Tax Day moved to May 17 due to COVID-19
IRS extends filing and payments deadline
RENO, Nev. (KOLO) - Tax season has returned, but this time with the pandemic going on, there are some things that have changed.
The IRS is moving the filing due date for the 2020 tax year to May 17, to help taxpayers during these unusual times. At Jackson Hewitt Tax Services this is their busiest time of year. Bruce Mackinnon, Office Leader said while the deadline may be extended, the sooner you get it done the better.
“Not an extension of the time to pay,” explained Mackinnon. “If you have a balance due to the IRS it is due May 17.”
Mackinnon said there are two things taxpayers need to keep in mind. As part of a tax refund, people can claim any stimulus payment they did not receive in 2020. For people who have received unemployment payments the first $10,200 is considered to be non-taxable if you made less than $150,000.
“For people who have filed after March 11 we can embrace that change in the original filling of the return,” said Mackinnon. “For people who filled before March 11 when the law was passed the IRS will be recalculating that exclusion of the compensation.”
The $1.9 trillion COVID relief law that President Joe Biden signed in March enhances The Child Tax Credit. Mackinnon said the changes are temporary and apply only to 2021 taxes. Payments are set to start for families in July.
“If your child is under 6 years old the credit expands to $3,600 per year, they will be making advanced payments for that of $300 per month, per child, starting July, for a maximum of 6 payments,” explained Mackinnon. “If your child is 6 – 17 years old the credit expands to $3,000 a year with advanced payments of $250.”
Taxpayers who need additional time to file after May 17 can request a filing extension until October 15.
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