July 13, 2020

What Does the Tax Deadline Delay Mean for You?

When it was announced that the federal tax deadline would be delayed until July 15, 2020, the Oklahoma Tax Commission (OTC) also extended the 2019 Oklahoma state income tax return due date from April 15 to July 15, 2020. Though Secretary of the Treasury, Steve Mnuchin, was said to be considering a further delay on the deadline, no new guidance has emerged.

What Does this Mean for Me?

Taxes that are normally due by April 15 are still due by the July 15, 2020, deadline. If tax filers cannot complete their taxes in time, they can request a 6-month extension without getting a failure-to-file penalty.

Tax extensions are granted easily, but they don’t give you extra time to pay the taxes due to the IRS. The extension only gives you more time to submit your returns. You will still need to estimate what you owe and make payment by July 15 if possible. Any tax money that is paid after the July 15 deadline is still generally subject to penalties and interest. The IRS recommends calling to discuss options with them if you are unable to pay. You may be able to work out an installments plan or other payment option.

Consult with a tax professional to determine the best course of action for your unique situation.

This article is for educational purposes only. Tulsa FCU makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.