The April 15 individual tax filing deadline that has historically been the final day to file yearly taxes will be moved back again this year. The individual tax filing deadline is now May 17 to file and pay 2020 taxes. The deadline was moved back last year as the world began to deal with the effects of the COVID-19 virus. This year, in addition to disruptions related to the pandemic, the date is moving back due to newly enacted legislation. Late amendments to the $1.9 trillion stimulus bill provide new individual tax exemptions. Some individual tax filers will need to wait to receive updated forms and, in some cases, discuss how to proceed with their tax advisor if they have already filed. Estimated 2021 individual tax payments are still due April 15. The extension only applies to individual income taxes, no other tax types are affected. Missouri has also moved back state tax deadline to May 17. Additional detail can be found in this article on Accounting Today. If you have questions related to your taxes and/or this delay, please contact your Whitlock Advisor 417-881-0145.
