As we kick off April and financial literacy month, we want to remind you about the tax deadline extension the IRS instated this year. Due to the coronavirus pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. This extension automatically applies to filing and payments. So, if you owe taxes for 2020, you have until May 17, 2021, to pay them without interest or penalties. This extension applies to all filers, including businesses, individuals, trusts, estates, and more. This gives you plenty more time to fund your HSA’s along with your Traditional or Roth IRA’s (depending on what you are eligible for).
Taxes likely won’t be the only aspect of your finances to be affected by the COVID-19 pandemic. Speak with your financial professional or tax professional about your particular situation. Before making any decisions, make sure to check your state deadlines to ensure there are no different cut-offs you must comply with. Check out the video below as Brad discusses the unemployment benefits and how those will affect your tax situation this year. As always, if you have any questions, please reach out to us at firstname.lastname@example.org or schedule a 30-minute introductory call here.