October 15 is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2020 tax return must file tomorrow to avoid the penalty for filing late.
Extension filers who owe taxes should pay as much as possible to reduce interest and penalties. Those who have yet to file a 2020 tax return, owe tax, and did not request an extension can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.
Here are a few resources on IRS.gov to help last-minute filers:
• Filing for individuals This page includes a link to IRS Free File, which is available through Oct.15. IRS e-file is easy, safe and the most accurate way to file taxes. Some Free File products are available in Spanish. Filing electronically can also help taxpayers determine their earned income tax credit, child and dependent care credit, and recovery rebate credit.
• Paying taxes Taxpayers can pay online or by phone. If filing through tax software or a tax preparer, they can schedule a payment when filing. If taxpayers have a balance and are unable to pay it now, they should set up a payment plan.
• Viewing account information Individual taxpayers can go to their online account to view key information from their most recent tax return such as their adjusted gross income, their payment history including any estimated tax payments and their economic impact payment amounts, which may help in preparing and filing their return. They can also view the amount they owe; their payment plan details and options, digital copies of certain notices, their address on file and authorization requests from tax professionals.
There are some groups who still have time to file. • Special deadline exceptions may apply for certain military service members and eligible support personnel in combat zones. Several resources are available for service members and their families who may be eligible for these exceptions.
• People who have a valid extension and are in – or affected by – a federally-declared disaster may be allowed more time to file
Need tax assistance? Call us at 816-524-4949 or visit our website to schedule a consultation.