If You Live Here, You Don't Have to File Your Taxes in April
The IRS has announced that the state's residents and businesses will have extra time to file this year.
Filing your annual income taxes is infamously one of the few things you can count on every single year. But after devastating winter storms battered large sections of the U.S. last week, the federal government has decided that many of the millions of Americans who were affected should be given some extra time to get their finances in order. Because of this recent decision, residents of the state of Texas won't have to file their income taxes by April 15 this year. Read on to learn more about the change—and how it can affect non-Texans, too—and for another important financial update, check out If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.
Texans can hold off on filing their taxes until June 15 this year.
All citizens and businesses in Texas have been granted a two-month extension on filing their federal income taxes, according to an announcement from the IRS on Feb. 22. Instead of April 15, those who live in the Lone Star State will now have until June 15 to file their 2020 returns, CBS News reports. "Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas," the IRS said in a statement.
The extensions are automatic for all residents and businesses.
The tax agency clarified that the extensions apply to everyone and that it's not necessary to contact them to take advantage of the later filing date. The wide-sweeping change means that quarterly estimated income tax payments due on April 15 are also being extended to June 15, as well as any business returns that are due on March 15 and quarterly payroll and excise tax returns that are normally due on April 30, CNN reports.
Some residents of other states could also soon qualify for the same extension.
While Texas suffered catastrophic damage due to the extreme weather, it was far from the only state affected. The IRS assures that residents of other states "impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief," with all information posted on their disaster relief website.
Federal lawmakers are pushing for a national tax extension, as well.
This is not the first time the IRS has decided to shuffle tax filing timelines in an effort to provide some financial relief to those in need. In 2020, the tax agency issued a similar two-month extension nationwide in response to the coronavirus pandemic.
In fact, some legislators have recently pressed the IRS to offer the same extension for 2021 as the U.S. continues to recover from the economic stresses created by large-scale shutdowns and business interruptions. In a letter sent to the agency on Feb. 18, Democratic lawmakers urged the plan to be considered "as soon as possible to eliminate unnecessary taxpayer and practitioner anxiety," The Hill reports. And for more on when other government assistance might arrive, This Is Likely When You'll Get Your Next COVID Stimulus Check.