In case you’re wondering, you’ll have a little extra time to file your taxes. The new deadline has been set for May 17. And while the IRS has extended the deadline, millions of Americans will still have to pay their taxes on April 15. This new deadline, according to the IRS, applies to people filing their 2020 taxes, not those who make estimated tax payments every quarter.
This mainly applies to those who are self-employed or work as freelancers. They’ll need to make their quarterly payments by April 15 to avoid late fees or penalties. The April 15th deadline also applies to people who have other income not subject to income tax withholding.
The IRS further extended the federal tax deadline to June 15 for those living in Texas, Oklahoma and Louisiana who were affected by the Winter storm in February.
The agency started the year already behind. As of March 5, the IRS had yet to process 6.7 million of last year’s returns that had been filed since February 12. It had processed nearly 49 million. The agency had processed about 88% of the returns it received compared with 96% on roughly the same time frame last year.
Now something to keep in mind, the IRS says the new extended deadline is only for federal returns and that taxpayers may still have to file state taxes by April 15. At the moment, Maryland is the only state to have extended its filing deadline to July 15. Other states have stuck with their original filing date, which is April 15, according to the Federation of Tax Administrators. While several states have already extended their deadline to match the federal deadline, the IRS advises taxpayers to check with their state to ensure they don’t pay their taxes a month late.
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