02 Apr Tax Day for Individuals Extended to May 17
The impact of the Covid-19 pandemic continues to be problematic for many, including the IRS. Therefore the Treasury Department and the Internal Revenue Service announced that the filing deadline, including federal income tax payments, for individuals has been extended to May 17.
Don’t Procrastinate
While our tax preparers at KEGA appreciate the additional time to serve our clients, we still want to encourage our clients to get their tax documents and information into us way before the deadline. The sooner we have our clients documents, the sooner we can review it and make sure we have everything we need to process and submit the return on time. And if you are due a refund, that means you will receive it sooner than those who procrastinate until the last day.
What Doesn’t Apply to the Tax Extension
We would like to note that this federal income tax filing extension only applies to individual federal income returns and tax payments. This extension does not apply to businesses or for estimated tax payments that are due on April 15, 2021 – those payments are still due on April 15. Additionally, for those individuals that file state taxes, please verify with your state tax agency for details on whether your state has issued an extension as state filings and payments are not always the same as federal filing deadlines. As a reminder, Florida does not require residents to pay state income tax, so if you do not live in Florida, you may want to consider relocating for the tax benefits.
Need Additional Time?
If you need additional time to gather your documents and file by the May 17 deadline, you may file for an extension, which will let you avoid the penalty of failing to file. Extensions allow you to file by October 15, however if you owe additional taxes, that amount would have been due by May 17.
We Can Help
Let our accountants at KEGA assist you with filing your taxes on time and make sure you are not overpaying. We can also assist you by answering any questions you may have about the federal extension or requesting an individual extension. Contact us via our website or call us directly at 772-231-6902.
Kmetz, Elwell, Graham & Associates (KEGA) has two locations in Vero Beach to serve you.