As part of the government’s efforts to help avoid a recession, Treasury Secretary Steven Mnuchin announced that the federal tax deadline would be pushed off by a full 90 days, until July 15. In addition, the Oklahoma Tax Commission (OTC) is extending the 2019 Oklahoma state income tax return due date from April 15 to July 15, 2020.
This is applicable to income tax due from Tax Year 2019 and the first quarter payment for Tax Year 2020, both of which would normally be due on April 15, 2020.
For Oklahoma state taxes, some taxpayers may have already scheduled their 2019 payment to be withdrawn in advance. If you wish to reschedule these payments to be withdrawn at a later date the OTC has a form you can fill out to cancel the payment you previously scheduled. Please follow the directions on the form to submit and do not mail the form to the Oklahoma Tax Commission – you will need to submit it by email to firstname.lastname@example.org
What Does this Mean for Me?
Under normal circumstances, taxes are due by April 15. 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 buy the filer more time to pay any taxes due to the IRS. The extension is only for submitting their returns. Any tax money that is paid after the 15th is generally subject to penalties and interest.
But this year, things have changed. The tax deadline, both for filing returns and paying your tax bill, has been automatically extended for 90 days, until July 15. There will also be no penalties or interest for this delayed payment.
The administration believes this move will be a welcome relief for the millions of taxpayers whose income streams have been adversely affected by the COVID-19 outbreak. They are also hopeful that this delay, which will leave an estimated $300 billion in the battered economy, will give it a better chance at recovery.
For tax filers who are anticipating a refund this year, it may not pay to file late. An extra pile of cash, no matter how small, can really come in handy for those who are out of work. Signing up for direct deposit of refunds can help struggling taxpayers get that much-needed money as quickly as possible.
What’s My Next Step?
Before taking any steps relating to your taxes, always consult with a financial advisor or tax professional to ensure you are making prudent decisions for your own 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.