Deadline approaches for taxpayers who requested 2020 tax return extensions

The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

• Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
• Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

There is usually no penalty for failure to file if the taxpayer is due a refund. However, people who wait too long to file and claim a refund, risk losing it altogether. Those who have yet to file a 2020 tax return, owe tax, and did not request an extension can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.

If you haven’t filed your taxes yet and need to do so, it’s important to find a tax accountant with expertise. Contact our office at 954-942-1120 to speak with one of our team members. We will be happy to help you. At Louis Mamo & Company we have been providing tax solutions for businesses and individuals since 1982.

To learn more about the deadline, click here.