What a relief!
Houstonians are getting an extension to file their 2020 taxes following last week's brutal winter storm, the Internal Revenue Service announced on February 22.
Texas residents now have until June 15, 2021, to file most individual and business tax returns and make tax payments. This applies to residents of 254 Texas counties.
The extension includes various 2020 business tax returns due on March 15 as well as 2020 individual and business returns due on the traditional tax day of April 15. Taxpayers also have until June 15 to make 2020 IRA contributions, the IRS said.
In addition to the above, the extension also applies to:
- fourth quarter estimated tax payment due on April 15
- quarterly payroll and excise tax returns normally due on April 30
- tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17
If a Texas taxpayer receives a late filing or late payment penalty notice from the IRS that they believe falls under the extension, call the telephone number on the notice to have the IRS abate the penalty.
Texans should also note that those living in a federally declared disaster area (like the Gulf Coast) have the option of claiming disaster-related losses on their federal income tax return.
"Affected taxpayers claiming the disaster loss on a 2020 return should put the Disaster Designation, 'Texas – Severe Winter Storms,' in bold letters at the top of the form. Be sure to include the disaster declaration number, FEMA 4586, on any return," the IRS says.
Read the full details here.