The IRS extended the 2020 tax deadline to May 17—in most cases—due to the tough time people are having as a result of the pandemic.
For certain people, the next tax deadline is June 15.
Here’s what you need to know:
What was pushed back to May 17?
The IRS extended the deadline for individuals to file and pay.
You will not be charged penalties or interest as long as your tax return paperwork and any money you owe for your 2020 taxes is submitted by May 17.
And, yes, by individuals that does include freelancers and others who pay self-employment tax.
What do I need to do get an extension to May 17?
Just make sure to get your taxes done by the date because taxes and penalties will automatically start accruing after that date.
Are there any extensions available after May 17?
If you can’t get the paperwork in by the new deadline, you can get an extension until October 15.
But be aware that this extension is only for submitting the tax return.
You still need to submit any 2020 taxes that you owe by May 17 or you will be slapped with interest and penalties.
And this extension isn’t automatic. You have to request it, which you can do using Form 4868.
So wait, who does the June 15 deadline apply to?
The IRS extended the 2020 tax deadline for people in Texas, Oklahoma, and Louisiana as part of a relief effort for those impacted by the winter storms in February.
This deadline includes submitting your paperwork and paying.
So, do I get more time to pay my estimated tax payments too?
Estimated taxes that are due on April 15, 2021 need to be paid by that date.
The IRS made clear that people still need to pay the current year’s taxes as they’re earned. And or most freelancers, that’s done through quarterly payments.
If you haven’t been making quarterly estimated payments and need to know how to calculate them, go here.
Since the IRS extended the 2020 tax deadline, do I get extra time for state tax returns?
Only if your state says so.
The IRS extensions only apply to federal tax returns. But your state may offer extensions too. You’ll have to check.
Here’s a list with links to all of the state tax agencies.
If I get a tax return, can I contribute some or all of it to KnowGoodWords?
Contributions are always greatly appreciated. And to make it easy for you, here are easy ways to do it.
BTW… if you haven’t filed yet, check out these Freelance Tax Deductions to make sure you aren’t paying more than you should.
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