For the second year in a row, the deadline to file federal income taxes has been extended due to the pandemic.
I’m not an expert, but we talked to lots of them, and asked: What does this extension mean for taxpayers?
“The IRS extended the time not only for tax return filing for individuals, but also the time to pay that income tax on April 15. You now have until May 17," said Kemberley Washington, tax analyst with Forbes Advisor.
But no need to worry — it’s not expected to cause a delay in refunds.
“I think that the IRS is going to continue processing returns as quickly as they can," said Nathan Rigney, lead tax research analyst at H&R Block.
It’s important to note that the new deadline only applies to federal tax returns, not state ones. But some states have been given a little extra time.
“Because of the recent winter storms, Louisiana citizens now have until June 15, and also Texas and Oklahoma, too," Washington said.
The new deadline doesn’t include quarterly tax payments for small businesses.
“That deadline for small business owners is still April 15.”
For more information on the 2020 tax season, visit newsy.com/TaxingTimes.