U.S. Treasury Extends 2020 Tax Year Deadline to May 17, 2021

 

Last week, the United States Treasury announced an automatic extension for federal income tax filing and payments for the 2020 tax year to May 17, 2021.

 

First reaction for most of us was a combination of “Yay!” and “Whew!”

 

However, there are two important items to remember:

1. If you owe any estimated tax payments (including self-employment taxes), the deadline for those payments DID NOT CHANGE, and the payments are still due on April 15.
2. The U.S. Treasury decision did not extend deadlines for states’ income tax filing.  Some states have extended the filing deadlines, but some have not.  Check with your state tax agency for announcements of any changes.

 

But even with this extension, don’t relax for too long – May 17 will be here before you know it!  Contact us if you need help with compiling your paperwork and getting everything ready for filing.