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2020 taxes: Why you should file now
Those who earned less in 2020 than in previous years should prioritize filing their 2020 taxes ahead of the next stimulus payments.
ProblemSolved, USA TODAY
The Internal Revenue Service is extending tax season for Texas residents because of winter storms.
Instead of April 15, the tax deadline for individuals and businesses in the Lone Star State is June 15, the IRS announced Monday in a news release.
Taxpayers in other states affected by the winter storms that had disaster declarations issued by the Federal Emergency Management Agency (FEMA) will automatically receive the same filing and payment relief, the IRS said.
The agency started accepting and processing 2020 tax returns Feb. 12, more than two weeks later than last year. The tax agency needed more time to program its systems to reflect tax rules signed into law Dec. 27.
The federal agency had been busy sending out the second round of Economic Impact Payments. Last week, the IRS said all coronavirus relief payments have been distributed, but some checks may still be in the mail.
The tax relief announced Monday postpones filing and payment deadlines that started Feb. 11. Various 2020 business returns due on March 15 have to be filed by June 15.
Affected taxpayers will have until June 15 to make 2020 IRA contributions, and the deadline applies to quarterly estimated income tax payments and the quarterly payroll and excise tax returns normally due April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due May 17.
Amid the coronavirus pandemic, the IRS moved the tax deadline to July 15 last year.
Contributing: Jessica Menton and Michael Collins
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko