October Tax Deadline Approaching

IRS Tax Extension Deadline Oct. 15: What to know about filing your 2020 tax return.

Next month’s final date to submit your taxes is approaching.  Tax day this year was extended until May 17, yet still millions of taxpayers had to rush to file their 2020 tax return. Many opted to file for an extension to get a couple more months to gather their records or get professional advice, or even to avoid potential mistakes. Now, that tax extension deadline is just a few weeks away.

If you miss the Oct. 15 filing date, you’ll owe late fees or more interest. Remember, an extension doesn’t postpone having to pay taxes that you owe, it just gives you extra time to file your return. The IRS is still providing several electronic filing options, including free file for individuals whose income is $72,000 or less.

Robert (Bob) Schmidt, CPA

Principal at BWTP, P.C. Read Bob’s bio here.

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