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Procrastinators Rejoice! There's a New Tax Day

Procrastinators…listen up.  If you thought this weekend was lost to gathering 1099s and grinding out your tax return, think again.  Change of plans. You can put it off some more.

Tax Day gets a new deadline.  The IRS making the St. Patrick’s Day announcement, extending the tax filing deadline to May 17th.

With all the pandemic tax law changes, and some pressure from legislators and accountants, the IRS says taxpayers can put off 2020 tax year payments due on April 15th to May 17th.  No penalties, no interest, no matter the amount owed.  

And you don’t have to do anything to get the mini-extension.  No forms to file or calls to make, it’s automatic.

And if you’ve really got your delaying tactics in overdrive, and the new May17th  deadline isn’t going to cut it for you,  you can still pull the old-school extension that gives you until October 15th to file.  

That one though, you do need to file Form 4868, the Application for Automatic Extension of Time to File.  Remember, that one does not extend the deadline to pay anything you owe, just the filing.  Otherwise welcome to the penalty box, with interest.

Self-employed folks still owe estimated tax payments on April 15th. If that’s you, you’ll likely know it. That deadline has not changed. 

It’s only 2020 tax-year returns that have been pushed back to May 17th.  And that’s only federal returns.  Not state.  Better check with your state agency if you live in a state with a state income tax.

It was a pretty good St. Patrick’s Day for lots of Americans.  Put off your tax return another month.  Accountants get a little more breathing room.  And a lot of folks got their round-three stimulus check.  

Of course, even though you can put it off, like most things in life, the sooner you complete the task, the better.