It’s Tax Day But You Can Get An Extension
I always wait until the last minute to get my taxes done but today is the deadline for filing and paying your federal income taxes.
The only good thing to come from the pandemic has been not having to have my taxes done by April 15.
Last year the last day to file was in mid-July but this year it is May 17.
I'm always late getting mine done because I play in a band and I run the band business through my household so it takes a bit longer for me to get mine done because I procrastinate because I just put receipts in a bag then have to sort them all, organize and get it all on paper before I go to my tax guy. It takes me about 4 or 5 evenings after work to finally get it all done.
According to WOOD, the IRS is allowing for you to get an extension on getting your taxes done. IRS Commissioner Chuck Rettig said, "this continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities."
If you are looking to get that extension on filing for your taxes, you need to fill out and turn in Form 4868 and you can get your taxes extended until October 15. You can use the IRS tax software or use the Free File link.
Now the October 15 extension gives you more time to file but if you have to pay, the extension does not give you more time to pay.
When you do file and if you are getting a refund, the best way is a direct deposit. It is the fastest way to get your refund plus it speeds up the process if you have not received any of your stimulus payments that may still be owed to you.