Mayday! No, we mean May Tax Day.
Amid the consternation over COVID, the federal tax deadline could slip by. Remember, the Internal Revenue Service postponed the target for filing 2020 federal tax returns to May 17.
So here’s a reminder. If, by some chance, you haven’t given the government its due yet, you have until the end of the day on Monday to file. The IRS continues to stress filing electronically, but a mailed return also works, provided it’s postmarked on May 17.
If you’re still not ready, you can file for extension of time to complete your return. Submit Form 4868, named “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” For a copy of the form, see https://www.irs.gov/pub/irs-prior/f4868–2020.pdf
The IRS will automatically delay the deadline for your paperwork until Oct. 15. BUT the IRS still expects you to estimate income and pay any taxes due by May 17.
Don’t forget state tax returns, either. In Minnesota, you don’t have to file an extension form. However, just as with the federal return, you must pay an estimate of taxes due to avoid penalties. Minnesota Department of Revenue accepts tax payments through its Web site.
For tax guidance, feel free to contact Eric Buechler, owner of EricJohn Ltd and an enrolled agent recognized by the IRS.