ST. LOUIS — July 15 is Tax Day this year.
It’s the deadline to file your income tax. The day was delayed three months due to the coronavirus pandemic.
The delay provided some relief for taxpayers dealing with the setbacks due ot the pandemic.
So what do you do if you still need more time?
You can get an extension to file your federal and state taxes by Oct. 15. However, that does not mean you get an extension to pay if you owe the government money. If you owe taxes, the payment still needs to be postmarked by July 15.
If you haven’t filed but need to know what to pay – Dave Finklang with Anders CPAs and Advisors said to use your 2018 tax return as a guide.
“If your income is about the same, what you paid in is about the same and if you owed back in 2018, we would recommend taking what you owned in 2018, maybe bumping it up 5 to 10% just to cover yourself and then write that check and drop it in the mail on July 15,” Finklang said.
To file an extension with the Internal Revenue Service, click here to go to its website.
MORE ON MONEY
RELATED: COVID-19 scams are on the rise