While the IRS extended the tax filing deadline from April 15 to May 17, millions of Americans will still have to pay their taxes by April 15. The IRS said that the new deadline applies to people filing their 2020 taxes and not to those who make estimated tax payments every quarter.
While most workers have their taxes automatically taken out of their paychecks, many workers, including those who are self-employed or work as freelancers, will need to make their quarterly payments by April 15 in order to avoid paying penalties or fees. The deadline also applies to people who have other income not subject to income tax withholding.
"Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn't subject to income tax withholding, including self-employment income, interest, dividends, alimony, or rental income," the IRS explained.
The IRS said the extended deadline is only for federal returns and that taxpayers may still have to file their state taxes by April 15. While several states have already extended their deadline to match the federal deadline, the IRS advises taxpayers to check with their state to ensure they don't pay their taxes a month late.
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