Things are changing rapidly for the freelance community and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief to address the enormous impact of the corona virus, here are the immediate changes all freelancers need to be aware of:
- The IRS has extended the payment deadline for federal taxes until July 15th without penalty or interest. Tax returns are still due by April 15 but as usual an extension can still be filed. The extension is merely for payment.
- The filing deadlines for individual states may change are dependent on each state’s own actions. Be sure to check your state’s status to avoid late filing penalties.
This situation is rapidly evolving, so watch for additional updates. However, as of now, you should proceed with getting your taxes ready to be filed by April 15. This is true regardless of whether you will have a liability or refund. If you do have a liability it is best to know how much you owe as soon as possible so you can be strategic in your handling of the new payment deadline of July 15. If you are owed a refund, filing now will expedite getting the money back in your pocket.