October 24, 2020
How to file a tax extension during the COVID-19 pandemic - Video

How to file a tax extension during the COVID-19 pandemic – Video

If you’re dealing with the effects of a Corona virus, the US Treasury will give you three months to pay your taxes.
Now, with the extension, you’ll have until July 15, and you can also request an extension beyond July 15, if you need even more time to file.
The secretary of the US Treasury said the new three month extension is available to any federal taxpayer without a limit to what is owed.
And according to the IRS, you don’t need to do anything to qualify for the July 15 extension.
That means you don’t need to fill out any extension forms or call the IRS If however you need to request an extension beyond July 15, head to the IRS’ Free File service and file Form 4868.
By filing the form, you’ll still need to pay your estimated taxes by July 15 to avoid penalties, but you have until October 15 to file your tax return.
As for your state return, that depends on where you live.
A growing number of states have announced that they will be extending the deadline for individuals or businesses.
California, for example, is letting residents delay filing and paying state taxes until July 15th.
For a running list of other states extending their filing deadline, visit the Association of International Certified Professional Accounts website.
Finally, if you need help filing your state and federal taxes, there are plenty of tax preparation apps.
If you want to give it a try, head to cnet.com for more information.

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