Hurry up if you haven’t filed yet!
Due to the impact of the pandemic on IRS and tax preparation offices, and the financial uncertainty for many, the US government moved the deadline for filing this year’s tax returns from April 15 to July 15. That’s next Wednesday, so if you still need to file, time is running out. Here are some important things to consider:
If you’re not ready to file your taxes yet because you’re missing documents or your income is fluctuating, you can request an extension. You can push your filing deadline to October 15, but there’s a key point to remember: you must still pay any taxes owed by next week. If you’re unsure of the amount owed, make an educated guess and pay that. It’s better to overpay and get a refund later than to underpay and face penalties. Make sure you pay something, as failing to pay anything will result in a more severe penalty.
While reaching out to tax preparation services like H&R Block or TurboTax is still an option, appointments may be scarce due to the rush of last-minute filers. If this is your only recourse, contact them immediately to secure an appointment. Time is of the essence!
Amidst varied financial situations caused by the pandemic, it’s crucial to settle your tax obligations. Although it may not be a pleasant task, failing to do so will result in penalties and interest. So, get those taxes done or face the consequences!
