Dear Friends & Clients of Frazier Financial,
Tax Deadline Extensions for tax year 2020 are finally announced! Wednesday the IRS announced an extension of the deadline for filing 2020 tax returns and making 2020 tax payments. Tax Year 2020 has become one of the most complicated tax return seasons in decades. This news is blessed relief for many clients (and tax preparers!).
The New Deadline for filing and paying for 2020 personal tax returns is Monday May 17th, 2021.
An Unprecedented amount of new tax law has been created over the past 15 months. Just last week more 2020 & 2021 changes came via the American Rescue Plan Act. Active tax and financial advice have never been more important, and our team is proud to help our client families navigate these many changes.
Our plan is to continue working hard to complete returns by April 15. Primary Advisors will be communicating with those who will best make use of this extension and instead be completing their returns in May.
Tax FAQ Answers:
- 2020 HSA and IRA contribution deadlines are also now 5/17/21
- If you file before 5/17, your 2020 tax payments are still not due until 5/17/21
- Q1 2021 estimated tax payments are NOT extended, and remain due 4/15/21
- Ohio and other states are likely to follow suit and extend deadlines but have made no announcements yet.
- If you received unemployment in 2020, your return may be delayed due to pending IRS guidance on changes to unemployment taxation.
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Thank you for the continued partnership! Our clients are the lifeblood of our company, and we are so privileged to have such amazing partners and friends. Our team is excited to serve you through this tax season and beyond.
Your Team at Frazier Financial