It’s been a tough year for all. You may have filed a 2020 IRS exemption. But that date is fast approaching. Read on for more on what to do.
1. Deadline is This Thursday
That’s right the deadline to file your taxes this year is October 15, 2020. If you haven’t filed an extension, your taxes are already late. Ordinarily, an IRS exemption gives you six months to file your taxes from the original date. This year, that date is coming up soon.
2. Do I Still Have to Pay if I Filed an Extension?
Absolutely. The IRS is the last agency you want to owe money to. In fact, you are supposed to pay in April, even if you don’t know the amount.
3. What if I Can’t Pay?
We advise you to consult a bookkeeper or tax attorney who can help you work out a payment plan. You may create one in April or as soon as possible to get you out of trouble. The IRS can come after you with penalties, interest, and can even garnish your paycheck, among other things.
4. Are There Special IRS Exemptions?
Yes. You may qualify to go beyond the current October 15th deadline under two conditions:
You are a member of the military who is serving in a combat zone.
You are currently living in a federally declared disaster zone as the result of a hurricane, flood, or other disaster.
Check to see if you are qualified as living in a federally declared disaster zone by clicking here.
5. What are the Current Disaster Zones?
They include:
Hurricane Michael victims.
Hurricane Dorian victims.
California wildfire victims.
Hurricane Florence victims.
Hurricane Harvey victims (applicable to those of us in Houston).
Hurricane Irma, Maria, and other natural disaster victims.
Be sure to consult a bookkeeper, accountant, or tax attorney for help correctly applying for these types of IRS exemptions.
Houston Bookkeeping & IRS Extension Help
Feel free to contact us if you live in the area and need help filing for taxes, an IRS extension, or expert bookkeeping.