July 15 tax filing deadline: What you need to know

July 15 tax filing deadline: What you need to know

This year’s individual income tax filing deadline is just five days away, and there have been quite a few changes this year as the Covid-19 pandemic to hold of the U.S. Need help filing your taxes? Book an online appointment

The IRS announced in March that it would extend the filing deadline to July 15. 

TAX DEADLINE DRAWS NEAR: HOW TO APPLY FOR AN EXTENSION OF TIME TO FILE 

While the IRS has said it will not extend the individual filing deadline beyond July 15, here are some other details last-minute filers need to know: 

State deadlines

July 15 is the deadline for filing your federal return, but residents in most states must also file with their state. 

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Most states followed the federal government and extended their deadlines until July 15, too. 

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More information on specific state filing deadlines can be found here. 

THESE TAXPAYERS SHOULD EXPECT ‘EXTREME’ REFUND DELAYS 

Extension

By filing for an extension by July 15 using Form 4868, a taxpayer will have an additional three months to prepare and file his or her paperwork – until Oct. 15. 

Payers can also get an automatic extension when they pay all or part of their taxes electronically by July 15 and indicate the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System or a credit or debit card. This way you will not need to submit a separate extension form. 

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Don’t forget, filing for an extension does not mean you don’t have to pay. The IRS still expects people who file for an extension to pay an estimate of taxes owed by the deadline – or face penalties and interest. 

Refund delays

For those who plan to, or have already filed a paper return, the IRS has warned that there will be delays. 

The IRS stopped processing paper returns at the end of March as it began adjusting operations to keep employees safe and to comply with coronavirus-related social distancing and stay-at-home guidelines. 

It is unclear when the IRS will resume processing paper returns, but it advised people not to file a second return if they have not yet received any response on their first. 

IRS refund bonus 

On the bright side, individuals who wait to file their returns may receive a larger-than-expected refund. 

The tax agency said it would pay interest on individual 2019 refunds for returns filed by July 15 – the delayed tax deadline. Interest will “generally be paid from April 15, 2020 until the date of the refund,” the IRS said.

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