BRAZOS VALLEY, TX — Tax season is typically from January to April, but this year, the IRS has made an extension as people are still struggling from the pandemic.
Curious to discover how this extension will affect you?
To all those who usually wait until the last minute to file their taxes, well, here’s some good news for you!
The IRS has extended tax season from April 15.... to May 17, giving taxpayers more time to gather their information needed for a smooth filing experience.
Also, the IRS is pushing this extension to provide support to those still struggling from this past year's unexpected disasters.
“For everybody reaping the benefit of this extension, I think it’ll help get their documents together and they won’t have to stress so much that deadline of April 15,” said Owner of Bottom Line Bookkeeping in the Brazos Valley, Jonathan Jones.
The same goes for workers in the industry, they feel that they have more time to get the work done. But although the extension has provided some benefits, the industry is not advocating to keep this extension permanently, as helpful as they have found it.
“Right now, it’s beneficial because we’re coming out of a pandemic," added Jones. "We also just came out of that major freeze, there’s a lot of variables that have put a lot of pressure on everyday individuals,”
Taxpayers can also apply for Form 4868, to recieve an even longer extension if needed. This is something that has been established prior to the pandemic which provides a six-month extension, but this year's extension may look a bit different due to the already announced extensions.
“You wouldn’t get a full six months because they’ve already extended the deadlines, but even if you file an extension through these extended deadlines right now, you’ll still have to file by October,” Jones said.
The first two stimulus payments that went out across the nation whether received or not, enrolled agents will be looking to document this information.
“That money is not taxable, the only reason that we’re having to do any kind of reporting on it, currently, is so that the people who didn’t receive it, receive it as a credit on their taxes,” Jones shared.
After winter storm Uri, the IRS gave Texans an extension on filing their taxes to June 15, so those affected by the storm will actually get an extra month on top of the recently announced extension.
“All 254 counties in Texas received a 2-month extension from the winter storm in February,” Jones added.
It's clear the IRS is taking into consideration all unpredictable circumstances that have taken place within the last year.
Texans will also have until June to pay their tax payments, as well as their estimated tax payments.
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