Waited To The Last Minute? Here’s What You Need To Know About Today’s Tax Deadline
Usually, we would write this on April 15th, but due to COVID-19, the US government has extended the deadline for you to file your taxes until today, May 17th.
So if you waited until the last minute to do your taxes here is everything you need to know.
WHEN ARE MY FEDERAL TAXES DUE?
Your taxes are due tonight by 11:59 pm. You can file them electronically today or if you choose to mail them to the IRS, you will have to make sure that your package is post-marked for May 17th, 2021.
WHEN ARE NEW YORK STATE TAXES DUE?
New York State has also extended the deadline to file state taxes until today to match up with the federal government's deadline. Again you have until 11:59 pm to file your state taxes.
WHAT IF I CAN'T FILE MY TAXES TODAY
If you can't file your 2020 taxes by 11:59 pm tonight, you can ask for an extension to file your taxes. If you file for an extension, you will have until October 15th to file your taxes. Just a reminder that if you owe money for your taxes, you still have to pay that amount by 11:59 pm tonight. An extension doesn't allow you to pay at a later date.
WHAT IF I OWE MONEY BUT DON'T FILE TODAY?
The IRS will be able to charge you interest on the unpaid amount. Also, they can charge you a late payment fee. Those charges could be up to 25% of the amount of the total amount of money that you owe.