What you need to know about tax season now with the official deadline moved to July

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CHARLESTON, S.C. (WCBD) – April 15th is typically known by many as ‘Tax Day,’ however, this year the deadline is being pushed back in response to the coronavirus pandemic.

State and federal taxes are now due on July 15th, 2020. You now have three additional months to file your returns and get your refund. This means you do not have to have anything filed or taxes paid by the original deadline of April 15, 2020.

One of the biggest changes with this three month extension is that there will be no penalties or interest charged on taxes that are due. In years past, you could file an extension to file until October 15th, but penalties and interest started accruing on April 15th. That’s no longer the case with the deadline now moved to July.

If you contribute to an IRA, you now have until July 15th to contribute to that account.

If you have a Health Savings Account, that deadline is also now July 15th.

Barry Schneiderman with BKS Tax Service in Mount Pleasant said people who are self-employed or collect additional income and pay estimated taxes during the year also have a new deadline.

“Well the first quarter of estimated tax for 2020 was also due tomorrow [April 15th],” Schneiderman said. “That has now been extended to July 15th.”

Many other Americans are curious about how tax deadlines will effect their stimulus checks.
Schneiderman said that check can vary significantly depending on what your income was in 2018 versus 2019.

“So if they haven’t filed yet, they might want to see if they’d rather have a stimulus check based on 2018 or if they haven’t filed yet and 2019 would be a bigger stimulus check, they’d want to get that in quick as possible,” said Schneiderman.

The IRS issued the first round of stimulus checks on Saturday and millions more of Americans are expected to get their checks sometime this week.

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