October 15 Extension Deadline is Approaching

The deadline is approaching for individual taxpayers who filed an extension.

As you recall, due to the Coronavirus pandemic, The April 15 tax filing deadline for filing a 2019 return was extended until July 15, 2020. Many taxpayers chose to extend their filing deadline until October 15, 2020. If you filed an extension to file your 2019 tax return, the deadline is approaching. You should complete your tax return and file on or before the October 15, 2020 deadline.

Since we are still experiencing the spread of Covid-19, taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds, and payments.

Although October 15, 2020 is the last day for most people to file, some taxpayers may have more time. They include:

Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

If you did not request an extension and have yet to file a 2019 tax return, you can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.

Choose Direct Deposit for Refunds

The safest and fastest way to get your refund is to have it electronically deposited into your bank or other financial account. You can use direct deposit to deposit your refund into one, two, or even three accounts. Direct deposit is much faster than waiting for a paper check to arrive in the mail.

After filing, you can use the Where’s My Refund? tool on IRS.gov or download the IRS2Go mobile app to track the status of a refund.

Schedule Federal Tax Payments Electronically

If you filed an extension, you can file now and schedule your federal tax payments up to the October 15, 2020 due date. You can pay online, by phone, or with your mobile device and the IRS2Go app. When paying federal taxes electronically, you should remember:

Electronic payment options are the optimal way to make a tax payment.
You can pay when you file electronically using tax software online. If you use a tax preparer, you should ask the preparer to make the tax payment through an electronic funds withdrawal from a bank account.
IRS Direct Pay allows you to pay online directly from a checking or savings account for free and to schedule payments up to 365 days in advance.
You can choose to pay with a credit card, debit card, or digital wallet option through a payment processor. No fees go to the IRS.
The IRS2Go app provides the mobile-friendly payment options, including Direct Pay and Payment Provider payments on mobile devices.
You may also enroll in the Electronic Federal Tax Payment System and have a choice of paying online or by phone by using the EFTPS Voice Response System.
You can go to IRS.gov/account to securely access information about your federal tax account. You can view the amount you owe, access your tax records online, review your payment history, and view key tax return information for the most recent tax return as originally filed.

Non-Filers Can Still Get Economic Impact Payments

More than 160 million Americans have already received their Economic Impact Payments. However, anyone with little or no income who is not required to file a tax return may still be eligible to receive an Economic Impact Payment.

People with incomes typically below $24,400 for married couples and $12,200 for singles may find the Non-Filers tool on IRS.gov helpful. This includes couples and individuals who are experiencing homelessness. People must enter their information by October 15, 2020 to get a payment this year.

People can qualify for a payment even if they don’t work or have no earned income. But low- and moderate-income workers and working families eligible to receive special tax benefits, such as the Earned Income Tax Credit or Child Tax Credit, cannot use this tool. They will need to file a regular return as soon as possible. The IRS will use their tax return information to determine and issue any Economic Impact Payment for which they are eligible.

A Final Note

If you feel you need help completing your 2019 tax return to meet the October 15, 2020 deadline, contact your local tax professional.

Stay safe. Stay well. Stay home.