2020 Tax Return due dates for ALL businesses and individuals in Louisiana are automatically extended until June 15, 2021.
Partnership and S Corporation tax returns with original deadlines on March 15 are not due until June 15, 2021.
Individual, C Corporation, Trust, and other tax returns normally due by April 15, are not due until June 15, 2021.
The IRS announcement was made on March 10, 2021, due to the Severe Winter Storm FEMA Disaster Declaration, and is applicable to taxpayers in all 64 parishes.
A few other notable extensions include:
- 1Q21 estimated quarterly tax payments are extended from April 15 to June 15
- The deadline for 2020 IRA Contributions is extended from April 15 to June 15
Should you take advantage of this extension, or not?
Here are some things to consider:
- PRO – It’s always nice to hold on to your money longer and not pay tax until it’s due!
- CON – With the new Covid Relief Bill just signed into law, you may be eligible for a larger stimulus check using your 2020 income if your 2019 income was higher. So, filing your 2020 individual income tax return before they send payments out could get you more stimulus money. Payments may start flowing as soon as March 13th, so if you haven’t already filed, you may be out of luck anyway. Check out this stimulus check calculator to see how much you may get…it’s different than last time.
- PRO – Likewise, if you expect your 2020 income to be higher than 2019, delaying filing and letting the IRS look at your lower 2019 income could give you a bigger payment.
Regardless, you are likely either a person that likes to get taxes done ASAP, waits until the last minute, or somewhere in between. This announcement should not affect most people’s normal filing habits. But it does provide some flexibility…especially for those that have been impacted by the storm, or all the other uncertainty going on these days.
…also, taxpayers will still have the ability to file an extension by June 15, 2021 to file by September 15 or October 15.