Every year Tax Day rolls around in April but 2020 has been a unique experience for everyone, not only in the United States, but across the globe. The coronavirus pandemic forced an extension of the normal April 15 filing date, pushing back the deadline until July 15 for the first time ever. In an effort to ease the financial burden experienced by many individuals, in addition to decreasing the risk for exposure, the Internal Revenue Service (IRS) granted those responsible for filing taxes an automatic three month extension. While those who were expecting a refund were encouraged to submit their paperwork rapidly, the delay allowed for many to focus on their current situation as opposed to dealing with the 2019 tax year and putting together everything needed in order to submit a return.
While the tax filing deadline was extended to July 15
for federal returns, state taxes were left to individual determinations. For many, the same extension was applied, allowing both to fall in line - similar to a normal year, but some differences did occur. If you are one of the many individuals or families yet to file a return, consider each of the following Tax Day tips to keep your paperwork in line for this year and any other.
Organization Is Key
Having the appropriate paperwork available for backup documentation on your return is critical to completing an on time filing. Preparing ahead of schedule, before your appointment, can not only save you money but it will also make the completion of your tax return seamless. Keeping proper records throughout the preceding year and managing the paperwork associated with tax filings can assist in helping to make the filing process easy as possible.
Extension Benefits and Deadline
Individuals and those who are filing jointly still have the opportunity of filing for an extension. While everyone was granted the chance to have their submission extended 90 days - until July 15, submitting the extension in lieu of the original date grants even more time for completion. October 15, a sixth month addition from the normal April 15 deadline, remains the date for those in need of a little more time. While this does add time to submit the paperwork, if you do owe any money to the IRS, then it remains to be due by July 15, as is normally the case for April filings.