2020 Tax extensions: What to expect

 

Change abounds, especially when it comes to taxes this year. Due to Coronavirus, a widespread health pandemic, the IRS has changed tax deadlines to meet the needs of taxpayers.

With this in mind, you may be asking yourself, “What about 2020 tax extensions? Are they still due on the same dates they normally are each year?” These questions are answered for you in this article

What is the 2020 tax amendment?

Due to the COVID-19 pandemic, the IRS has extended the filing deadline for individual taxpayers and some businesses to July 15 (referred to as the 2020 tax amendment by some). The typical tax deadline to file is April 15, unless it falls on a weekend.

If you file and pay your taxes on or before July 15, you won’t incur a tax penalty or incur any interest. You don’t need to take any additional action to notify the IRS you will be submitting your tax return after the typical April 15 tax deadline. You only need to file and pay your taxes by July 15.

So, if you hear talk about having an October 15 tax deadline, disregard that for now unless you cannot file your return by July 15.

Is the tax extension still October 15?

With the change to the tax filing deadline from April 15 to July 15, many taxpayers also wonder, “Is the tax extension still October 15?” As of now, tax extensions for 2019 tax returns are still set to October 15, which is the typical tax extension date.

Whether you believe you may owe taxes this year or simply need more time, you still can file an extension. If you’re looking for insight, here’s more information on how to file a tax extension.

Can I file a second extension on my taxes?

These are trying times for so many Americans… So, if taxpayers need even more time to complete taxes they may question, “Can I file a second extension on my taxes?” Here’s the answer: Generally, no. But there are exceptions. Exceptions to file a second tax extension are as follows:

  • You’re in a federally declared natural disaster zone, and the IRS has changed your tax deadline.
  • You’re an active duty military member.

2016 tax amendment deadline

If you planned on filing an amendment for your 2016 taxes, you now have extra time to do so. Generally, you have three years from the time that you originally filed your return. Under the normal rule, the three-year period would end on April 15, the typical filing deadline. Due to the pandemic, the 2016 tax amendment deadline is extended to July 15.

For example, if you discovered that you missed a credit or deduction in 2016, the new tax amendment deadline gives you until July 15, 2020, to file Form 1040X. So, you do have more time to amend your taxes, compared to any other tax year.

How to file your tax return this year

Similar to previous years, you can e-file or paper file your returns. In fact, you can file with the help of H&R Block in a number of ways to suit your level of comfort. Here are some options:

  • Tax Pro Go: This is a virtual tax preparation service where you get matched with a tax pro, upload your tax documents, and our team does the rest. Leave your taxes up to tax experts, so you can stick to your normal routine in life.
  • File Online: File completely independently or get some assistance from a tax pro (virtually).
  • Tax Return Drop Off: With or without an appointment, you can use our Drop-Off service and let the experts take it from there. Prepare your tax documents and drop them off at a location that’s convenient for you.

Whether you’re filing your taxes now or need a tax extension, we can help!

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