying my taxes too?
like you, that gives you more time to complete your paperwork and send it to the IRS. But that won’t get you off the hook for any taxes you owe. Whether it’s April 15th or a later date, or you are also responsible for paying any interest accrued on the amount plus a late payment penalty.
Would my state’s expiration date also change with the new deadline?
Last year, all states that collect income taxes shifted their filing deadlines to about July 15, 2020, the federal tax deadline, according to the American Institute of CPAs. If the IRS postpones the filing deadline again this year, we expect states to follow suit.
For more details on taxes this year, we spell theand when you file your taxes.