Millions of taxpayers are being given more time to file tax returns. The IRS is pushing the federal tax filing deadline to mid-May. That’s about a month later than the original deadline of April 15th.
The new deadline will be May 17th.
The agency was already behind on processing returns as it continues sending out a third round of stimulus checks. The IRS also has to send out payments for an expanded child tax credit and waive income taxes on unemployment benefits per the recently passed COVID relief bill.
It’s just one more curve-ball for filing taxes for the unprecedented year of 2020.
Mark Steber with Jackson Hewitt points out the stimulus checks, unemployment filings, being self-employed for the first time, or working from home in a different state than your employer are all making this year’s taxes one for the ages. He also notes there are many of life’s typical events that impact taxes like getting married, having children and getting divorced.
At least with all the changes this year, you’ll have some extra time to make sure you get the refund you deserve. And if you need help, Steber says this might just be the year you hire a tax pro for assistance.