Earlier this month, Treasury Secretary Steve Mnuchin announced on Twitter that the federal income tax filing deadline for 2020 would be pushed to July 15. That means you have an extra three months to prepare your return for tax year 2019. The goal is to provide taxpayers some relief in light of the financial turmoil many are experiencing due to the coronavirus pandemic.
If you have a complicated tax situation or owe money on last year’s taxes, that’s great news. But it doesn’t necessarily mean you can kick back and forget about it until summer. Though the federal filing deadline was pushed back, not all states have moved their filing deadlines to the same date, and you may still need to pay other taxes ― like property taxes ― at the usual time.
Filing or paying your taxes late could result in penalties and interest, so read on to find out when you need to have your state tax returns done.
Tax Filing Deadline By State
Though most states have followed the federal government’s lead and extended their deadlines to July 15, not all have. Most notably, New Jersey still has a deadline of April 15. Other states have extended the deadline, but to a date that falls before or after July 15.
Below is a list of states and their tax filing deadlines, which TurboTax continues to update as new information is available.
District of Columbia: July 15
Virginia: May 1, with interest and penalties waived until June 1
States With No Income Tax
- New Hampshire
- South Dakota
Have Quarterly Estimated Payments Been Delayed?
Freelancers, contractors and other self-employed individuals who are required to pay quarterly estimated taxes are in luck ― sort of. The April 15 deadline to pay first-quarter (Jan. 1 to March 31) federal taxes has been extended as well. You now have until July 15 to make that payment. However, the June 15 deadline for second-quarter (April 1 to May 31) estimated taxes is still in place, according to Alan Goldenberg, a principal at the accounting firm Friedman LLP.
And as with yearly tax returns, Goldenberg noted that not all states have extended their deadlines for first-quarter estimated taxes, while others have pushed both first- and second-quarter deadlines. If you normally make estimated quarterly payments, check to see how your state is handling them for tax year 2019.
What About Property Taxes?
The deadline to pay property taxes generally doesn’t coincide with the deadline for income taxes. And as of now, state property tax deadlines are intact, though some states have said they will waive late fees and interest up to a certain date.
But some counties across the U.S. ― such as Pierce County in Washington and Miami-Dade County in Florida ― have extended due dates for property taxes to be paid by individuals. It’s worth checking to see if the usual deadline to pay property taxes in your county has been pushed later, though it’s unlikely.
Should You Wait To File Taxes?
In most cases, you have extra time to file taxes this year. However, Mnuchin advised filing as soon as possible, especially if you qualify for a refund.
Not only will you get your money faster by filing right away, but it’s recommended you do so to thwart scammers who file fraudulent tax returns on behalf of taxpayers who haven’t filed yet in the hopes of stealing their refunds.
On the other hand, if you owe taxes for 2019, it’s in your best interest to wait to file. You’ll have more time to save up the funds, and there’s no reason to give Uncle Sam an interest-free loan on money you can use now.
Source link Money