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Extension Deadline Looming for 2020 Tax Returns

Sep 2, 2021 | Accounting, COVID-19, Newsletter

Extension Deadline Looming for 2020 Tax Returns

Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the extension deadline for most taxpayers. Taxpayers who owe tax – even those who did not request an extension – and have yet to file a 2020 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any balance due.

Taxpayers with relatively simple returns should keep the following items in mind regarding the extension deadline and taxes:

  1. Taxpayers can still e-file returns. Filing electronically is the easiest, safest, and most accurate way to file taxes.
  2. For taxpayers owed a refund, the fastest way to get it is to combine direct deposit and e-file.
  3. Taxpayers who owe taxes should consider using IRS Direct Pay, a simple, quick, and free way to pay from a checking or savings account using a computer or mobile device. There are also other online payment options. Please call the office if you need details about other payment options.
  4. Members of the military and those serving in a combat zone generally get more time to file. Military members typically have until at least 180 days after leaving a combat zone to both file returns and pay any tax due.
  5. Taxpayers should always keep a copy of tax returns for their records. Keeping copies of tax returns can help taxpayers prepare future tax returns or assist with amending a prior year’s return.

Taxpayers with complicated tax returns should contact the office immediately for assistance. Many tax preparers and accounting professionals are extremely busy due to the complexity of tax regulations brought about by the COVID-19 pandemic.