At this point, the COVID-19 epidemic has affected every aspect of society. Everything from Disneyland to the Olympics has been closed or postponed. Even the deadline to file taxes has been extended.
As of March 21, the IRS has extended the filing deadline for tax returns from April 15, 2020 to July 15, 2020. You can find more details below.
Who is Eligible for the Tax Deadline Extension?
The extension applies to all taxpayers who file and pay their federal income taxes on April 15, 2020. All individual returns, trusts and corporations are eligible for this relief.
Do I Need to Apply for a Deadline Extension?
No. You do not need to file any additional forms or contact the IRS to qualify for the extension.
Does This Extension Apply to Estimated Tax Payments for Tax Year 2020?
Yes it does.
What if I Need Even More Time to File my Tax Return?
If you need additional time to file your tax return after July 15, 2020, you can request a filing extension from the IRS using Form 4868. You can download this form using the Free File link on IRS.gov, by contacting a tax professional or by getting the form from your tax software.
A business that needs an extension must file Form 7004.
Does This Extension Apply to MN State Tax Returns?
While the IRS July 15 deadline extension only applies to federal income tax returns, the Minnesota Department of Revenue has also chosen to extend their deadline to July 15, 2020 as well.
If you live in another state, you can check the tax filing deadline for each state to see when you need to file.
Make Your Tax Return Work For You With First Alliance Credit Union
While people throughout the world are dealing with the COVID-19 pandemic, it's good to know that federal institutions are helping to accommodate people whose lives have been upended by the virus.
If you need help figuring out how to use your tax return effectively, First Alliance Credit Union offers several tools and resources to our members to help them manage their money, from budget calculators to compound savings calculators. You can also contact us to get some personal advice.
