I was so glad that Monday was here this week. I know what you're thinking... Typically people say... I'm so glad that Friday is here... This weekend was different. My plan for this past weekend was to gather all my tax documents and then go through the less than fun process of figuring out all my write off's so that I could meet with my tax guy on Monday.

To say that things didn't go as planned is the understatement of the year. Friday afternoon I get a random call from my friend Tony to inform me that he just booked a super cheap flight to Boise and would be landing at 8pm. I said... That's great except for I have to work on my taxes all weekend because I have an appointment on Monday afternoon. He promised to help me with my task and added that he needed a low key weekend. I'm pretty sure you know how things went. We stayed up all night till 4-5am both Friday & Saturday nights and I didn't even think about taxes till I dropped him off at the Boise airport Sunday night. Needless to say, I stayed up ALL night doing the responsible thing so that I could make my tax appointment and be prepared. I was so proud of myself until today. Why?

The Internal Revenue Service just announced that it's delaying the tax filing deadline from April 15 until May 17. I could of gotten a good night sleep and not had the Monday from hell. I could of recovered from the weekend and not been a zombie Monday and Tuesday but such is life and we can only make decisions based on the information we have at a certain point in time. .

“This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said Chairman Richard Neal, D-Mass.

Here are a few things to note about this announcement:

  • May 17th is when individual taxpayers must file their return and when their payment is due.
  • Taxpayers who owe money will not accrue any further penalties or interest if they pay by May 17.
  • The new deadline also applies to individuals who pay self-employment tax.
  • The new deadline does not apply to estimated tax payments that are due on April 15; those remain due by that day.

 

 

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