​Tax Deadline Pushed Back to Mid-May

The IRS extended this year’s April 15 individual tax deadline to May 17.

The new extension applies to federal — not state — income taxes.

The new deadline gives taxpayers and preparers more than an extra month. May 15 is a Saturday this year, so the IRS moved the date to the following Monday.

The extension doesn’t apply to estimated tax payments that are due on April 15, 2021. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments.

Depending on your financial situation, it may make sense to file sooner rather than later, wait until there’s more guidance, or file an extension. Talk to your financial professional today to find out what’s the best course of action for your unique situation.

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