By SJS Investment Services Managing Director & Senior Advisor Jennifer Smiljanich, CFP®.
The IRS recently announced a delay to the date for filing and making 2020 federal tax payments, from April 15, 2021 to May 17, 2021.[1] This change applies to individual returns.
While some states have adjusted their tax return filing and payment deadlines to match the new federal dates, each state is making their own decision. To see if your state has delayed its filing deadline, you may check the Federation of Tax Administrators website.
For those of you who make estimated tax payments, payments will be due April 15. As always, please be sure to check in with your tax professional for guidance.
Also of interest, the IRS has extended the deadline to make individual retirement account (IRA and Roth IRA) contributions for tax year 2020 from April 15, 2021 to May 17, 2021.[2] This May 17 deadline also applies for 2020 contributions to health savings accounts (HSAs).[2]
If you have questions, please let us know. We are happy to help!
Important Disclosure Information & Sources:
[1] “Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline“. IRS, 17-Mar-2021, irs.gov.
[2] “IRS Extends IRA Contributions Deadline”. Melanie Waddell, 29-Mar-2021, thinkadvisor.com.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. This material has been prepared for informational purposes only.
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