What to know about the July 15 tax deadline

TAMPA, Fla. — The IRS extended the tax deadline until July 15 because of the coronavirus pandemic, so if you haven't filed yet for the 2019 tax year -- you have two weeks from today to do so.

And there will be no further delays, the IRS said this week.

"The deadline was delayed, and importantly it delayed the deadline to file your return and pay your taxes," USF Accounting and Taxation Professor Luke Richardson explained.

He says if you’re concerned about paying what you owe, first off, file ASAP.

"The penalties for failure to file are much more severe than the penalties for failure to pay," he said.

So, file within the deadline. Because then, you can start communicating with the IRS about how you can pay taxes you owe, especially if you’ve been furloughed, lost your job or otherwise negatively impacted by the coronavirus.

"They offer payment plans, an offer and compromise to settle for less than you owe," he said.

Those offers could help you with 2019. What about 2020? Say you picked up freelance or side work during the pandemic -- while you won’t owe until next year on that, he says is start planning and saving for that now.

"Most of those roles are going to be 1099 type roles, so they don’t realize the onus is on you to pay, people who aren’t expected to owe and do, it’s usually because of that," he said.

Richardson also says there are ways to get help filing your taxes for free if you’ve been waiting. You can find information on that here.

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