The COVID-19 pandemic has affected everyone in the world in some way. The United States, in particular, has been hard hit by the crisis as the federal and state governments scramble to maintain a semblance of order amidst the chaos. With many government functions reducing staff or on lockdown, and much of the infrastructure doing the same, the IRS extended the deadline for filing taxes in 2020. Normally due April 15, the extension provided for filings of income tax reports to be delayed until July 15.
Unlike some of the benefits issued due to the pandemic, the tax filing extension applies to everyone and not just people. Families, couples, and single filers are granted the extension, as are corporations and other institutions. The caveat is that the extension is only for federal filings. State filings are left up to the state to grant an extension, so depending on the state in which one resides, they may have had to file their state tax reports on time.
As for quarterly tax payments, the various filing dates for those are as follows:
- If your payment period was January 1 – March 31, your tax deadline is July 15
- If your payment period was April 1 – May 31, your tax deadline is July 15
- If your payment period was June 1 – August 31, your tax deadline is September 15
- If your payment period was September 1 – December 31, your tax deadline is January 15, 2021
Extension or not, all the regular rules apply for tax filings. People who are filing need to make sure they have all their documentation prepared, including any potential expenses, deductions, and exemptions. They also need to decide if they are filing themselves or through the use of a professional. Thanks to the digital age, working with a professional without visiting an office is easier than ever.
Though some might worry about working with a tax professional digitally, the current crisis has forced many people to switch to online work and the processing of potentially sensitive material. As a result, digital communication is also more secure than in the past. Those who desire to file themselves can take advantage of the computer programs designed to do that and professional tax agencies with free online options for simple filings.
No matter how one files, everyone must file their tax reports on time. The potential refunds and information provided to the government are essential to fighting off the economic turmoil of the current crisis. It’s a part of life in America that hasn’t changed too much because of the pandemic. As a wise man said, taxes are one of the few certainties of life.
For help with credit and financial issues check out Good Credit.