Tax Day 2020 Deadline
DCARA has important information to share with the community about the Tax Day 2020 Deadline.
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HEADS UP! Time is up. No more delays. The Internal Revenue Service (IRS) expects all people to file their taxes by July 15th.
Why July 15th? – During the coronavirus crisis last March, the federal government postponed the traditional April 15 filing deadline until July 15 to give everyone a chance to address the financial impact and make the deadline.
That was the only time the IRS will delay the deadline for filing your taxes. No more, now’s the time to get busy.
Now you may have some questions and we will do our best to answer them.
DO I HAVE TO?
Yes. In most cases, you must file and pay your taxes by July 15.
Taxpayers who need more time can request an extension to file on the IRS website. However, an extension to file does not mean added time to pay. So those planning on filing later should estimate what they owe and make that payment by July 15.
I CAN’T PAY NOW, WHAT DO I DO?
Go ahead and file your taxes even if you cannot pay.
The IRS is willing to set up payment plans or make other arrangements with taxpayers who cannot pay in full. Many of those can be set up online.
WHAT ABOUT REFUNDS?
The IRS is still processing and issuing refunds, most within 21 days.
Those getting refunds will be paid interest, dating back to April 15, if they file on time. The interest rate is increased over time daily for refunds.
I DON’T WANT TO GO TO ANYWHERE. CAN I DO THIS ONLINE?
Yes, you can file or pay your taxes online. The IRS urges taxpayers to use electronic options (i.e. TurboTax, Accountants and tax preparation services like H&R BLOCK) to promote social distancing and speed the processing of returns, refunds or payments.
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