As the pandemic continues to be a hard time for many, the IRS is moving the Tax Day deadline to help taxpayers in this unprecedented situation. The extension is automatic and applies to filing and payments.
So, if you owe taxes this year, you have now until May 17th, 2021 to pay them without any interest. Nevertheless, the IRS still encourages taxpayers to file as soon as possible.
The IRS Commissioner, Chuck Rettig said “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
The IRS is already processing tax returns, dealing with claims for missing stimulus payments while sending out the already processed economic impact payments. The extension will give the agency as well as taxpayers more time to prepare and process the forms.
Since the third round of stimulus checks are interlocked with your tax return, filing later will push back the refund you might eligible to get this year. It means you have to wait longer to receive any missing stimulus money.
Start your 2020 Taxes and get in the tax refund queue!