IRS Filing Deadline Extended
As most of you have probably already heard, the IRS has extended the filing deadline for 2020 taxes to May 17th, 2021. While that may be helpful to a lot of people, there are a few stipulations that you need to keep in mind.
The first being that this only includes tax returns for individuals, not businesses or partnerships. The filing deadline for those returns remains to be April 15th.
The second thing to keep in mind is that first quarter estimate payments are still due on April 15th, despite the filing extension. If they are paid after the 15th, they are subject to penalties and interest.
That being said, the penalty for paying late on an estimate is relatively small. So, if you cannot get the projected estimate together on time, there is no need to freak out. While it is best to pay it on time, the interest and penalties are not going to clean you out.
As always, we recommend you speak with your accountant to determine which route is best for you. If you are looking for someone to handle your finances, schedule a financial review with us. We can show you how we can help transform your business and bring insight to your financial life.