Federal Tax filing deadline extended!

The recent federal tax filing deadline was extended, and understanding what this means can help taxpayers avoid penalties and plan their filings better.

The IRS and Treasury Department have announced a federal tax filing and payment deadline extension for individual filers.

Individuals can now file and pay any balance due for their 2020 tax returns up until May 17 with no penalties or interest. However, the new deadline doesn’t necessarily mean business owners have extra time beyond April 15.

In addition, many states have also updated their filing deadline.

To help you determine when you need to file and pay your business taxes, here are some guidelines depending on your business structure.

• Sole proprietors filing a Form 1040 with a Schedule C: You’re able to take advantage of the extended deadline. Your taxes are due on May 17.
• Partnership: Were due on 3/15 unless you filed an extension.
• S corporations: Were due on 3/15 unless you filed an extension.
• C corporations: Your tax deadline remains the same, April 15.

The IRS also offers extensions for those businesses or individuals that need additional time to file.

With the federal tax filing deadline extended, it’s important to review your documents carefully and submit your return on time to avoid any penalties.

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Sincerely,
Maya Weinreb | Founder & CEO
813-336-1574