April is the cruellest month, breeding
Lilacs out of the dead land, mixing
Memory and desire, stirring
Dull roots with spring rain.
..and of course there is the cruel IRS tax filing deadline.
But not this year! The due date for 2020 federal income tax filings is extended to May 17.
However, this deadline does not apply to all tax-related matters. Below is a list of what you should know:
• This DOES NOT affect the deadline for estimated tax payments. Estimated taxes are still due on April 15 as usual.
• Most state taxes are now due on May 17, matching the federal deadline. However, there are a few exceptions. For our clients as of this writing, your state taxes are due on May 17 (if your state has an income tax.)
• May 17 is now the deadline for contributions to your IRA, HSA, MSA and Coverdell ESA.
• For SEP IRA contributions, the deadline is your tax deadline including extensions. So if you file for an extension, you have more time to contribute to your SEP.
If you have any specific questions on tax matters, please contact us or your tax advisor for clarification. We’re happy to help.